Spring has certainly sprung with a long dry and sunny period to let those drilling, calving and lambing have a much easier time compared to last year. However, the only problem now is that some rain is desperately needed to get crops and grass growing!

Many have been left reeling after the sudden closure of the Sustainable Farming Incentive (SFI) in March. The speed at which support schemes are withdrawn by the Rural Payments Agency leave farming businesses with no certainty on which to plan.

The Spring Statement has come and gone with a strong indication that further tax rises will be required in the Autumn Budget 2025. The uncertainty on where potential tax increases will fall next brings with it the challenge of advising clients who fear any further increases in tax. Our newsletter article title ‘advising in uncertain times’ is aptly named.

IHT planning remains firmly on all our agendas and will remain so. There is no single solution to the IHT liabilities that farming businesses face post April 2026. For some, there are solutions, such as gifting in lifetime and the use of life insurance (further details provided in one of our newsletter articles). Unfortunately, for some there are IHT liabilities looming which no planning can negate. For example, an elderly family member that owns much of the farmland and associated property who does not have capacity to undertake any planning.

Our article ‘an old friend returns’ highlights a potential planning opportunity for any of your deceased clients that have died within the last two years. Beneficiaries can choose to change a Will after death by entering into a Deed of Variation.

We have also seen earlier this month ‘Liberation Day’, which has led to uncertainty in respect of global trade. At this early stage, it is difficult to estimate the ramifications of this on the British economy, never mind the agricultural sector.

Despite all of the above, it never ceases to amaze me the resilience that farming businesses demonstrate. ‘Come rain or shine’ they are dedicated to producing the best food they can.

As an advisory group, we continue to be busy with ensuring we provide valuable and relevant resources to members. Some members of the advisory group recently met with representatives from the CAAV (the Central Association for Agricultural Valuers). This is an annual event which continues to be hugely valuable to us and gives us an opportunity to share knowledge and ask each other lots of questions. As you can imagine, this year’s meeting had a lengthy agenda!

We are also currently working hard on the plans for the 2025 Conference. We are looking to have a jam-packed agenda which will provide useful updates and insights to those attending. It is certainly not one to miss.