Agricultural Property Relief changes in Budget 2024

The "Topic of the month" mentioned the position on Agricultural Property Relief (APR) in the context of solar panels, but sadly all other areas of taxation for farming for the environment have been kicked into the long grass with the appointment of the working party following the consultation. Further to Budget 2024 (see FTB, April 2024), extended APR is to be available for lifetime transfers and transfers at death on, or after, 6 April 2025. APR will be available for land managed under an environmental agreement with, or on behalf of, the UK government, devolved administrations, public bodies, local authorities, or approved responsible bodies. While the other taxes in relation to farming for the environment - for example, VAT, Income Tax, Capital Gains Tax and Corporation Tax - have been placed in the hands of the working party, there has been more guidance on APR. The working party might seem to be delaying matters, however, let's concentrate on what we do know about APR and the starting point for farm tax advisers.