RURAL chartered accountants Chavereys have been looking at the 2023 Autumn Statement and its impact on agriculture and the landed sector.

Partner, Ben Wilkinson, explained: "The Autumn Statement was somewhat of a damp squib for the agricultural and landed sectors, notably silent on inheritance tax (IHT) despite the prior buzz."

"This absence leaves one to wonder what is in store for the Spring Budget. But what is quite clear is that neither the current government nor the opposition appears to have any real interest or care for the landed sector."

"We wouldn't advocate a knee-jerk reaction, but it's sensible for our agricultural clients to consider the time frame of their IHT planning and succession arrangements in anticipation of a less supportive future political landscape."

Mr. Wilkinson continued: "Significantly, the rise in the National Living Wage will hit the horticulture sector, with a substantial hike in labour and operational costs for picking and packing."

"While the NIC reduction for employees might offer some relief, in reality, this reduction is akin to a minor increase in the personal allowance, far from matching inflationary rate rises, and merely reduces the impact of the stealth taxes already in place."

"The statement's minor positives did little to address the broader challenges facing our sector; family businesses will need bespoke strategies rather than a one-size-fits-all solution in these challenging times."

"The unsaid things were the most notable. It's not the pro-business review we hoped for and gives no further comfort in the lead up to the next election."