In anticipation of this week’s budget land and rural property consultant’s, Galbraith, have called for stability for farmers and landowners.

With suspicions that major tax changes are inbound they have called upon chancellor Rachel reeves, to acknowledge the vital role of the UK rural sector.

As a means of pre-emptively avoiding any potential taxation changes Galbraith’s have revealed that several clients have fast-tracked their transactions. These developments have arisen amid widespread apprehension regarding potential alterations to inheritance tax, capital gains tax and various other regulatory frameworks.

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David Corrie, head of sales and lettings for Galbraith, said: “Farmers and landowners provide a major boost to the economy, by creating jobs, supplying homes for rent and engaging sub-contractors, all of which contributes significantly to the public finances.

“There is a real risk that increased taxation will stifle investment and hamper the Government’s other targets such as economic growth and the transition to net zero.”

Any increase in Capital Gains Tax is likely to have an impact on the property market and may further reduce homes available for rent, said the firm.

Galbraith reports that every rental property within rural areas is subject to an influx of applications given the lack of residential lets, further aggravated by ongoing regulatory changes in Scotland and England.

Mr Corrie stated that the land and rural property market has only just regained some stability following the steep interest rates of late 2022.

He elaborated on this, stating: “Turnover in the market can be increased by a reduction in stamp duty land tax in England, and land and buildings transaction tax in Scotland, which would boost tax revenues north and south of the border, as well as the spin-off benefits in home improvement, construction and employment.”

Galbraith is also urging the government to maintain inheritance tax and agricultural property relief at the current levels to enable rural businesses to support environmental policies such as renewable energy schemes, sustainable food production and investments in energy efficiency measures for rural property.