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Protecting the Value of your Future

November 2019 News Valuations News

It’s time to get savvy with planning the protection of your future. Pension planning, life insurance both have their place, but protecting the future of your assets should also…

Protecting the Value of your Future
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Protecting the Value of your Future

November 2019 News

It’s time to get savvy with planning the protection of your future. Pension planning, life insurance both have their place, but protecting the future of your assets should also be a high priority.

The current political turmoil and a general election around the corner will turn focus onto the policies of each of the parties and their implications on farmers and landowners. Labour have strongly hinted at major reviews of Inheritance Tax. The contents of their report “Land for the Many” and Tax Justice’s “In Stark Relief” highlight the risk to both the existing Agricultural and Business Property Reliefs which have offered helpful means of protecting assets from Inheritance Tax.

The current best advice should be to carry out a valuation of assets at today’s value to enable a mock Inheritance Tax calculation to be made and to identify where the current reliefs would apply. This process will identify the extent of the risk that the removal of the reliefs would bring. The solution may be as simple as transferring assets to the next generation, restructuring the ownership or a more bespoke arrangement to protect assets where at all possible.
Any landowner with land that is either allocated or soon to be allocated for development of any kind within your Local Authority’s Local Plan, should consider a possible transfer into a separate business/ownership structure based on today’s value such that when the development does come to fruition the level of Capital Gains should be reduced.

Land bought or transferred in the 1980s or before, will almost certainly be worth more now. The gain on a higher base value will probably be less than the gain on the original purchase price.

Entrepreneurs Relief changed on 6th April 2019 from a twelve-month qualifying period to two years, so allow yourself time to consider the timing of land sales or disposal of business assets.

Valuation for taxation purposes and potential negotiations with HMRC must be carried out by qualified valuers regulated by the RICS. These along with close liaison and advise from accountants and where appropriate solicitors, will help ensure the protection of your assets into the future. The old adage of there being two things certain in life – death and taxes doesn’t change but minimising the latter can be achieved with careful planning.

For all valuation advice please do not hesitate to contact our valuation team at PFK Janet Flintoft or Jo Edwards on 01768 866611 or email landagency@pfk.co.uk.

RPA announce 2019 BPS payment rates

November 2019 BPS News

Today the RPA have announced the payment rates for the 2019 BPS. BPS 2019 Entitlement Values:- Non-SDA - €182.70 (2018 - €181.39) SDA non-Moorland - €181.34 (2018 - €180.…

RPA announce 2019 BPS payment rates
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RPA announce 2019 BPS payment rates

November 2019 News

Today the RPA have announced the payment rates for the 2019 BPS.

BPS 2019 Entitlement Values:-

  • Non-SDA – €182.70 (2018 – €181.39)
  • SDA non-Moorland – €181.34 (2018 – €180.00)
  • SDA Moorland – €49.76 (2018 – €49.09)

BPS 2019 ‘Greening’ Payment Rates:-

  • Non-SDA – €78.69 (2018 – €78.13)
  • SDA non-Moorland – €78.11 (2018 – €77.53)
  • Moorland SDA – €21.43 (2018 – €21.14)

At the end of September the 2019 exchange rate was confirmed as €1 = £0.89092 (the 2018 rate was €1 = £0.89281)

The BPS 2019 payment window opens on Monday 2nd December 2019 and closes on 30th June 2020.

£35million Rural Growth Programme Grants Announced

November 2019 News

DEFRA have announced that £35m of funding is available for its Rural Growth Programme Grants. The grants provide funding for rural businesses to create new jobs, increase business turnover, improve…

£35million Rural Growth Programme Grants Announced
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£35million Rural Growth Programme Grants Announced

November 2019 News

DEFRA have announced that £35m of funding is available for its Rural Growth Programme Grants.

The grants provide funding for rural businesses to create new jobs, increase business turnover, improve productivity and provide growth in the rural economy. Examples of projects include farm diversification and tourism developments.

The minimum grant threshold is £20,000 (reduced from £35,000) allowing smaller businesses to be eligible, up to a maximum grant of £750,000.

There is a two-stage application process. The first stage is to submit an Expression of Interest (EOI) form. The EOI window is expected to be open on Monday 4th November 2019, with guidance notes and application forms available from this date. The deadline for submitting an EOI will be Sunday 16th February 2020.

The full news release can be found on the GOV.UK website.

Lake District Livestock Judging Evening 2019

October 2019 Local News

PFK Land Agency are pleased to be sponsoring the Lake District Livestock Judging Evening held by Penrith & District Farmers Mart in conjunction with The Farmer Network. The event takes…

Lake District Livestock Judging Evening 2019
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Lake District Livestock Judging Evening 2019

October 2019 News

PFK Land Agency are pleased to be sponsoring the Lake District Livestock Judging Evening held by Penrith & District Farmers Mart in conjunction with The Farmer Network.

The event takes place on Thursday 14th November at 6.30pm and with 7 classes of sheep to judge, a raffle and lamb butchery demonstration, it promises to be a great evening for a worthy cause.

 

 

RICS Rural Conference 2019

October 2019 News

Last week PFK Land Agents attended the RICS Rural Conference which took place at Hexham Auction Mart. Particular highlights were from Michael Watson’s (Partner, Head of Property Litigation, Shulmans)…

RICS Rural Conference 2019
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RICS Rural Conference 2019

October 2019 News

Last week PFK Land Agents attended the RICS Rural Conference which took place at Hexham Auction Mart.

Particular highlights were from Michael Watson’s (Partner, Head of Property Litigation, Shulmans) talk on the new Electronic Communications Code and Caroline Bedell’s talk on Shooting rights. Caroline is the Director of Conservation at The British Association for Shooting and Conservation (BASC), and she provided really interesting information on the conservation value of shooting and how to build a sustainable future for the sport.

There were also talks from Martyn Dobinson (Director, Saffery Champness) who provided a Taxation Update, Mike Plimmer (Technical Director, GEA) discussed Land contamination and the impact this can have in rural areas and for redevelopment projects, Stefan Bainbridge (Partner, Ward Hadaway) gave a detailed talk on overage and (Louise Newton, Senior Rural Surveyor, Bidwells) discussed permitted development rights in rural areas.

The team thoroughly enjoyed building on their already expansive knowledge and a good day was had by all.

2019 BPS Exchange Rate Confirmed

October 2019 BPS News

The 2019 BPS exchange rate has been confirmed as €1 = £0.89092. The rate is set by taking the average of the European Central Bank exchange rates set during the…

2019 BPS Exchange Rate Confirmed
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2019 BPS Exchange Rate Confirmed

October 2019 News

The 2019 BPS exchange rate has been confirmed as €1 = £0.89092. The rate is set by taking the average of the European Central Bank exchange rates set during the month of September.

This compares to €1 = £0.89281 for BPS 2018 payments.

The 2019 BPS payment window opens on Monday 2nd December and closes on 30th June 2020.

Auction of Low Whinhowe, Greenholme

October 2019 News Property

On Thursday 19th September 2019, PFK Land Agency offered for sale Low Whinhowe, a Grade II Listed dwelling with 74.40 acres of land located within the Lake District National…

Auction of Low Whinhowe, Greenholme
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Auction of Low Whinhowe, Greenholme

October 2019 News Property

On Thursday 19th September 2019, PFK Land Agency offered for sale Low Whinhowe, a Grade II Listed dwelling with 74.40 acres of land located within the Lake District National Park. The property was sold by public auction due to the high levels of interest received.

Low Whinhowe was offered for sale by auctioneer Richard Morris in a busy Orton Market Hall.

The property was offered as a whole only, and there was interest throughout with a good level of bidding. The hammer eventually fell, and the property was sold for £320,000 (Three Hundred and Twenty Thousand Pounds).

PFK Land Agency are extremely pleased with the outcome of this sale and the level of interest generated throughout.

Land Auction - Scalehouses

September 2019 News News

On the afternoon of Tuesday 17th September, PFK Land Agency offered for sale 48.88 acres of grazing land located around the hamlet of Scalehouses close to Renwick. The land…

Land Auction - Scalehouses
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Land Auction - Scalehouses

September 2019 News

On the afternoon of Tuesday 17th September, PFK Land Agency offered for sale 48.88 acres of grazing land located around the hamlet of Scalehouses close to Renwick.

The land was offered for sale by auctioneer Richard Morris in Kirkoswald Village Hall. The sale of the land had generated a good turnout to the auction and as bidding got underway, it became clear there was good interest in the land.

The land was offered for sale in four lots and then also offered as a whole but it soon became evident that there was no interest in the land as a whole and therefore after a good level of bidding, the land sold with the following results: Lot 1 was sold privately after the auction; Lot 2 extending to 3.26 acres was sold for £18,000 (£5,521 per acre); Lot 3 extending to 13.42 acres sold for £58,000 (£4,321 per acre) and finally, Lot 4 extending to 30.59 acres was sold for £74,000 (£2,419 per acre).

PFK Land Agency were extremely pleased with the outcome of the sale which demonstrated that there is still a good demand within the market place for agricultural land despite the impending Brexit and the unknowns that the agricultural community are currently facing.

We have experienced a really successful year with regard to land and property sales and have many people on their books looking to purchase rural property.

DEFRA releases 'Farming is Changing' Leaflet

September 2019 News

DEFRA has recently released its ‘Farming is Changing – here’s what you need to know’ leaflet which sets out key information on farming policy after Brexit. Although there is limited…

DEFRA releases 'Farming is Changing' Leaflet
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DEFRA releases 'Farming is Changing' Leaflet

September 2019 News

DEFRA has recently released its ‘Farming is Changing – here’s what you need to know’ leaflet which sets out key information on farming policy after Brexit.

Although there is limited detail, it does firm up a number of ideas, and shows some Government commitment to proposed changes. This is clearly the early stages but does provide an indication as to how funding will be focused and the longer-term commitments of the Government.

The main focus is the on the potential changes to support payments and possible timescales to phase out BPS from 2021 to 2027 and the introduction of the new Environmental Land Management (ELM) Scheme.

DEFRA states that its main aims over a 7-year transition period are;

  • To phase out direct payments and to move away from a subsidy-based approach to a more business-like partnership.
  • Collaborative working in partnerships with farmers and land managers.
  • To becomes less bureaucratic.
  • Promote the important role of the agricultural community and positive contribution that the sector makes to our environment.

Key Points

Direct Payments – to be phased out from 2021 to 2027. Payments will be reduced fairly in the first year with bigger reductions applied to the higher payment bands.

Delinking – delink direct payments from the requirements to farm and land owners, and are to be made regardless if the claimant continues to farm or not. There will be a consultation on whether a one-off lump sum will be made rather than annual payments.

Rural Development Programme – the Government have committed to fund all projects commencing before the end of 2020.

Environmental Land Management (ELM) Schemes – Countryside Stewardship to transition to ELMs, however there will be a period when both schemes run together. There should be no Countryside Stewardship Agreement unfairly disadvantaged. ELMs will reward farmers for environmental benefits and are due to be introduced in 2024. Countryside Stewardship will not be available once ELM is fully up and running.

Tree and Plant Health – a review of the existing packages of tree health grants as well as support for local action groups.

Animal Health & Welfare – one-off payments to support farmers to provide welfare enhancements and a new approach to prevent endemic disease and improve health of livestock.

Research and Development – support farmers to work with researches to help improve productivity.

Although this is still early days, it does provide some direction for the agricultural sector. If you would like to discuss further or for any advice please contact our Land Agency team.

Land at Northsceugh, Ainstable - Sold!

August 2019 Sales News

CLOSING DATE FOR OFFERS - MIDDAY ON FRIDAY 27TH SEPTEMBER 2019 This sale offers the opportunity to purchase agricultural land extending to 23.81 acres (9.64 ha) or thereabouts of…

Land at Northsceugh, Ainstable - Sold!
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Land at Northsceugh, Ainstable - Sold!

August 2019 News

CLOSING DATE FOR OFFERS – MIDDAY ON FRIDAY 27TH SEPTEMBER 2019

This sale offers the opportunity to purchase agricultural land extending to 23.81 acres (9.64 ha) or thereabouts of permanent pasture.
The land benefits from roadside access, mains water and an agricultural building.

The land is very well farmed and is used for cropping and livestock grazing. The adjoining woodland offers great shelter and the land is exceptionally well drained and easily shepherded.

For the full sales details click here.

For more information, please contact Janet Flintoft on 01768 866611 or email: janetflintoft@pfk.co.uk

 

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