All posts by Ashley Smith

An update on Brexit and implications for farmers

Ashley Smith

The UK’s choice to leave the European Union has both short and long term implications for British farmers and landowners.

Since the referendum result was announced in June, the pound has fallen significantly. This has facilitated an increase in crop prices, which – whilst still below the cost of production for many farms – will provide a welcome cash boost for any farmers with unsold produce from the 2016 harvest.

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New farmers’ averaging rules

Ashley Smith

Legislation is currently being progressed through parliament to enable farmers to choose between averaging their profits over two years, five years or not at all. The rules take effect from the 2016/17 tax year.

Farmers will only be able to average their profits if they meet a volatility test, i.e.

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