Craig Weavers - Lambert Chapman Senior ManagerThe agricultural sector is facing a challenging time. The poor weather is impacting the ability to grow a crop for the 2024 harvest. With subsidies decreasing, interest rates increasing and the prospect of lower yields for the 2024 harvest, the agricultural sector needs support.

If farmers are not supported, the alternative is to take land out of production for other ventures or incentives. Whilst some will welcome the Chancellor announcing that land managed under environmental agreements will qualify for agricultural property relief, this may provide more incentive to put land into these schemes. The more land that comes out of production reduces our food security and becomes reliant on imports. If these imports come at a higher cost, a cut to National Insurance will be quickly spent on higher consumable prices.

Employees will welcome the 2% cut to National Insurance. It is also good to see the Chancellor applying the 2% cut to self-employed individuals which is in addition to the 1% cut announced in the Autumn statement. The self-employed will see these cuts of 1% and 2% both coming into effect from 6 April 2024.

There were a few other surprises from today’s statement. The threshold to register for VAT is due to increase and there is also a reform to the way that child benefit is taxed for higher earners.

If any of today’s announcements raise any questions for you or your business then please get in touch.



Lambert Chapman Chartered Accountants

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