“From the perspective of the agricultural sector this was a limited budget. The tax reliefs announced won’t have very much impact on most farmers. The Chancellor also missed an opportunity to do more to promote sustainable energy.
“Still, the new policy on capital expenditure relief will provide some additional relief for those intending to invest in ‘kit’ above the level of £1m. We have to hope it applies to unincorporated businesses too as it would be hugely restrictive if it does not. This was the issue with the old super deduction, which is expiring. Many farming business operating as partnerships were unable to take advantage of it.
“Providing the agricultural sector with sufficient incentives to install green energy should be central to the government meeting its net zero targets by 2050. Many were hoping the Chancellor would go further today than he did, specifically at the ‘business end’ of the supply chain. All in all this was a missed opportunity to really encourage investment in green technology and energy efficient solutions.”