About 70 landowners, farmers and professionals attended the seminar, hosted George Syrett from Savills Farm Agency team in Winchester, and chaired by Tom Brunt, from Savills Food & Farming team.

Simon Williams, from Savills Southern Development team, spoke about developing Local Plans, giving an update on the residential development land market and discussing the opportunities presented by the Housing White Paper.

Alex Simmons, from Saffery Champness accountants, based in Bournemouth, then gave a presentation on capital gains tax and development land, covering business asset rollover relief, entrepreneur’s relief, overage agreements, common co-ownership arrangements and transaction in land anti-avoidance. 

Giles Hanglin, who heads up Savills Rural Research department, discussed the impact of Brexit on food and farming.

Diversification and the changing ratios of rural income streams was a key topic. In 2000, 49% of income on the rural estate was from agriculture, but this year has decreased to 37%, with 43% of income now coming from residential. Giles discussed productivity of UK farming vs the rest of the world and looked at the future of farm subsidy payments post 2020.

"There are still many unknowns as to what the future holds for UK agriculture in terms of a new support system as well as how the trade negotiations will affect incomes for sale of farm produce,” said Giles. “However, there will inevitably be opportunities that arise for those best prepared post 2020 and my message to farmers is to start looking at their businesses now in order to identify how they will thrive post reform.”

His presentation also looked at  the value of farmland. For the first time, Savills Research team has put a value on all of Great Britain’s farmland and woodland. Taking into account land grades and use as well as including a discount to vacant possession value for tenanted farmland, the 39.8 million acres are currently worth £185.7 billion. During the past 10 years, the overall value of GB farmland has increased by 149%.

In the South East, the 3.5 million acres have a combined value of £25.7 billion, which has increased by 210% over the last ten years, and in the South West, the 3.9 million acres have a combined value of £23.5 billion, which has increased 153% over the same period.