FOLLOWING the budget announcement, estate agents Carter Jones believe that farm and estate owners should be positive.

Head of rural at the firm, Tim Jones, said: "Farm and estate businesses will welcome the Chancellor’s decision to freeze Capital Gains Tax and Inheritance Tax at their current levels until 2026.

“Agriculture is going through a period of transition into a new era of policy and regulation. Major decisions – including whether to sell or pass on assets such as land and property – have been delayed by those waiting for clarity from the Government on the tax implications of such a move.

“Businesses will now have more confidence to make those decisions, and it will be a catalyst for some to set plans in motion.

“The supply of farmland for sale has been limited over the past two years, due in part to Brexit, the future of payments for the delivery of public goods, and potential changes to tax regulation. As the picture becomes clearer, businesses are in a better position to plan for the future.

“The suspension of Stamp Duty has been a driver for both buyers and sellers, so a temporary extension until the end of June will be welcomed by those in the process of completing sales and purchases.”