Agriculture Act 2020: Granting FBTs under the new regime
The arrival of the Agriculture Act 2020 last November, whilst a critical step forward in the foundation of the British Agriculture Policy, provided very limited details of how the issues covered will be developed. In publishing its Agricultural Transition Plan 2021 to 2024 and accompanying guidance in November DEFRA gave some indication of the direction of travel, but plenty remains at the stage of possibilities, rather than certainties.
The pace of business continues in the sector and in some cases decisions cannot be delayed until such time as DEFRA provides the required clarity. In our first two articles on the Agriculture Act 2020 we considered landlord and tenant issues and planning for a lump sum exit. In this third article we look specifically at the impact of the Act on the drafting and granting of new Farm Business Tenancies.