The government has been urged to provide clarification on the taxation of the environmental land management and ecosystem service markets, and the use of land in such schemes.
Accountant Saffery has called on the government to 'move swiftly' on the issue as the current uncertainty was 'holding back' landowners from engaging with the post-Brexit schemes.
The firm said it was seeking clarity particularly around qualification of land used in such schemes for Inheritance Tax (IHT) reliefs.
It follows an acknowledgment in the recent Autumn Statement that responses to the consultation on this were being reviewed and that a further update was intended in spring 2024.
However, it had been hoped that some announcement would have been made in the Autumn Statement.
Martyn Dobinson, partner at Saffery, said: “We really do need some clarity on this, particularly around qualification of land used in such schemes for IHT reliefs.
"The current uncertainty is holding back many of our land-owning clients from fully engaging with these schemes and therefore helping to drive these government initiatives.
“We very much hope that the outcome of the consultation, and some clear guidance, is announced in the Spring Budget so that landowners can start to properly explore the opportunities that these schemes provide.”
