WINTER BRIEFING

DECEMBER 2015

GSC Grays Winter Briefing 2015

At GSC Grays, we are proud of our long established relationship with farmers, landowners and landed estates. We know that you all face your own unique challenges, which is why we have dedicated teams of agents who have a detailed understanding of the issues of relevance to you.

This Winter Briefing includes a number of short articles written by some of our agents on topics which we hope will be of interest. We are aware that some of the issues raised in this publication may affect your decision making going forward and we have included appropriate contact details for key members of staff, so please feel free to get in touch for further advice.

In addition, we publish new editorials on a weekly basis and these can be found on the Home page of our website www.gscgrays.co.uk. The editorials are also published on Twitter @GSC_Grays, so please follow us for further news.

Finally, can I take this opportunity to wish you all a safe, happy and healthy Christmas and a prosperous New Year.

Guy CoggraveManaging Director

CONTENTS:

3 POST HARVEST INDUSTRY REVIEW Alexander Morrison’s review of the 2015 Harvest

6 BASIC PAYMENT SCHEME Update on payment values for 2015

6 ESTATE BORROWING & DEBT David Gray reviews the challenges facing those managing estate finances

8 IMPORTANT UPDATE FOR ALL LANDLORDS Important advice on legal requirements for landlords

10 ALL CHANGE FOR RENEWABLE ENERGY What is the future for renewable energy?

POST HARVEST INDUSTRY REVIEW

Alexander Morrison, Assistant Land Agent, Richmond, looks back at the 2015 season:

BASIC PAYMENT SCHEME & COUNTRYSIDE STEWARDSHIPQuick to hit the headlines at the start of the year was undoubtedly how the roll out of the Basic Payment Scheme was handled. With delay upon delay it was inevitable that the RPA would have to postpone its implementation of a paperless system for future years. The eagerly awaited new online system which has cost in the region of £150m to implement so far, never materialised and eventually the RPA confirmed in March that the system was to be side-lined for 2015. What followed was a dash to submit printed paper BP5 forms in order to meet the extended June deadline. We wait in anticipation for the launch of the online system for 2016 applications, although the RPA have confirmed that paper forms will be made available for 2016 claims.

The RPA began making payments to the first 30,000 Basic payment Scheme claimants on 1st December 2015, and reassuringly hopes to complete outstanding payments by the end of January 2016. In recent weeks some holdings have also received confirmation of land and entitlement transfers although we still await updated Rural Land Registry plans to be published.

All of this follows the work that the RPA has undertaken since June, processing BP5 forms in addition to carrying out on farm inspections in line with their pledge to inspect 5% of all claimants.

Meanwhile Natural England have been busy implementing a rather fragmented introduction to the new Countryside Stewardship Schemes (CSS) which is the new face of agri-environment schemes aimed at providing £900m to the rural economy. As of 1st October 2015, Natural England had received over 2,200 Mid-tier applications and over 1,000 Higher-tier applications – a substantially lower uptake than had been envisaged although there are no plans to amend the application process. Since then Natural England has been scoring applications and offering agreements to applicants based on a competitive process. The application window for 2016 is yet to be confirmed although those holdings that have been successful with an application in 2015 will need to ensure they return acceptance of the agreement to Natural England no later than 15th December 2015.

“We wait with baited breath as to how the RPA will roll out the new online system for BPS applications in 2016........”

HARVESTHarvest 2015 has been challenging for many but has produced some promising yields, proving what some land is capable of yielding given the right conditions. Recent data published by ADAS shows cereal yields are up 14% above average and testament to this is the recent world record claim for the highest wheat yield, tipping the scales at 16.52t/ha achieved on a farm in Northumberland.

Without a sustained period of fine dry weather, harvest was somewhat intermittent and has made travelling on saturated ground challenging. This meant that some holdings were combining their remaining crops well into mid-October, heavy rain and gale force winds have repeatedly hit most of the country since late September and have made some farmers think twice about their winter cropping.

Pulse crops however remain a popular choice for 2015/16 cropping, no doubt driven in part by the BPS Greening rules and strong demand both in the domestic and export markets. Prices are holding steady around £120/t which is where they were back in 2009/10. The global market for cereals would appear to be saturated with good quality grains owing to successful growing and harvesting seasons reported by all major producers.

LIVESTOCK MARKETSThe livestock sector never fails to be a challenging market in which to operate; price fluctuations and generally low values continue to squeeze profit margins. Although commodity prices have dropped over the past few months,

There is only one certainty in agriculture and that is that there are never two days, weeks or years the same. 2015 has been no different and has proved to be a turbulent time for British landowners, producers and growers alike, but it’s not all bad news.

As the Christmas break approaches, now would seem like an opportune moment to take stock of where the industry stands and reflect on the issues that have hit the farming press to date following a delayed harvest.

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feed and electricity costs remain high. Low commodity prices do however beg the question whether it is cost effective to continue buying in feed, or look at becoming self-sufficient, if farming operations allow.

Pig producers are another example of a struggling industry where finished pig prices have continued to fall since August. An EU spec standard pig averaged 126.47p/kg for the week ending 14th November - some 20p short of 2014 prices for the same week. On the same note, 30kg weaners are some £8.50 per head down year on year.

There are a number of seasonal factors being blamed for this downward trend which include an oversupply and a weak EU market. Producer margins show little sign of improving soon, although strong demand from China may offer some re-assurance for the export market.

DAIRYThe dairy industry took centre stage over the summer as farmers responded in a variety of ways to a drop in farm gate prices for their milk. This followed action taken by our European neighbours in France and Brussels who responded to what was described as an attack on milk prices.

In response, the EU launched a £26.6m dairy aid package to help support struggling dairy farmers by providing them with a one off grant averaging £1,800 per holding. Payments began on 16th November 2015 and are set to continue through December although for some, these payments will be too little too late.

Keen to shy away from the negative publicity in the media, several supermarkets were keen to use this to their advantage by coming to the rescue of UK dairy farmers. Aldi, Asda and Lidl have all promised a minimum price of 28p/litre however a question over how long they will sustain this remains. On 12th October 2015 Morrison’s launched a new milk and cheese brand dubbed “Milk for Farmers” the idea being that 10p/litre will be passed back directly to the farmer for every bottle sold and 34p for every pack of cheddar cheese. Some farmers see this as a step in the right direction whilst others have condemned it as a public

relations stunt.

It is quite shocking to think that a bottle of milk is now cheaper than a bottle of water and perhaps a sign of the times. What is clear is that our livestock industry needs the support and backing of ministers and Government departments who are committed to the success of British agriculture. Between November 2014 and November 2015, 326 dairy farms in England closed (AHDB-Dairy) - a loss of almost 4% on the number of producer’s year on year or put more simply, nearly one dairy farm every day.

BADGER CULLThe badger cull has been another controversial area that has attracted coverage in the national press due to strong opposition from a range of high profile objectors including Brian May and Café Nero. Badgers have been linked to the spread of Bovine TB in certain hot spot areas and figures suggest that they are responsible for transmitting the disease in 50% of cases. Initially a badger cull area was approved in Somerset and Gloucestershire however this was then later extended to include Dorset. The argument continues to rage as to whether or not vaccination is better than a cull.

For this year at least, the cull in Dorset and Somerset has now come to an end and the industry awaits the results. Clearly this is an emotive subject with many discussions yet to take place but the cost of TB to the economy is significant, whether you look at it from the point of view of the number of cattle slaughtered, or the cost of vaccination and monitoring.

FUEL & TIMBEROil prices have dropped significantly over the past few months to their lowest values since 2011. Historically fuel prices shadow that of wheat, which is promising news for hauliers and households as road fuel prices and heating oil have dropped to levels which make solid fuels look comparatively expensive. The latest figures released show that red diesel averaged 44.51p/l whilst white diesel averaged 110.78p/l during October 2015. Lower fuel costs alleviate the pressure on running costs and are a welcome sight across the board.

Although log prices are down by approximately £10 per tonne, year on year there remains strong demand for small round wood used for biomass. Our reliance on imported timber is high as the UK is only 20% self-sufficient. The volume of UK harvested timber is predicted to flat line for the next ten years before dipping to reflect the lack of woodland planted in the late 1970’s and 1980’s.

We are already at a point where many of the existing commercial woodlands of northern England and southern Scotland are close to exhaustion but the barriers to afforestation such as planning issues mean that many of these will not be re-stocked. Despite this, the local authorities still have aspirations of planting 21,000ha of forestry over the next 10 years in order to increase forest cover in the north of England up to 15% and 25% in Scotland.

In order to meet this target we need to plant around 2,000ha of forestry every year, however, those in the logging industry believe that we are a long way behind this target and place the blame partly on the Forestry Commission for being unambitious. The hurdles to overcome in terms of planning and environmental protection naturally present a barrier for which the financial return is simply not enough.

The amalgamation of the English Woodland Grant Scheme with the new Countryside Stewardship Scheme is undoubtedly complicated for those not involved with it on a regular basis, but there are substantial funds available to assist with the cost of installing infrastructure for forestry and creating management plans and addressing tree health.

FINANCE & TAXFresh from the final budget statement before the May election was an announcement by George Osborne to an extension to farmers’ tax averaging. From April 2016, a five year period will now be allowed which is designed to help farmers cope with market volatility and focus more on investment, this will undoubtedly be welcomed by many farmers, not least the dairy sector.

It is worth noting that changes to the Annual Investment Allowance will come into force from 1st January 2016, the current limit will reduce from £500,000 per annum to £200,000 which means that for businesses with accounting periods which straddle this date it may be prudent to take tax advice in respect of maximising reliefs and capital expenses.

Other points worthy of mention are changes to the taxation of dividends and the introduction of the national living wage from April 2016. This is by no means an exhaustive list of changes and if you are in

any doubt about how any of these changes may affect you or your business you should seek professional advice.

SPORTINGThe start of the Grouse shooting season is a firm favourite on the country sports calendar but the atmosphere on the 12th August was slightly deflated this year owing to poor rearing conditions which has meant that bird numbers are down significantly in some areas. Because of this, many estates have had to cancel let days this year which has also led to knock on effects within the rural economy as the normal high demand for local accommodation and hospitality services during this season has dropped as a result. Our £2bn shooting industry however continues to prosper with more people entering the sport.

MOVING FORWARDSAs the countdown to Christmas begins there are still busy times ahead and changes on the horizon that will affect the industry going into 2016. The next few weeks for livestock and poultry farmers will no doubt be busy in preparation for the pre-Christmas boom and sales at the local auction marts are attracting strong numbers, representing a strong appetite for trade.

We wait with baited breath as to how the RPA will roll out the new online system for BPS applications in 2016 and how this system will integrate with applications for Countryside Stewardship.

In George Osborne’s Autumn statement he confirmed that DEFRA must make savings of 15% by 2019/20 which will primarily be achieved by increasing the efficiency of back office functions and reducing red tape. This figure is somewhat lower than the 40% savings that had been rumoured but is none the less still of concern.

We often forget the vital role that DEFRA plays in supporting our industry and promoting rural England, indeed the Government department has historic links with the north of England and will remain so by benefitting from a £50m investment in the construction of two new agricultural technology centres in York.

Clearly there are savings that can be made and processes that can be streamlined as there are in so many Government departments, but let’s hope that DEFRA doesn’t lose touch with the traditional industries they serve in its pursuit of a digital revolution.

GSC Grays offer a full range of professional services to rural land and property owners. For further information please contact Guy Coggrave on 01833 637000 or gsc@gscgrays.co.uk.

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BASIC PAYMENT SCHEME - UPDATE ON PAYMENTS

Lucinda Riddell, Associate Director, Richmond, provides an update following the introduction of the Basic Payment Scheme.

Now that the 15th June 2015 BPS application deadline has passed, focus has turned to when payments will be made and what the payment values will be.

The RPA are currently manually inputting the paper BP5 forms, therefore should you be contacted by the RPA with a query it is important that this is answered promptly, this will help assist the RPA in validating claims in a timely manner as this affects payments.

The 2015 BPS payment window has opened and some farmers are now in receipt of payment. Under SPS many claimants had become accustomed to being paid on or shortly after this date and planned their cash flow on that basis. DEFRA’s Farming Minister, George Eustice has stated that the “vast majority” of payments should be made by the end of January 2016.

However claimants should be mindful of the implications on cash flow should their payment be delayed and plan for this now rather than leaving it until the last minute. The usual categories that might see a delay in payments are:

Probate cases • Cross border applicants • Claimants who have had inspections • Common land • Large and complex cases

The RPA should have started to write to claimants who are affected by a payment delay from the end of November 2015 onwards.

ESTATE BORROWING AND DEBT

David Gray, Chairman, discusses the increasing difficulties faced by land owners.

All owners of estates and farms, together with property developers, will be well aware of the changes that have taken place in the banking system since the 2007/8 crisis in the banking sector.

Changes introduced by the regulators this year have impacted upon the ability to borrow, and further changes in March 2016 are going to add further bureaucracy, form filling and, it is suspected, make the serviceability of any debt critical to the availability of finance.

The volatility of farming returns, the cashflow issues around development projects and the capital-rich income of the world’s most affluent countries, means that our clients are going to find borrowing money increasingly difficult.

The RPA confirmed on 10th November the 2015 entitlement values and the greening payment rates:

BPS Entitlement Value

English Region € per entitlement £ per hectare Greening Payment Rate

Non SDA €171.83 £125.65 €76.19

SDA €170.60 £124.75 €75.64

Moorland €45.07 £32.95 €19.99

The exchange rate applied to the 2015 BPS entitlement values was set at €1 = £0.73129. The rate is set by taking the average of the European Central Bank exchange rate throughout September 2015. This is the lowest it has been since September 2007 when €1 = £0.69680 and is a drop of 5.9% compared with the 2014 exchange rate of €0.7773.

Young Farmer Payments – qualifying applicants will be paid at 25% of the BPS entitlement value up to a maximum of 90 hectares of entitlements.

National Reserve Applicants – these should have been contacted during November to confirm whether or not they have been successful.

The delay in processing forms, potential delays in payments and fluctuating commodity prices is also having an effect on entitlement trading. Entitlement traders are reporting a steady start to the trading window which historically started between September and October. It is envisaged that demand will increase once claimants are paid and have funds to purchase additional entitlements, if required. In addition, demand will depend upon the success of National Reserve applications.

It is important not to lose sight of your 2016 BPS claim and the Greening requirements. Your 2015/2016 cropping will be the basis of what is in the ground on 15th May 2016. There will be no mandatory online submissions for 2016. Paper forms will be made available in addition to the new online system. For further advice on BPS please contact Lucinda Riddell on 01748 829210 or ljr@gscgrays.co.uk.

There appears to be a willingness in the banking sector to provide support but it is clear the regulators have no understanding of the issues facing the world we operate in.

How the banks deal with the introduction of further legislation, we wait to see but, in the meantime, it must be sensible to retain existing loan arrangements with the banks, even if one is in a position to pay the debt off. This is on the basis that one can draw down again against the loan without having to jump through the new regulations.

GSC Grays continue to talk to the financial institutions in order to be in a position to advise clients as best we can and therefore if you require further information relating to the above, please contact David Gray on 01388 487000 or dag@gscgrays.co.uk.

IMPORTANT UPDATE FOR ALL LANDLORDS

Sean Skelton, Head of Lettings, Stokesley, highlights some key legal and regulatory changes:

SMOKE ALARMS AND CARBON MONOXIDE ALARMSOn 1st October 2015, it became a legal requirement for all private rented properties to adhere to the changes outlined within The Deregulation Act 2015. Working smoke alarms are to be fitted to each elevation of a private rented property and carbon monoxide alarms are to be fitted in rooms that are classed as ‘high risk’. Further information regarding the changes can be found on the following link;http://www.gscgrays.co.uk/2015/05/08/tenants-safer-under-new-government-measures/

TENANTS CAN REPORT POOR HOUSINGTenants can report poor housing (e.g. no running water, excessive mould etc) to their Local Authority. Under the Landlord and Tenant Act 1985, Section 11, the Landlord has a legal duty to ensure their property is kept in repair and in working order unless damage is caused through Tenant negligence. If a Landlord does not carry out repairs under Section 11 of the act within a reasonable timeframe, in certain cases the Tenant has the right to withhold the rent until work has been completed. Part 1 of the Housing Act 2004 risk assessment procedure - The Housing Health and Safety Ratings System (HHSRS) assesses the risks to Health and Safety within Residential Properties and Local Authorities have the power to enforce action upon the Landlord or Letting Agent to ensure the property is returned to a satisfactory condition.

DEPOSITS MUST BE PLACED IN A TENANCY DEPOSIT SCHEMEAny deposit funds must be placed in one of the three designated government backed Tenancy Deposit Schemes (TDS) within 30 working days of a Tenancy commencing/the deposit being received. Failure to do so is a criminal act and may make the Landlord liable for a fine at court of three times the deposit amount being payable from him/her to the tenants. Putting the money into a separate bank account doesn’t qualify. Failure to place a deposit fund within a Deposit Scheme will invalidate any Section 21 Notices the Landlord is required to serve, should they wish to regain possession of their property.

Tenants are expected to keep a rented property in a ‘tenant-like manner’.

Tenants are expected to look after their rented property and carry out small jobs around the property – subject to Health and Safety considerations. A Landlord is not expected to repair or maintain items that a tenant has broken through negligence or misuse.

TAX EVASION IS ILLEGALLandlords who earn an income from their rental

property must generally complete a Tax Return. Letting property is, in effect, running a small business and should be treated as such. HM Revenue & Customs can impose hefty fines on anyone discovered to be evading tax.

Generally, the interest part of a buy to let mortgage can be off-set against the tax bill for the property along with various other concessions, however, following the recent budget, this is set to change from April 2017. Further details are available at: https://www.gov.uk/government/organisations/hm-revenue-customs

LEGIONNAIRES DISEASE All residential properties which are rented out must now have a risk assessment undertaken to determine the risk of Legionella, which then allows landlords to implement a suitable control scheme. Further information regarding the changes can be found on the following link;http://www.gscgrays.co.uk/2015/03/13/important-c h a n g e s - l a n d l o r d s - h s e - l e g i s l a t i o n - c o n t r o l -legionnaires-disease/

INSURANCELandlord insurance is a growing area, with an increasing number of specialist policies covering a range of products from building insurance, contents, legal protection, rent loss and appliances. Having the correct insurance is vital and not being adequately protected could be disastrous.

SAFETY REQUIREMENTSBefore letting out a property, a Landlord should ensure that the property meets all current safety regulations, these include:-

• Gas Safety Regulations 1998 – A mandatory check to ensure the property and gas items meet current regulations is required annually.

• Electrical Equipment (Safety) Regulations 1994 – Not a mandatory requirement to have electrical equipment checked annually however it is

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recommended as ‘best practice’. Should a tenant come to harm through faulty electrics within a rental property, the Landlord and Letting Agent could be held liable under the Defective Premises Act 1972.

• Plugs and Sockets Regulations 1994

• Furniture and Furnishings (Fire) (Safety) (Amendment) Regulation 1993

• The Energy Efficiency Regulations 2015 – From 1st April 2016, a Tenant will be allowed to reasonably ask for a relevant energy efficiency improvement. From 1st April 2018, all rented property (both domestic and non-domestic) which is to have a new tenancy, must have an EPC rating of at least ‘’E’’, subject to some small exemptions. For further information, please follow the below link: http://www.legislation.gov.uk/uksi/2015/962/contents/made

CHECK-INS AND CHECK-OUTSConducting a proper check-in and check-out is essential. These should include a full inventory check, condition report check, and a full set of dated digital photographs. If the Landlord and the Tenant can’t agree on what the Tenant may be liable for at the end of the Tenancy then the check-in and check-out evidence is the only way a Landlord can prove their case. In contested cases, TDS adjudicators start from a position of ‘the money belongs to the tenant’, and it’s up to the Landlord to prove otherwise.

IGNORANCE IS NO EXCUSEIt is important for Landlords to keep up-to-date with letting rules and regulations. A person who is unaware of a law may not escape liability for violating that law merely because he or she was unaware of its content.

CONSTRUCTION (DESIGN AND MANAGEMENT ) REGULATIONS 2015The new Construction (Design & Management) Regulations 2015 came into force on 6th April 2015 but are still subject to Parliamentary Approval and therefore subject to change.

The Regulations apply to all construction work, which is defined as “the carrying out of any building, civil engineering or engineering construction work”. Construction includes the following work in relation to a “structure”:-

repair, alteration and conversion, fitting out, redecoration, maintenance, preparation work (site clearance, excavation, etc.), installation, maintenance, repair and removal of mechanical, electrical, gas, telecommunications or similar services which are normally fixed within or to a structure, assembly of on-site of pre-fabricated elements to form a structure and subsequently disassembly and removal.

CDM 2015 introduced significant changes to the earlier Regulations and they will impact now on all residential management, estate and farm building projects.

It is important to note that a Construction Phase Plan is mandatory for every project and clients must ensure that a plan is in place before any works commence, including setting up the construction site.

What is a Construction Phase Plan (CPP)?The CPP is a document that provides background information, outlines the principal concerns in the task and identifies what action is required. It is different from a Risk Assessment (which is still required). Whilst this must be produced by the Principal Contractor, the client has a duty to ensure that it is produced. The client must not allow work on site to proceed, unless a Construction Phase Plan has been prepared, at least for the early stages of the works, and arrangements for the development of the rest of the plan has been established.

Here at GSC Grays we are licenced members of ARLA – Association of Residential Letting Agents. We are regulated by ARLA and follow a strict code of conduct. We can provide you with professional, up to date advice and guidance, giving you peace of mind that your property is managed effectively. For further information and advice, please contact Lucinda Riddell on 01748 829210 or Sean Skelton on 01642 710742.

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ALL CHANGE FOR RENEWABLE ENERGY

Chris Thyer, Rural Surveyor, Richmond, explains the impact of recent changes for the renewables sector.

After a dramatic summer which saw renewable subsidies in England slashed across the board, developers are taking a fight or flight response to renewable energy. Some developers are exiting the UK market while others are uniting in lobbying Government to re-think the sweeping changes.

In brief, the following changes have been proposed:

Feed in Tariff – This scheme will be familiar to anyone with a small to medium renewable energy installation like roof mounted solar panels or an on-farm wind turbine. It pays a guaranteed sum for every unit of renewable electricity produced. The recent announcements see a cut of up to 87% in the payments available.

Renewable Obligation – This system operated at the medium to large scale and included both solar and wind farms. It acted as a certification process to demonstrate suppliers are meeting their obligation on renewable energy. New wind farms are to be entirely excluded from this scheme to the delight of solar developers. Unfortunately their joy came too soon as it was swiftly followed by a proposal to abolish the scheme at the start of 2016.

Contracts for Difference – this relatively new scheme operates like a silent auction securing subsidies to only the most cost effective bidders. Successful bidders will lock themselves in to a guaranteed price for their renewable energy regardless of fluctuations in the electricity price. For example, if the wholesale electricity price is £50 per megawatt and a bidder is successful at a bid of £75, they will essentially receive a subsidy of £25 per megawatt. The problem is that developers need certainty and at a silent auction there are a lot of variables.

The purpose behind these changes is to save the taxpayer’s money and make the renewable industry self-sustainable. Unfortunately it has come too soon in a developing industry and risks a greater long term cost, not to mention environmental harm.

The Renewable Obligation scheme has tipped £40 million over budget which is estimated to add £3 per annum to the household bill. In making the above changes, the Department for Energy and Climate Change estimated savings of up to £150 million. However, it is anticipated that the UK will now miss its renewable target for 2020 which could incur fines of up to £185 million.

The UK Government has therefore proposed ‘statistical trading’ whereby renewable energy will be bought in from

other countries to meet the UK’s targets. The cost of this is currently unknown.

Whilst George Osbourne’s Autumn Statement was focused on increasing security and at the Paris COP21 conference David Cameron said nations should stop making excuses and that action is doable, a void continues to grow in our energy supply. This is especially pertinent as the 4th November saw National Grid use ‘last resort’ measures and demand large businesses reduce consumption due to inadequate supply. At the same time Energy Secretary Amber Rudd has proposed to shut all coal power plants in the next 10 years and suggested gas and nuclear can fill the gap.

SO WHAT DOES THE FUTURE HOLD?New wind turbines will be few and far between as they have suffered the hardest blow. Solar farms remain a possibility but require significant areas of land and low land rents to compete in the auction process. Despite these changes, domestic scale technology is weathering the storm much better than the industrial scale developers. How cost effective such a change of strategy is remains to be seen.

We are now experiencing a turn towards existing sites with developers looking at extending lease terms repowering old technology and replacing it with newer, more efficient installations. For those landowners with ten years or less remaining on their leases, theirs may be one of the few viable opportunities for the next few years.

If you have a renewable energy development on your land or are interested in the prospect of renewable energy, please contact Chris Thyer or Calum Gillhespy on 01748 829210 for further information.

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RURAL LAND & BUSINESS

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PLANNING & DE VELOPMENT

VALUATIONS & SUR VEYS

PROPER T Y SALES & LE T TINGS

W W W . G S C G R A Y S . C O . U K* Please note that the information contained within this briefing is based on the current understanding of Government Legislation and is subject to ongoing change. Before making any decisions that will affect your business you should seek further advice.

W W W . G S C G R A Y S . C O . U K