Chancellor Jeremy Hunt has delivered his first Budget – and while there was not a huge amount in there for the farming industry, there are potentially significant changes afoot. That’s because he announced a review of how environmental land management will be treated from a taxation perspective, the potential to limit agricultural property relief on let land, and a big push on encouraging investment. Jeremy Moody, secretary and adviser to the CAAV, picks out the detail and explores the longer-term implications on the rural sector.