Farms and Rural Business

Kelly gives a run through of the announcements made in February 2022 on Stewardship and Environmental land management schemes (ELMS) developments.

Steve discusses the latest draft guidance for the Basic Payment Scheme (BPS) outgoers scheme for farmers considering retirement.

The ‘Farming Investment Fund’ is due to be launched officially this autumn. Ashley discusses how the fund works and summarises the key points of interest to farmers and landowners.

Laurie Hill discusses The Future Farming Resilience Fund launched earlier in 2021 to support the transition within agriculture. 

Laura Howes discusses tax relief on farming and agricultural buildings and the recent case lost by HMRC.

Alison Smith discusses the most recent announcement about the transition towards Making Tax Digital (MTD) and the likely additional complications (and extra tax charges) on the horizon for many farming businesses.

The November 2021 report from the Office of Tax Simplification (OTS) on Capital Gains Tax (CGT) looks at areas where the tax could be made simpler, fairer and easier to understand and where specific anomalies could be removed.

In May 2021, the Government published a consultation document on the design of execution of the lump sum exit scheme, which would enable eligible retirees from the farming industry to take some of their remaining subsidy payments by way of a single lump sum in 2022. 

In April 2019, the Government has taken the opportunity of incorporating some (but by no means all) of the recommended reforms into Schedule 3 of the Agriculture Bill. What does this mean for the farming industry?

It’s a question I’m sure many farmers ask themselves at some point … should I consider doing something different? If you love farming then I’m sure the answer is a quick and confident no, but should it be?