Farm Consultancy - Post Subsidy Deadline
The Rural Pyments Agency (RPA) report having received 116,000 Single Payment Claim forms by late spring and many queries are expected to arise, resulting from the porcessing of these and other IACS 22 forms. If farmers do not respond promptly to these queries, seeking professional advice if necessary, they risk losing money.
Landowners can, as Fisher Grman advises, freely trade confirmed entitlements; but the assets which in Capital Gains Tax Terms were created without a base value at the start of this year, should see greater trading from next January, when one year's Taper Relief will considerably reduce Capital Gains Tax liabilities for most vendors.
The Government is pormoting the Entry Level Environmental Stewardship Scheme (ELS) as the simplest way to recover some modulated payments and expect 70% of landowners to claim: some 80,000 applications.
Before applying, the landowners' whole farm must be mapped on the Rural Land Register. Many clients are still awaiting the processing of their IACS 22 forms. The first agreements commenced in August. DEFRA have conceded that agreement. Start dates should be monthly now rather than quarterly to avoid further hold-ups.
The most important issue facing farming businesses now is how they are going to survive in this new world of reducing subsidies. The historic element of the Single Payment may be a prop in the first couple of years, but it will not last.
Fisher German predicts that English Farmers will see an increase in opportunities available to them. For most the status quo will not look very attractive. We have a good understanding of issues such as planning, taxation, diversification, valuation and most importantly, the local markets, to assist clients through the maze of decisions they must make.
Further information is available from Andrew Ranson on 01295 271555
- Ashby de la Zouch
- 01530 412821
- Banbury
- 01295 271 555
- Knutsford
- 01565 757970
- Market Harborough
- 01858 410 200
- Newark
- 01949 851815
- Southampton
- 02380 883150
- St Helens
- 01744 451145
- Stafford
- 01785 220 044
- Worcester
- 01905 453275
