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All change
© iStockphoto/K_Thalhofer
Key points
- The basic payment scheme subsidy for farmers will be replaced in the 2020s.
- Effect of the reduced threshold for capital gains tax business asset disposal relief.
- Only or main residence relief for farmhouse.
- The benefits to a tenant and landlord of a tenancy surrender.
- Lifetime transfers may involve a reservation of benefit.
The Department for Environment Food and Rural Affairs (Defra) has confirmed that farmers in England will be able to take a lump sum in 2022 instead of receiving their remaining basic payment scheme (BPS) on an annual basis. The BPS is the main rural grant to help the farming industry with applications between March and May and payments from December (tinyurl.com/ooq5xp3q). Such drastic changes will involve positive and comprehensive tax planning as part of a full succession review. Sadly the details of how exit...
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