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JULIE BUTLER provides a practical guide to the tax implications of the new single payment scheme.
THE INTRODUCTION OF the Single Farm Payment is considered by many to be the most fundamental change to farming since the repeal of the 'corn laws'. It essentially means that farming subsidies are no longer 'coupled' to production, but are based on area and historical entitlement. The burning question has been: how will this impact upon the taxation of farmers and landowners?
JULIE BUTLER provides a practical guide to the tax implications of the new single payment scheme.
THE INTRODUCTION OF the Single Farm Payment is considered by many to be the most fundamental change to farming since the repeal of the 'corn laws'. It essentially means that farming subsidies are no longer 'coupled' to production but are based on area and historical entitlement. The burning question has been: how will this impact upon the taxation of farmers and landowners?
HMRC's Tax Bulletin Special Edition has arrived at last (June 2005 and on the Internet at www.hmrc.gov.uk/bulletins/tb-se-june05.pdf) and the farmers who diligently completed their grant applications by 16 May can now officially find out how they will be treated for tax and it is not good news for any farmers ceasing to trade.
1. Income tax
For income tax purposes there are essentially three types of...
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