More than 29,000 farmers are set to benefit from a new streamlined approach to paying their taxes as set out by the Chancellor in last week’s Budget (18 March 2015).
For the first time farmers will be able to average out the tax they pay on their profits from two to five years, helping them better manage potential fluctuations in income caused by a range of factors from global markets to weather.
This announcement will let farmers plan for the future and invest to improve their competitiveness. It will be particularly helpful for our world-leading dairy industry, which has been hard-hit by recent falls in the global milk price but has strong long-term prospects.
The measure will come into effect from April 2016 and will be legislated for in a future Finance Bill.
Tuesday March 24, 2015/ DEFRA/ United Kingdom.