- Location
- Warwickshire
If the retiring tenant chooses to cash in the entitlements, I may not be able to buy any or may have to pay a significantly higher price
- Thread starter Janet Hughes Defra
- Start date
Might be a coincidence & I could be wrong but isn't Johnson's old man a farmer at retiring age with children just itching to plant trees & rewilding for the useful dosh, seem to remember that as soon as the first lockdown came in Stanley was on the next plane out to Greece to check out the holiday home!
Everybody has a different take on things but for me I want to hand the business over to my children completely debt free and at no cost to them. I would take a reasonable income from it when retired so I guess that is kind of a rent but it would only be minimum wage kind of level as the business whilst in my ownership has prepared for my retirement costs by purchasing a house and paying into a pension etc.
Problem with that is that very few farm business have the land within the business. Its safer owned privately which is why most do it and then Ag prop relief passes it upon death. Defra clearly have not thought of that OR have they and this is there way of getting farm business's to put land into the business then if these businesses are heavily borrowed or get into trouble down the line the lenders (banks) take control.
- Location
- South Wales UK
Lot of Farmer's raised question to why under .Gov.uk when ONLY England applies?
We all live in the UK ???
We all live in the UK ???
Farmers need to transfer out the agricultural land which was at their disposal on 17 May 2021 (with some exceptions). Their lump won’t be reduced if they had rented-in some of this land and it then returns to the landlord. But they will need to surrender enough entitlements, by value, to avoid a reduction being applied.
This is the mentality of farmers though and its just stupidity. Its been said before that to many farmers don't actually live a full life. They never go anywhere, never take nice holidays, never buy nice things. All along they save to buy the next tractor or machine, whilst their own lives are slipping them by. I aim to partially retire at 55 down to 2 days a week, then fully retired by 60 at the latest. That means I will have children running this business at the age ages of 30 and 27 if they choose to. However as previously said if I get a silly offer from a corp who wants to buy it to plant trees on then I would be mindful to sell.
It's because agriculture is a devolved matter, so the devolved nations of Scotland, Wales and Northern Ireland are responsible for their own agricultural policies. It's part of the overall devolution settlement for the UK and devolved nations.
Hi all just to let you know I'll be offline for this afternoon on a farm visit - I'll come back and post answers to all your outstanding questions asap
Lets hope your visit isn't to yet another large arable estate, there are other types of farming!
- Location
- Ceredigion
- Location
- Lincolnshire.
Who ever thought this one up should be hanging their heads in shame! Capital my arse!!! How are people facing higher NI payments supposed to view this give away?
Bossfarmer
Member
- Location
- between Perth and Inverness
- Location
- Durham, UK
To be fair im a bit like that, rather have a nice tractor than a flash motor depriciating in the garage.
- Location
- Ceredigion
Yes there is , most of those would be in the graveyard , how many new farmers , most Farms would have been bought by expanding farmers
You could say we are in danger of extinction & need special protection, now where's that Attenborough when you need him?
oil barron
Member
- Location
- Aberdeenshire
gone up the hill
Member
- Location
- Devon
Under this scheme you would have to surrender your entitlements to the RPA and not your landlord if you wanted to retire using this scheme so you would then if it says in your tenancy agreement that the entitlements should be returned to your landlord if you quit/ the tenancy has ended have to pay your landlord the value of the entitlements/ any SFP lost over the next 4 years which would be far more £ than you would receive under this scheme!
Reality is that few if any farmers will for one reason or another be able to take up this scheme.
Very much this scheme has been designed to fail ( just like the new sub arrangements have been done so ) and pay out very little if any money to the farmers/ tenants etc that actually need the money!
midlandslad
Member
- Location
- Midlands
Would you need to repay the BPS lost over the next 4 years?