Lump Sum Exit Scheme

[teslacoils]

I am assisting someone with an ELMS pilot (if accepted) with the very specific objective of showing how the arable options can be exploited to maximum financial advantage whilst producing more environmental harm than good. I consider it a public good to show them what a nonsense it is.

And was the payout better than £650/ha one off to retire?

 

[unlacedgecko]

Local idiot land agent was just talking to me about this the other day,and was getting quite excited about the prospect of Dad walking away with the money,and son continuing to farm(with Dad still overlooking things obviously) ...............guess Defra hadnt thought of that wheeze.

Where ever there’s a scheme there’s a schemer.

 

[Still Farming]

Its unlikely to be anything near enough to provide care or a bungalow for anyone farming less than 1000 acres! BPS has always been paid to business not individuals, often farm business operate multi-generational partnerships. I doubt the option to choose to take a lump sum will have any age requirement, I expect all BPS recipients will be given the option to take a lump sum equivalent to their remaining BPS payments (or at least a large proportion of them) in any payment window from December 2022 to December 2026 in exchange for the surrender of their BPS entitlements. The more who take up the lump sum option and the earlier they do so, the less BPS administration work remains for the RPA. The lump sum option is due in 2022 so taking the lump in 2022 would be in leu of claiming payments in 23, 24, 25 and 26, the combined total of these payments would be less than £50,000 for a farm that made a £25,000 BPS claim in 2020, it would at least in part be taxed at 40%, it won't buy a garage let alone a bungalow...

You still get your State Pension and any Personal pensions and investments also?
It's NOT the only money you GOT to live on!!!

 

[Still Farming]

No never, but realistically 150k doesn’t go far does it in later life.
If the Gov are serious about getting older farmers to move aside then they need to put their money where their mouth is.
My lifestyle has zero bearing on my expectations, I have no pension and take out 900/month, hardly flash is it.

When all aid/subsidy/etc. stops, you got nothing also unless savings or investments?

 

[Still Farming]

Then there's no need for the taxpayer to be putting more cuddly toys on it.
I still don't get it. If it is just your remaining BPS up front then there's no point, unless you are genuinely skint now and only expect to live for a couple more years.
Also, if it is just your remaining BPS then why is it listed in the ELMS bumf as an ELMS scheme ? That suggests that it has ELMS money attached to it somehow ?

Tenant farmer possibly, Landowner Farmer no.

 

[Hilly]

If they give me a tax free 2 million I will let the grass grow if not I continue .

 

[ollie989898]

It wont be though will it, how long would 150k last in a care home, not long. Wouldnt buy you much of a pad in the Bahamas either, cant see many getting excited about it to be honest. Still we'll have the details soon enough.
If they were offering £2,500/ha that would maybe change my mind, that's where it needs to be or above and tax free.

Average duration for a carehome stay is about 18 months. Say £2000 a week (for a reasonable one as opposed to a gulag) so say 144K for the duration. Spend your last £1000 on paying unlacedgecko to off you with a captive boltgun. He may be prepared to fly to the Bahamas but I don't know the cost of the return flight.

 

[Still Farming]

Average duration for a carehome stay is about 18 months. Say £2000 a week (for a reasonable one as opposed to a gulag) so say 144K for the duration. Spend your last £1000 on paying unlacedgecko to off you with a captive boltgun. He may be prepared to fly to the Bahamas but I don't know the cost of the return flight.

But also on the flip side all those that pee'd it up against the wall, own nothing have no savings ,on benefits,pension credits etc etc get everything and those with over 6k savings got to whistle?
Funny old World ant it?

 

[glasshouse]

I fully understand your sentiments but in this day and age all business's should be there to make money from the effort and investment made surely. Farming like any other business needs to survive, develop and continue and that’s not practicable without making money.

Its a vocation first
Business second
The ones who treat it purely as a business never get past the bad years.
Buy to let is a far easier way of making money

 

[glasshouse]

Average duration for a carehome stay is about 18 months. Say £2000 a week (for a reasonable one as opposed to a gulag) so say 144K for the duration. Spend your last £1000 on paying unlacedgecko to off you with a captive boltgun. He may be prepared to fly to the Bahamas but I don't know the cost of the return flight.

Hotels are cheaper

 

[unlacedgecko]

Hotels are cheaper

They are but hotel staff won’t wipe your arse and pick you up when you fall over in the shower.

 

[unlacedgecko]

Average duration for a carehome stay is about 18 months. Say £2000 a week (for a reasonable one as opposed to a gulag) so say 144K for the duration. Spend your last £1000 on paying unlacedgecko to off you with a captive boltgun. He may be prepared to fly to the Bahamas but I don't know the cost of the return flight.

Get together with some mates and I’ll do a group discount. The only question is, pithing or bleeding?

 

[Hilly]

They are but hotel staff won’t wipe your arse and pick you up when you fall over in the shower.

They don’t even make a very good job of that in a lot of kennels , sorry homes .

 

[Tim W]

The very idea of the govt. paying people to get out of a business because they can't make it stack up seems inherently immoral to me

 

[Hilly]

The very idea of the govt. paying people to get out of a business because they can't make it stack up seems inherently immoral to me

Governments have no morals, very few politicians have any .

 

[unlacedgecko]

The very idea of the govt. paying people to get out of a business because they can't make it stack up seems inherently immoral to me

Just another way to funnel wealth from tax payers to asset rich.

 

[Tim W]

Governments have no morals, very few politicians have any .

And it seems that few farmers do either ---being prepared to consider taking this payment must also surely be immoral ?

 

[Hilly]

And it seems that few farmers do either ---being prepared to consider taking this payment must also surely be immoral ?

Just business no different from taking subsidy is it ?

 

[Tim W]

Just business no different from taking subsidy is it ?

No different
All BP should be scraped immediately---phasing it out over a few years will just prolong the agony & cost the taxpayer
There are far better things to spend this money on than keeping poor businesses going for a few more years

 

[Hilly]

No different
All BP should be scraped immediately---phasing it out over a few years will just prolong the agony & cost the taxpayer
There are far better things to spend this money on than keeping poor businesses going for a few more years

Should have been done 30 years ago, one day it will happen.