Farmland Tax Incentives To Change

Tax Incentives to Change and turn Farmland into Meadows after Brexit.

Farmland Tax Gove will tell farmers that the current subsidy regime, which rewards land ownership, will be replaced by a scheme focused on supporting the environment says the Guardian.

Farmers will get subsidies for turning fields back into wildflower meadows after Brexit, according to environment secretary Michael Gove.

More than 97% of the UK’s wildflower meadows have been destroyed since the second world war and their loss has played a significant role in the falling numbers of bees, birds and other wildlife.

In a speech to the Oxford Farming Conference on Thursday, Gove will make his clearest statement to date that the current subsidy regime – which largely rewards ownership of land – will be replaced by a scheme focused on supporting environmental benefits such as tree planting, wildlife and improving water quality.

Farmland Tax Incentives to be refocussed.

Currently, 80% of the £2.6bn spent each year in farming subsidies is for the “basic payment scheme” (BPS). Gove is expected to tell farmers at the conference: “Paying landowners for the amount of agricultural land they have is unjust, inefficient and drives perverse outcomes. It gives the most from the public purse to those who have the most private wealth.” Recent reports have highlighted a billionaire Saudi prince and wealthy British aristocrats as major recipients of subsidies.

For more on the Guardians article go here.   For advice on business and tax planning go here – the page majors on IHT but that is due to the nature of this site. Farmland is just one type of business property still offering significant tax incentives,