Commentary

B5.121 BPS—exit payment

Business tax
Business tax | Commentary

B5.121 BPS—exit payment

Business tax | Commentary

B5.121 BPS—exit payment

The Department for Environment, Food and Rural Affairs (Defra) has confirmed that farmers in England will be able to take a lump sum in 2022 instead of receiving their remaining Basic Payment Scheme (BPS) on an annual basis.

On 19 May 2021, Defra released its proposals for the Lump Sum Exit Scheme, which will be offered as a one-off opportunity to farmers in 2022. The scheme has been promoted by Defra as a way to address the 'twin challenges' of assisting farmers to retire, whilst also giving those who want to enter the industry access to land.

The proposed

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