Commentary

B5.124 BPS—income tax and corporation tax treatment

Business tax
Business tax | Commentary

B5.124 BPS—income tax and corporation tax treatment

Business tax | Commentary

B5.124 BPS—income tax and corporation tax treatment

From January 2021 the Agriculture Act 2020 determines policy in respect of funding for farmers and the BPS will be phased out1. The Government roadmap sets out the changes that will come into force over a period of seven years to help farmers adapt and plan for the future. The transition away from the basic payment scheme (BPS) gets underway in 2021. Direct payments will be reduced fairly, with the money released being used to fund new grants and schemes.

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