Basic Payment Scheme – Young Farmers Payment

When claiming the new Basic Payment Scheme entitlement farmers may also be eligible to make a claim for the Young Farmers Payment.
Young farmers need to show that they are between 18 and 40, are “in control” of the farming business and took control on 01/01/2010 or later. The payment will be made for a maximum of 5 years, depending on when the young farmer “took control”.
RPA guidance defines “in control” as being a person with more than 50% of the shares and votes in the business and goes on to state that more than one person can “control” the business if there is a formal agreement between them to vote together, giving them a majority of the business votes and shares. The guidance also implies that in a partnership, control could be defined by the profit sharing ratio, i.e. provided the young farmer receives >50% profit share he would be “in control” or “head of holding”.
All claims must be accompanied by a certificate which has to be completed and signed by an accountant or solicitor, which is where we can help.
Get in touch with us to check if you may be eligible to claim.

Can we help?

Get in touch with Townends Accountants.

Tax Card 2023/2024

Get our handy Townends Tax Card today…