The UK Government’s Agricultural Bill was introduced to Parliament last week and has implications on how England’s farmers will be paid grants/subsidies post Brexit.
While details are not yet confirmed it is suggested that from 2021 to 2027 the Basic Payment Scheme (BPS) could be phased out, but will likely be replaced by new UK Government subsidies and grants which will aim to help efficiency in farming and encourage environmental benefits.
During what will be a period of uncertainty, farmers and landowners need to plan ahead and review their businesses in order to prepare for some potential financial loss. ‘Symonds & Sampson do not believe this to be a negative, but an opportunity for farmers to evaluate their business model and see where they could be earning or saving more money and making the most of their assets which will likely lead to more efficient and profitable enterprise in the future and well beyond Brexit’ adds Becks Kaye.
For any advice on how to make the most of your assets please contact Becks or your local office.