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Farmers may be able to claim business assets roll-over relief when
they sell or buy an entitlement to payments under the new single
payment scheme that is used for the purposes of their trade.
The single payment scheme is a new system of support payments for
farmers under the EU Common Agricultural Policy.
A Treasury order (SI 2005 No 409) laid on 1 March will add entitlement
to payments under the single payment scheme to the list of assets that
qualify for roll-over relief as from 22 March 2005. Farmers will be able
to defer capital gains tax when gains arise to them on the sale of
entitlements, provided that the proceeds of the sale are used to acquire
a replacement asset which is a qualifying business asset used by the farmer
for the purposes of the same, or a successor, trade
If you feel you may have a problem with this issue and wish to discuss
it call
Stuart Atkinson on 01482 226791
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