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Receipt of 2022’s first BPS instalment by 98% of claimants has been welcomed, especially in the wake of progressive payment reductions, soring input costs, a heatwave and the possibility of a looming recession. However, these events do highlight the pressing need to think ahead and, whilst many will rise to the challenge, others will decide that now is the time to hand over the reins, to retire or to pursue alternative ventures. For them, the Lump Sum Exit Scheme provides a fantastic opportunity of up to £99,875 to be used elsewhere or perhaps just pay for a well-deserved holiday!
The scheme is available to those who claimed BPS in 2018 and who have either left farming since May 2021 or intend to prior to May 2024.
Broadly, all land used to claim BPS in 2021 must be transferred and the entitlements surrendered. In return, the applicant will receive a single lump sum payment worth up to £99,875. However, all applications for the scheme must be made before 30th September 2022. As there is no obligation to retire following this initial application, even those who consider a departure from farming before 2024 a remote possibility should still apply.
For advice on the scheme, including eligibility, or for endorsement of your application, please contact Guy Wilson of Stags Professional Services on 01823 662822.
