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Guy Wilson MRICS FAAV, Head of Wellington Professional Services & RICS Registered Valuer, discusses Capital Grants and how, with BPS payments reducing year on year, they may be a viable alternative for those looking to raise finance for capital projects.
As we enter into the New Year, 2024 marks the fourth consecutive year of progressive reductions to the Basic Payment Scheme (BPS) payments; with payments this year, 50% or less than those received in 2020, with further annual reductions planned before it is eventually phased out completely in 2027.
The good news? The BPS ‘pot’ has been reallocated to new and emerging grants and agri-environmental schemes, many of which can sit alongside existing land-based schemes.
Standalone Capital Grants under the umbrella of Countryside Stewardship are just one example and are particularly useful where landowners seek funding for capital projects. These grants:
· Offer over 70 different Capital Items;
· Are standalone and need not form part of a larger Mid or Higher-Tier application but, subject to eligibility, can be entered into on land already within another scheme;
· Are uncapped;
· Can be entered into at any time; and
· Afford applicants three years during which to complete the approved works
Some examples of the Capital Items available include:
|£6.34 per metre
|£7.47 per metre
|£136.95 per gateway
|£152.92 per trough
|Livestock & Machinery Hardcore Tracks
|£44.63 per metre
Stags has a team of rural professionals located across the South West who are happy to help with all grant/agri-environmental scheme applications. For advice and guidance please contact Stags Professional Services on 01803 862002 for more information.