Farmers: Lump Sum Payments
(asked on 21st March 2022) - View Source
Question to the HM Treasury:
To ask Her Majesty's Government what is the tax situation regarding the lump sum payments extended through the agriculture regulations.
This question was answered on 31st March 2022
The Government intends to introduce legislation to provide clarity that payments under the Lump Sum Exit Scheme will be treated as capital in nature and will be subject to capital gains tax, or corporation tax in the case of incorporated entities. The existing capital gains reliefs will be available where the qualifying criteria are met.