The Basic Payment Scheme (BPS) lump sum exit scheme is now open for applications.
The scheme has been several years in the making and the announcement follows last year’s Defra consultation on the proposed scheme design, to which the CLA responded.
Responding to the opening of the Basic Payment Scheme Lump Sum Exit Scheme, CLA President Mark Tufnell said:
“The Country Land and Business Association welcomes the process for the Basic Payment Scheme (BPS) Lump Sum Exit Scheme in England opening for applications this week. Farmers up and the down the country now have an option to leave farming in a planned way with greater financial security. The application period closes on 30 September.
The CLA has managed to influence the development of the scheme, ensuring it is opened up to partnerships, and for the lump sum to be treated as ‘capital’ for tax purposes, which will help to broaden its appeal.
“Positive outcomes of the scheme will include greater opportunities for the next generation and for new entrants to take up the reins. This will bring fresh ideas and innovation to the sector as businesses do their part in closing the £43bn gap to level-up the rural economy and create the jobs which are desperately needed to strengthen our rural communities.”