Tax Change for Farmers’ Profits Takes Effect

Posted on Thursday 21st April, 2016 by

A change to the way farmers can average their profits for income tax purposes has come into force. Since 6th April 2016, farmers can choose to average their profits over two or five years. Before this date, farmers could only average their profits over a two-year period.

Commenting, Chancellor George Osborne said the change will “provide farmers with additional security to plan and invest for the future.” Mr Osborne estimates that more than 29,000 farmers will save an average of £950 each year.

Read more about the change here

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