Little for farmers in Chancellors plan - Farmers Weekly

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Little for farmers in Chancellors plan

22 June 2001

Little for farmers in Chancellors plan

CHANCELLOR Gordon Browns "Enterprise Plan" – released this week to boost small business fortunes – offers little help to struggling farm businesses, says Carlton Collister of accountant Grant Thornton.

"There is a proposal to simplify VAT payments but this is unlikely to apply to most farmers because they tend to be in a situation where they are reclaiming VAT," says Mr Collister.

"The most obvious benefit is the reform of capital gains taper relief. This will help producers who are selling land for development. The rate at which the lower 10% rate will apply has been accelerated from four to two years."

He believes a mooted review of payroll systems could be good news. "Any move that reduces the burden of paperwork would be very welcome."

Meanwhile, the NFU has given a cautious thumbs up to a proposed crackdown on business cartels accused of price fixing.

The union is involved with a case before the Office of Fair Trading probing UK fertiliser prices. &#42

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Little for farmers in Chancellors plan

By FWi staff

CHANCELLOR Gordon Brown’s “Enterprise Plan” — released this week to boost small business fortunes — offers little help to struggling farm businesses, says Carlton Collister of accountant Grant Thornton.

“There is a proposal to simplify VAT payments but this is unlikely to apply to most farmers because they tend to be in a situation where they are reclaiming VAT,” says Mr Collister.

“The most obvious benefit is the reform of capital gains taper relief. This will help producers who are selling land for development. The rate at which the lower 10% rate will apply has been accelerated from four to two years.”

He believes a mooted review of payroll systems could be good news. “Any move that reduces the burden of paperwork would be very welcome.”

Meanwhile, the NFU has given a cautious thumbs up to a proposed crackdown on business cartels accused of price fixing. The union is involved with a case before the Office of Fair Trading probing UK fertiliser prices.

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