Tractor sales up 20% in February
Tractor sales have continued to increase, up by a fifth last month, figures from industry body the Agricultural Engineers Association show.
A total of 822 new tractors over 50hp were sold in February, 21% more than the previous month, taking the cumulative figure for the year to date to 1561, almost 22% up on the year.
The AEA recently predicted a strong outlook for UK tractor sales, especially in the early part of the year, as farmers made the most of improved prices and completed purchases ahead of the cut to the Annual Investment Allowance that comes into effect in April.
AIA is the amount a business can invest in plant and equipment in an accounting year and set 100% of that investment against income in the same year. For the tax year 2011-12, the AIA is ÂŁ100,000, but will drop to ÂŁ25,000 from 1 April for companies and 6 April for partnerships and sole traders.
• Read more about AIAs here.