Plan ahead or allowances are going begging
By Geoff Ashcroft
MANY farmers are missing out on the benefit of a first-year capital allowance of 50% on machinery investments.
That is the message from Highland Finance, which is urging farmers to start planning machinery purchases now, to avoid missing out on the higher allowance.
Introduced in the June budget, the "doubled" allowance has been developed to provide a cash flow benefit to stimulate new investment in machinery.
"The increased allowance is available on plant and machinery – with the exception of cars – purchased between July 2, 1997 and July 1, 1998," says Robin Arnold of Highland Finance.
To qualify for the higher capital allowance, farm businesses must not exceed a turnover of £11.2m, have assets less than £5.6m and, not have more than 250 employees.
Universal Tractor Imports at Ripon aims to take a 1% share of the UK tractor market over the next 12 months with the Euroseries range.