Working tax credit for tenant farmers

28 September 2001

Working tax credit for tenant farmers

MANY hard-pressed tenant farmers will be eligible for working families tax credit after the government announced a rule change this week.

From Oct 9, people living in job-related accommodation who have invested in a home for their retirement will no longer have that property included in the capital assessment for WFTC.

Under the old rules, such dwellings were treated as second homes, which pushed many farming families above the capital limit. Applicants must have less than £8000 worth of assets, excluding land, machinery, livestock, the family home and personal possessions.

"This is excellent news and will be a major benefit to large numbers of farm families on tenanted holdings who have been hit extremely badly by the downturn in agricultural incomes and foot-and-mouth disease," said George Dunn, chief executive of the Tenant Farmers Association. &#42

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