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20th September 2022
The Lump Sum Exit Scheme application window draws to a close soon so we’re urging farmers to ensure they’re making the most of this one-off opportunity. The scheme has been designed to encourage the retirement of farmers to make way for the next generation and offers those who comply up to £99,875 as a single payment.
The Lump Sum Exit Scheme is available to BPS claimants in England who have, or will be, selling their land or giving up a tenancy. For those who are retaining some land you can continue to farm up to 5 hectares (12.35 acres) and still be eligible to claim the Lump Sum.
To claim you will need to have sold your land or have given up a tenancy on land between May 2021 and May 2024. You must have claimed BPS in 2018 and 2021 and also give up your entitlements to the RPA. You cannot transfer them to someone else.
Clare Williams, Associate at Roger Parry & Partners, says “The payment is calculated using your 2019, 2020 and 2012 BPS claims. For example, if your 2019 claim amounted to £15,000, your 2020 claim amounted to £25,000 and your 2021 claim amounted to £20,000, then the average claim is £20,000. This is called your Reference Amount. Your Lump Sum Exit Scheme payment will be 2.35 x the reference amount, which is this case is £47,000. The reference amount is capped at £42,500 meaning the maximum payment is £99,875)”
The deadline to apply is 30th September 2022 then you have until May 2024 to transfer out your land and submit evidence to the RPA. If you’re unsure about your eligibility contact one of our offices to find out more.