{"id":58951,"date":"2015-07-09T16:16:30","date_gmt":"2015-07-09T16:16:30","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=8306f02275eb052d0bb5c59b3acc6c5f"},"modified":"2015-07-09T16:16:30","modified_gmt":"2015-07-09T16:16:30","slug":"news-story-farmers-to-have-say-on-extending-tax-averaging","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=58951","title":{"rendered":"News story: Farmers to have say on extending tax averaging"},"content":{"rendered":"
\n

Plans on how to roll out a fairer tax system for UK farmers, to help boost their productivity, were published this week as part of the Budget in the consultation Income Tax: Extension of averaging period for farmers.<\/a><\/p>\n

Farmers, agricultural financial advisers and farming organisations are being called on to make their views known on how best to implement new tax averaging plans for the industry. <\/p>\n

The new system will come into force from April 2016 and see tax averaging extended from two to five years, helping our farmers better manage market volatility.<\/p>\n

Environment Secretary Elizabeth Truss said:<\/p>\n

\n

Food and farming are cornerstones for our economy, contributing more than \u00a3100 billion a year. Our plans around tax averaging will help our farmers better plan for the future and invest to further improve their competitiveness.<\/p>\n

We know it is important the tax system reflects the market realities that farmers face. Extended tax averaging will be particularly helpful for our world-leading dairy industry where we have seen recent global price volatility.<\/p>\n<\/blockquote>\n

The consultation sets out two options:<\/p>\n

    \n
  • \n

    Option A is based on the rules for the current two-year system with changes to deliver the extension to a five-year averaging period. The current \u201cvolatility test\u201d would be retained (that is, farmers may only qualify for averaging if the difference between profits in a good year and a bad year is at least 70%). Farmers could decide each year if tax averaging would be beneficial to them.<\/p>\n<\/li>\n

  • \n

    Option B would significantly reduce the current qualifying conditions and provide automatic averaging for a fixed period of five years. There would be no requirement for an annual claim, but farmers would need to opt in for a full five years. There would be no volatility test.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Consultation on the extension of the averaging period for farmers\u2019 profits to 5 years.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/58951"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=58951"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/58951\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=58951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=58951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=58951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}