In Northern Ireland, Scotland and Wales all Single Payment Scheme entitlements ceased to exist on 31 December 2014. This means that the cost of purchasing those entitlements is now a Capital Loss which is allowable against other Capital Gains made on the sale of assets.
However in England the Single Payment Scheme entitlements were converted to the new Basic Payment Scheme entitlements so there is no Capital Loss.
It just goes to show – England don’t always win!
For more information, contact us.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.