Farmers Averaging Election Success

ID-100136356

We are delighted that lobbying on the proposed extension of Farmers’ Averaging Elections from 2 years to 5 years has paid dividends. It was announced in the budget that farmers will have the option of either 2 year or 5 year averaging.

We were very worried that the initial proposal to only allow 5 year averaging would have made the system almost unworkable and rarely useful.

The system of 2 years Averaging Elections saves our Farming clients around £100,000 in tax every year so this would have been a big loss particularly in these difficult times.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

Image courtesy of Frankie242 at FreeDigitalPhotos.net

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s