TITLE

SFP sales will be VAT rated

AUTHOR(S)
Shirley, Andrew
PUB. DATE
March 2008
SOURCE
Farmers Weekly;3/7/2008, p19
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article reports that all sales of single farm payment entitlements will be value added tax (VAT)-rated, according to the British Her Majesty's Revenue & Customs. Previously, VAT was only charged on stand-alone entitlement sales, but now the tax will also be levied on entitlements attached to land sales. Carlton Collister of accountant Grant Thornton said the change would have little impact on farmers buying land because they could reclaim the VAT, although it would affect cash flows, he said.
ACCESSION #
31786430

 

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