George Osborne has listened to British farmers and brought in a new measure to help them deal with market challenges of the past few years.
In his #Budget2015 he pledged to allow farmers to average incomes for tax purposes over five years – making it easier to get through the bad times as well as the good.
NFU President Meurig Raymond said: “We are very pleased that Mr Osborne said that he had listened to the arguments by the NFU and will allow farmers to average their incomes over five years. As he mentioned in his speech, farmers are increasingly facing a volatile marketplace and this will enable them to manage the impacts of this.
“News that the annual investment allowance will be addressed in his Autumn Statement is also welcome. As he mentions, £25,000 is not an acceptable level which would encourage on-farm investment and we will await further announcements with interest.
“The NFU also believes the changes to the ISA system will allow more flexibility in accessing funds without losing the benefits of tax relief; and that our members who supply the drinks industry will also welcome a cut in alcohol duty for cider, beer and spirits.”
Source: NFU Online