Tax saving for farmers
Single farm payments confirmed as exempt from stamp duty land tax
Single Farm Payments (SFPs) will not be subject to stamp duty land tax when transferred with the farm, according to leading agricultural law specialists Anderson Strathern.
As SFPs can have an asset value well in excess of £50,000 per farm, the savings could be significant for many farmers.
The SFP scheme has a had a huge impact on Scotland’s farmers since it was introduced earlier this year, and all groups in the sector are still working their way through the regulations, and analysing their impact on farm incomes and farm values across Scotland.
After representations made by Anderson Strathern, the Inland Revenue has confirmed a change of policy so that SFPs do not fall under the stamp duty land tax regime. This puts an end to months of uncertainty throughout the agricultural industry on this issue.
Jim Drysdale, a land resources partner at Anderson Strathern, said: “This is good news for farmers. We’ve had correspondence with the Inland Revenue on this issue and we’re delighted to be able to confirm that SFP is not to be subject to stamp duty land tax."
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