SPS tax bulletin welcomed but measures need to evolve over time, says NFU - UK - Last Friday’s (24 June) release of the Special Edition of Tax Bulletin by HM Revenue and Customs, which sets out their views on the main taxation implications arising from the Single Payment Scheme has been welcomed by the NFU.

NFU President Tim Bennett says, “The measures announced, after consultation with the NFU, provide certainty and stability for farmers. It is also pleasing to see that concerns raised by farmers have been incorporated into the Tax Bulletin.

“However, a consensus has not been possible in all areas and we need to wait and see whether and to what extent problems arise in practice.

I expect that HMRC will make further amendments as the SPS evolves and the tax implications of its implementation becomes clearer.”

The full text of the Tax Bulletin can be found on the HMRC website
www.hmrc.gov.uk/bulletins/index.htm

Source: National Farmers Union - 27th June 2005