Details released of new exit scheme
The Rural Payments Agency has released the long-awaited BPS Lump Sum Exit Scheme information.
It is designed to allow Basic Payment Scheme claimants in England to retire or completely give up farming by providing a capital payment. To be eligible, you will need to have claimed BPS in 2018 and still hold the relevant entitlements. It will be based on 2.35 times the average direct payment received during 2019 to 2021, capped at £99,875, meaning the average direct payment being no more than £42,500 for each year of the reference period.
Once the payment has been received, you must sell, gift, or let out (for a minimum of five years), all of your land, with the exception of being able to retain five hectares, if desired. Entitlements must also be surrendered and you will not receive any further direct payments or be eligible for any new schemes.
Joanna Wall, McCartneys
