The Rural Payments Agency have this morning confirmed that Lump Sum Exit Scheme applications are now open.
Charles Raine, Director, Rural Chartered Surveyor based in our Hexham Mart office adds; Welcome news this morning from RPA on the opening of Exit Scheme applications and as with all funding applications there is eligibility criteria that must be met;
- In order to claim the lump sum, you must surrender your BPS entitlements and will not be able to claim any further direct payments.
- You must surrender all but 5 ha of the land you currently farm either by selling, gifting, letting out on an FBT for a minimum of 5 years, planting it with woodland funded by a grant scheme
- You will still be eligible if you surrendered land before you apply but you may need to have occupied some agricultural land on 17th May 2021, you do not need to have submitted a claim but must have claimed BPS in at least one year of the reference period as well as years prior to 2019.
- To claim the lump sum payment, you must have submitted a BPS claim in 2018 or earlier.
- The farmhouse, farm buildings and non-agricultural land (hardstanding, existing woodland etc) do not need to be given up.
Our expert team are happy to direct you through the application process and we would urge those considering retirement or succession to speak to one of the team as soon as possible to ensure the application deadline is met.
Lump Sum Exit Scheme applications close on Friday 30th September 2022.
For more information please contact your local YoungsRPS office.