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Farmers in England who wish to leave the industry can now apply for the new Lump Sum Exit Scheme which will provide a payment so they can exit the sector in a managed way.
Farmers in England who wish to leave the industry can now apply for the new Lump Sum Exit Scheme which will provide a payment so they can exit the sector in a managed way. In return, farmers will be expected to either rent or sell their land or surrender their tenancy in order to create opportunities for new entrants and farmers wishing to expand their businesses.
The Scheme, which is open for applications until 30 September 2022, follows a public consultation and builds on evidence that some farmers would like to retire or leave the industry but have found it difficult to do so for financial reasons.
The exit payment provided to eligible applicants will be based on the average direct payments made to the farmer for the 2019 to 2021 Basic Payment Scheme (BPS) years. This reference figure will be capped at £42,500 and multiplied by 2.35 to calculate the lump sum, meaning that farmers could receive up to around £100,000.
See: How to apply for a lump sum payment to leave or retire from farming - GOV.UK (www.gov.uk)
06 Feb 2024
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