Revenue Note for Guidance

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Revenue Note for Guidance

667 Special provisions for qualifying farmers

Summary

An enhanced rate of stock relief – at 100 per cent instead of the normal 25 per cent – is provided for by this section. It applies to certain young trained farmers, that is, to farmers who are under 35 years of age and who meet certain training requirements. Subject to section 667A this special stock relief is available to farmers qualifying in the year 1993–94 or any subsequent year for grant aid under the Scheme of Installation Aid for Young Farmers and also to farmers who first became chargeable to income tax on their farming profits for 1993–94 and later years. This section applies to young farmers qualifying up until 31 December 2004. Section 667A applies to young farmers fully qualifying in the period beginning on or after 1 January 2004 and ending on or before 31 December 2008. Section 667B applies to young farmers qualifying in the period beginning on or after 1 January 2007 and ending on or before 31 December 2021.

Details

Qualifying farmers

A qualifying farmer is an individual who —

  • (1) first qualifies for grant aid under the Scheme of Installation Aid for Young Farmers in 1993–94 or any later year of assessment, or
  • first becomes chargeable to income tax in respect of profits or gains from farming in 1993–94 or any later year of assessment, was under 35 at the start of that year and, at any time in that year, meets the specific training/education requirements which are spelt out in the Table to the section.

Enhanced stock relief

(2) Stock relief at 100 per cent (instead of 25 per cent) is granted to a qualifying farmer and is available for 4 years in the case of young farmers qualifying on or before 31 December 2004. Section 667A, and not section 667 applies to young farmers qualifying in the period beginning on or after 1 January 2004 and ending on or before 31 December 2008. Section 667B applies to young farmers qualifying in the period beginning on or before 1 January 2007 and ending on or before 31 December 2021.

Relevant Date: Finance Act 2021