The April budget and sheep farming

摘要

Chancellor George Osborne largely delivered on his promise is deliver a 'budget for business' but what exactly was in his announcement when it comes to sheep farmers?The proposed reform of withdrawing pensions could certainly provide a cash boost to the older generation still actively farming. Under the old rules it was possible upon reaching the age of 55 to withdraw 25% of any private pensions tax free. The proposed changes from 6th April 2015 see an individual able to not only continue to take 25% tax free but any balance of funds be taken either within the same tax year (or over a period of years) subject to tax at an individual's prevailing rate.