Hi
I have a client who has a farm business. He receives a farming subsidy and I need to know whether it should be included into the farm accounts as taxable income? The income subsidy is listed as ELS from the Rural Payments Agency.
The farm also had a Biomass boiler installed during the tax year, does anyone know whether the income received for the Biomass boiler is taxable also?
Any help would be greatly appreciated.
Thanks
Replies (1)
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Entry Level Stewardship payments
Taxable as income as provided to encourage certain environmental practices which might otherwise prove too expensive.
Higher levels of the scheme depend on the nature of the claim as they may include some Capital items.