THE FUW has welcomed the Chancellor’s budget announcement that farmers will be allowed to average their earnings over a fiveyear period.
FUW finance director David Parker said: “Being able to average your earnings will smooth the potential wide variations from year to year and allow for better tax planning in the farming industry.
“Farmers are often subjected to volatile market prices and as such their profits fluctuate accordingly.
“The weather and disease outbreaks are also not to be underestimated when it comes down to how much each farmer earns.
“The previous provision of averaging your earnings has been extended from two to five years and for this we must congratulate the Chancellor as it will prove immensely helpful to the industry.
“The FUW was also pleased to see no further increases in fuel duty. “An increase in fuel duty would have had a direct impact on the cost of production at a time when the country needs business to flourish,” added Mr Parker.