Tax relief for UK pig producers
A potentially expensive grey area for UK pig producers has at last been clarified after hard work by the industry, including BPEX and the NFU.
New regulations mean there is an increased need for slurry storage facilities but how these are viewed by the tax man was unclear.
Slurry pits are not to be treated as buildings or structures which means they should qualify for capital allowances but the regulations did not mention any other type of slurry storage.
HM Revenue and Customs now recognises a storage system would include:
A tank whether above or below ground
Reception pit or effluent tank used in connection with the storage tank
Any channels and pipes used in connection with the pit, effluent tank or storage tank
BPEX Environmental Programmes Manager Nigel Penlington said: “This could have had serious financial consequences for pig producers forced to increase their slurry handling systems. However, this new guidance is welcome relief to those having to make substantial investment.”
Further information is available on the HMRC website, click here for details.
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