Farmers in England who wish to retire or leave farming can apply for the new scheme. The idea is the scheme will provide a payment so farmers can leave the sector in a managed way.
But, in return, farmers will be expected to rent or sell their land, or surrender their tenancy. This is to create opportunities for new entrants and other farmers wishing to expand their businesses.
The scheme is open for applications until 30 September 2022,
The exit payment to eligible applicants will be based on the average direct payments made to the farmer under the Basic Payment Scheme (BPS) in 2019 through to 2021. This reference figure will be capped at £42,500 then multiplied by 2.35 to calculate the lump sum. Farmers could therefore receive a maximum of almost £100,000.
Full details of the Lump Sum Exit Scheme, including how to apply, can be found on the gov.uk website.