Flood Financial Support Offered

With large areas of the UK continuing to be affected by storms and flooding, support has been offered to farming businesses.  Firstly, the major banks have pledged to offer overdraft extensions, mortgage repayment holidays, and fast-track loans.  Farmers should generally contact their local manager to access support.  The HMRC has also pledged its assistance.  For those affected by floods it will allow payment by instalments, suspend debt collection, and cancel penalties if deadlines have not been met.  It promises a ‘practical approach’ if vital records have been lost to the flooding.  A HMRC Helpline has been set up on 0800 904 7900.  Finally, a package of Government help has been announced.  This includes a £5,000 grant to all households and businesses affected by the floods to make repairs and improvements (above any insurance money).  There will also be 100% rate relief for 3 months.  £10m of funds will be directed specifically at a one-off grant to restore flooded agricultural land.  It aims to help farmers implement sustainable and long-lasting flood prevention measures and applications will open at the end of February.  It will be open to all farmers although those most affected by waterlogging will be prioritised.