Beccles: Tax relief thumbs up for new grain business
- Credit: Archant
Farmer-owned processing and grain storage facility Future Grain is celebrating after receiving advanced assurance of its Enterprise Investment Scheme (EIS) tax relief status. Under the scheme, eligible farmers could receive a 30% saving on the investment, the Beccles-based business says.
Chairman Andrew Kendall said they were “delighted”.
“This is the confirmation that we expected and will make investment in Future Grain even more attractive for certain individuals,” he said.
Future Grain, which was awarded a million pound grant by the Department for the Environment, Food and Rural Affairs (DEFRA) to build a “state of the art” grain processing facility, will start work on the first phase of 10,000 tonnes within the next few months.
Phase two will add a further 17,000 tonnes of storage and plans are already in place to increase the size of the facility further.
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Future Grain will be a farmer-owned business with the grain marketing carried out by AtlasFram /ADM and Dewing Grain.
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