Single Farm Payments
FC Exchange are proud to support farming and agricultural businesses. Our team can help get you the best rate for your Single Farm Payment.
You have a choice. The Rural Payments Agency (RPA) will send you your SP5 form which, when you receive it, allows you to choose whether you receive your Single Farm Payment in euros or Sterling. The FC Exchange team can assist UK and European farmers in making the most of SFP subsidies. There are a number of options available, even to ‘fix your exchange rate’ into the future.
As stated by the RPA:
“The euro exchange rate used for calculating 2012 Single Payment Scheme (SPS) payments will be €1 = £0.79805. Released by the European Central Bank, this rate is the last exchange rate set by the Bank in September.”
EUR/GBP 0.79805 (or the other way around GBP/EUR 1.2531) is the 2012 rate being used by the RPA.
On the 1st February 2013 the EUR/GBP rate was actually 1.1503.
EU Rate @ 1.2531 means a subsidy for EUR 200,000 = £159,604.18
FC Exchange rate @ 1.1503 means a subsidy for EUR 200,000 = £173,867.68
This is a difference of £14,263.50 for the same subsidy for EUR 200,000
We can assist you with your payment, contact us now or call +44(0)20 7989 1111 to find out how we can help.
Single Farm Payment Rates (current and historic)
- 2012 scheme 0.79805 (1.2531)
- 2011 scheme 0.86665 (1.1539)
- 2010 scheme 0.85995 (1.1629)
- 2009 scheme 0.90930 (1.0997)
- 2008 scheme 0.79030 (1.2653)
- 2007 scheme 0.69680 (1.4351)
- 2006 scheme 0.67770 (1.4756)
- 2005 scheme 0.68195 (1.4664)
We can also assist with any payments farmers or agricultural businesses need to make in relation to buying machinery or equipment from Europe or the United States.
More information from the RPA in relation to Single Farm Payments can be found here.