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Milk quotas were introduced in the UK and other EC Countries in 1984 as a method of reducing over-production of milk. Essentially a milk quota allows a farmer to produce up to a given quantity of milk from his or her holding in any one year without the risk of having to pay `supplementary levy� (see BIM55340).

Transfers of milk quotas

»Ê¹ÚÌåÓýappre are very active markets in both the sale (see BIM55315) and the leasing (see BIM55320) of milk quotas. »Ê¹ÚÌåÓýapp leasing period is normally the year ending 31 March. »Ê¹ÚÌåÓýappy will be accounted for under the usual accounting principles.