HOME owners who also have grazing land for horses are being alerted to a new subsidy payment being offered by the Government.

Tom Oates, of the specialist equestrian property department of chartered surveyors and land agents George F White, said: "In December 2004, Defra announced that their mid-term review offered a new subsidy payment for grazing land for horses.

"However, many individual home owners who also have grazing land for horses are totally unaware that they may be able to receive a subsidy payment for their land. Time is running out for these people as they only have until May 16 to do so."

To help people fully understand the rules and regulations of this new subsidy and how they may apply, Mr Oates and his team are holding a special equestrian property briefing on Tuesday at 7.30pm in the Beaumont Hotel in Hexham.

This free briefing meeting is open to anyone who requires more information or guidelines.

The new payment is a bonus - many equestrian home owners with grazing land who have never been able to claim a subsidy before now can.

Defra's scheme means that land grazed by horses can now benefit from the Common Agricultural Policy as horse grazing has been deemed an agricultural activity.

However, Mr Oates stressed: "If you miss their deadline there is absolutely no going back - there is one chance and one chance only for the owner of this grazing land to receive an annual payment.

"The May 15 date is the only opportunity to register land for the subsidy, so it is imperative to put things into action immediately.

"The rates of this subsidy are not high and the rules and management are extremely strict. Rates will be paid on a sliding rate of approximately £8 per acre in 2005 rising to approximately £70 per acre in 2012 in lowland areas.

"However, as a home owner you should look at the wider picture - land obtaining an annual income will be more attractive and thus attract a premium.

"Also, if you are selling, this is one factor which may make your equestrian asset more saleable."

In order to qualify for this subsidy, there are a number of rules to which owners of horse grazing land have to adhere.

For all claims a holding number is required, the land needs to be mapped and registered with the Rural Payments Agency and application forms must be completed and submitted prior to the deadline.

As there are many loopholes, it is advisable to obtain professional advice to ensure full compliance.

For some, the initial cost of implementation may appear to be prohibitive and discourage people from making a claim, but Mr Oates stressed that people should think ahead.

He said: "An example of this subsidy based upon Greenside Farm Cottage, near Trimdon, an equestrian property with extensive stabling and 38.15 acres, which George F White are currently selling, is as follows.

"As long as they are already abiding by grassland cross compliance rules they will be eligible to apply in May 2005.

"This will result in annual payments based on the 38.15 acres returning at £304 in 2005, rising to £2,774 in 2012."

To contact Mr Oates for further information about making a claim, call him on 01665 603231