THE reforms of the Common Agricultural Policy, agreed in 2003 and effective from 2005, saw support for the industry "decoupled" from production.
In essence farmers are now entitled to a single subsidy cheque each year, based on the level of support they received in the so-called reference years of 2000-2. Big money can be involved, and these entitlements are a tradable commodity.
Farmers looking towards retirement can cash in to a considerable extent while entrepreneurs seeking to expand their activities are willing buyers.
Ian Hope, of Hayes McCubbin Macfarlane, speaking from his office in Alyth, near Balirgowrie, said:
"The continued limited supply of entitlements against strong demand is fuelling the market. The majority of standard entitlement is trading at a multiplier of up to three times the annual value."
Hope concedes that this is a complex issue, especially with the vast majority of deals being struck in euros.
Current transfers are in the region of 250-350 per unit, but there have been some deals with values hitting up to 4,000 (£2,980) per unit.