Wednesday, 27 November 2024 11:25

Farmer fury

Written by Milking It

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OPINION: The new Labour Government in the UK is facing the wrath of farmers. Last week thousands of farmers and their supporters converged in London protesting changes to inheritance tax for farmers announced in the Budget.

From April 2026, inherited agricultural assets worth more than £1m, which were previously exempt, will be liable to the tax at 20% - half the usual inheritance tax rate.

However, many farmers argue that while they are asset rich, in terms of land and livestock, they are cash poor and the changes would mean they would have to sell up to be able to pay the tax.

The Government is not budging, saying it understood farmer concerns, but claiming that the vast majority would be unaffected. The farmers are not done yet, so Londoners can expect more fireworks.

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