Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Farmers accuse government of ‘betrayal’ over inheritance tax changes

by November 19, 2024
November 19, 2024
Farmers accuse government of ‘betrayal’ over inheritance tax changes

Thousands of farmers have staged a rally against the government’s proposed inheritance tax reforms, branding them a “betrayal” that threatens the future of family-owned farms.

Tom Bradshaw, president of the National Farmers’ Union (NFU), received a standing ovation at Church House as he condemned the policy as “the straw which broke the camel’s back”.

“To launch a policy this destructive without talking to anyone in farming beggars belief,” Bradshaw told the 600 NFU members in attendance. Highlighting the severe inflationary pressures and challenging weather conditions over the past 18 months, he added: “You in this room have nothing left to give. It’s wrong on every level and, just as bad, it won’t achieve what the Treasury wants to achieve.”

The government aims to raise £520 million a year by 2029 through the inheritance tax changes, targeting wealthy individuals who invest in large estates to reduce their tax bills. However, Bradshaw warned that the reforms would incentivise people to withdraw money from pensions to invest in agricultural land worth £1 million, potentially undermining the policy’s intent.

Emotionally moved during his speech, Bradshaw spoke of the “unacceptable human impact” on elderly farmers who risk losing their life’s work due to the budget. “We know that any tax revenue raised will be taken from our children and raised from those that die in tragic circumstances or within the next seven years,” he said.

Farmers argue that the seven-year gifting rule—which exempts gifts from inheritance tax if the giver lives for seven years after the transfer—would not effectively apply to them. This is because many farmers need to draw a pension from the farm after passing it to the next generation, which counts as a reserved benefit. Additionally, if they continue living on the farm post-transfer, they would need to pay rent to avoid inheritance tax charges.

A standoff is unfolding in Westminster, with farming leaders insisting that the Treasury is “working from the wrong figures”. The government maintains that 73% of farms will not be affected by the changes, urging farmers to “look at the facts” in historical claims data. The NFU disputes this, stating that Treasury officials based their figures solely on Agricultural Property Relief (APR) claims, neglecting the Business Property Relief (BPR) claims that are crucial for machinery and livestock.

“Most inheritance cases combine Agricultural Property Relief and Business Property Relief,” the NFU informed its members. “HMT has completely misunderstood its own data and ignored claims made by farmers under the BPR regime.”

At the rally, each of the 600 seats bore a message for the government: “Government needs to halt this policy. The policy is broken and based on the wrong evidence.” The atmosphere was charged with palpable anger, culminating in a pointed reminder: “When you make a promise to farmers, you keep it.”

The farming community feels particularly aggrieved as, while in opposition, Labour had assured them there were no plans to alter inheritance tax. Sir Keir Starmer, speaking at the NFU conference in 2023, promised to provide “certainty” to farmers.

Read more:
Farmers accuse government of ‘betrayal’ over inheritance tax changes

0
FacebookTwitterGoogle +Pinterest
previous post
Google faces pressure to sell Chrome browser amid antitrust scrutiny
next post
Trump naming Cabinet officials at ‘warp speed,’ far head of first term pace

You may also like

Secrets of Success: James Constantinou CEO and Founder...

July 18, 2024

MPs critical of ageist ‘wealth-hoarding’ labels for baby...

February 19, 2025

Fintech ‘innovation hubs’ set to launch around the...

March 1, 2023

‘Free money’: £4bn lost to fraud and error...

August 5, 2024

Asda offers over 60s soup, a roll and...

October 7, 2022

Treat investing in Cryptocurrency as gambling, MPs say

May 17, 2023

Sunak makes hand out key roles: Hunt staying...

October 25, 2022

Innovative UK SMEs spend half of turnover on...

October 16, 2023

Key Points from Jeremy Hunt’s Conservative Party Conference...

October 2, 2023

Why AI and green tech are vital to...

June 10, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • ‘Bold’ general who led US’ ‘Midnight Hammer’ strikes on Iran ends Middle East reign

      August 25, 2025
    • Democrats opposed John Bolton for years — until they sought him as an ally against Trump

      August 25, 2025
    • Top GOP senator defies Trump demand to bend Senate rules for his court picks

      August 25, 2025
    • Patients Using Popular Meds May Face a Tariff Hit: US–EU Trade Deal Targets Branded Drugs Like Ozempic and Wegovy

      August 25, 2025
    • What Automatic Planning and Scheduling Means for Your Projects

      August 25, 2025
    • Ultimate Traders Review: Easy and Effective Prop Trading

      August 25, 2025

    Categories

    • Business (8,876)
    • Investing (2,236)
    • Politics (16,481)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved