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A Leeds Farming Leader Says Inheritance Tax Change Doesn’t Come Close to Protecting Many Family Farms
NFU says Budget change allowing inheritance tax allowance transfer for spouses fails to protect most family farms and vulnerable elderly farmers from tax risks.
- On Wednesday, the Chancellor announced a small rule allowing married farmers or those with deceased spouses to transfer unused inheritance tax allowance, but this concession does not address broader Agricultural Property Relief and Business Property Relief changes.
- Since changes to Agricultural Property Relief and Business Property Relief were announced, more than 275,000 members of the public and trade associations representing 160,000 family businesses have urged reform.
- NFU Bedfordshire and Huntingdonshire Chair Freya Morgan said the Budget tweak is nowhere near enough and does nothing to remove the cruel impact on elderly and vulnerable farmers.
- The NFU vowed the fight continues and will work with industry, the supply chain and MPs, noting apprenticeships could help but the increased ATQ for sugar cane risks undercutting British growers.
- Campaigners warn elderly and vulnerable farmers remain exposed, risking national food security and farm investment if relief rules stay unchanged, while public support over the past year has been incredible for the NFU Stop the Family Farm Tax campaign.
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Yorkshire farming leader says inheritance tax change doesn’t come close to protecting many family farms
A Yorkshire farming leader said the small change to inheritance tax announced in the Budget is nowhere near enough to protect many family farms.
·United Kingdom
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Leaning Left0Leaning Right0Center5Last UpdatedBias Distribution100% Center
Bias Distribution
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