We collect cookies to analyze our website traffic and performance; we never collect any personal data.Cookies Policy
Accept
Michigan Post
Search
  • Home
  • Trending
  • Michigan
  • World
  • Politics
  • Top Story
  • Business
    • Business
    • Economics
    • Real Estate
    • Startups
    • Autos
    • Crypto & Web 3
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Beauty
    • Art & Books
  • Health
  • Sports
  • Entertainment
  • Education
Reading: Row over what number of farms will probably be affected by inheritance tax coverage – as PM doubles down forward of farmers protest
Share
Font ResizerAa
Michigan PostMichigan Post
Search
  • Home
  • Trending
  • Michigan
  • World
  • Politics
  • Top Story
  • Business
    • Business
    • Economics
    • Real Estate
    • Startups
    • Autos
    • Crypto & Web 3
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Beauty
    • Art & Books
  • Health
  • Sports
  • Entertainment
  • Education
© 2024 | The Michigan Post | All Rights Reserved.
Michigan Post > Blog > Politics > Row over what number of farms will probably be affected by inheritance tax coverage – as PM doubles down forward of farmers protest
Politics

Row over what number of farms will probably be affected by inheritance tax coverage – as PM doubles down forward of farmers protest

By Editorial Board Published November 18, 2024 5 Min Read
Share
Row over what number of farms will probably be affected by inheritance tax coverage – as PM doubles down forward of farmers protest

Sir Keir Starmer has insisted the “vast majority of farmers” won’t be affected by adjustments to Inheritance Tax (IHT) forward of a protest outdoors parliament on Tuesday.

It follows Chancellor Rachel Reeves asserting a 20% inheritance tax that may apply to farms value greater than £1m from April 2026, the place they have been beforehand exempt.

However the prime minister appeared to quell fears as he resisted calls to vary course.

Talking from the G20 summit in Brazil, he mentioned: “If you take a typical case of a couple wanting to pass a family farm down to one of their children, which would be a very typical example, with all of the thresholds in place, that’s £3m before any inheritance tax is paid.”

Politics newest: No 10 insists chancellor has been ‘straight’ about her CV

The feedback come as hundreds of farmers, together with movie star farmer Jeremy Clarkson, are as a consequence of descend on Whitehall on Tuesday to protest the change.

And 1,800 extra will participate in a “mass lobby” the place members of the Nationwide Farmers’ Union (NFU) will meet their MPs in parliament to induce them to ask Ms Reeves to rethink the coverage.

Chatting with broadcasters, Sir Keir insisted the federal government is supportive of farmers, pointing to a £5bn funding introduced for them within the price range.

He mentioned: “I’m confident that the vast majority of farms and farmers will not be affected at all by that aspect of the budget.

“They are going to be affected by the £5bn that we’re placing into farming. And I am very joyful to work with farmers on that.”

Sir Keir’s spokesman made an identical argument earlier on Monday, saying the federal government expects 73% of farms to not be affected by the change.

Surroundings, Farming and Rural Affairs Secretary Steve Reed mentioned solely about 500 out of the UK’s 209,000 farms could be affected, in line with Treasury calculations.

Nonetheless, that quantity has been questioned by a number of farming teams and the Conservatives.

Please use Chrome browser for a extra accessible video participant

2:28

Farming business is feeling ‘betrayed’ – NFU boss

Authorities figures ‘deceptive’

The NFU mentioned the actual quantity is about two-thirds, with its president Tom Bradshaw calling the federal government’s figures “misleading” and accusing it of not understanding the sector.

The Nation Land and Enterprise Affiliation (CLA) mentioned the coverage might have an effect on 70,000 farms.

Conservative shadow farming minister Robbie Moore accused the federal government final week of “regurgitating” figures that signify “past claimants of agricultural property relief, not combined with business property relief” as a result of he mentioned the Treasury doesn’t have that knowledge.

Farmers' tractor protest outside the Welsh Labour conference in Llandudno, North Wales

Picture:
Welsh farmers carried out a protest outdoors the Welsh Labour convention in Llandudno, North Wales, over the weekend

Agricultural property aid (APR) at the moment offers farmers 100% aid from paying inheritance tax on agricultural land or pasture used for rearing livestock or fish, and may embrace woodland and buildings, comparable to farmhouses, if they’re obligatory for that land to perform.

Farmers may declare enterprise property aid (BPR), offering 50% or 100% aid on belongings utilized by a buying and selling enterprise, which for farmers might embrace land, buildings, plant or equipment utilized by the enterprise, farm retailers and vacation cottages.

APR and BPR can typically apply to the identical asset, particularly farmed land, however APR ought to be the precedence, nonetheless BPR might be claimed as well as if APR doesn’t cowl the complete worth (e.g. if the land has improvement worth above its agricultural worth).

File pic: iStock

Picture:
APR and BPR can apply to farmland, which the Conservatives say has been missed by the Treasury in compiling its influence figures. File pic: iStock

Mr Moore mentioned the Division for the Surroundings, Farming and Rural Affairs (DEFRA) and the Treasury have disagreed on what number of farms will probably be impacted “by as much as 40%” because of the lack of information on farmers utilizing BPR.

Lib Dem MP Tim Farron mentioned final week1,400 farmers in Cumbria, the place he’s an MP, will probably be affected and won’t be able to afford to pay the tax as many are on lower than the minimal wage regardless of being asset wealthy.

TAGGED:affectedaheaddoublesFarmersfarmsInheritancepolicyprotestrowTax
Share This Article
Facebook Twitter Email Copy Link Print

HOT NEWS

Welsh independence will unleash ‘full potential’ as nationalists critical contenders to type subsequent authorities 

Welsh independence will unleash ‘full potential’ as nationalists critical contenders to type subsequent authorities 

Politics
July 7, 2025
Polymarket’s M Zelenskyy go well with wager might be determined at present

Polymarket’s $58M Zelenskyy go well with wager might be determined at present

Polymarket’s controversial Volodymyr Zelenskyy go well with market is now up for its ultimate evaluate…

July 7, 2025
May Bitcoin Change The Greenback? | Economics

May Bitcoin Change The Greenback? | Economics

Individuals proceed to ask if Bitcoin will substitute the greenback. They imagine that the current…

July 7, 2025
RuPaul’s Drag Race star The Vivienne died by ‘misadventure’, inquest finds

RuPaul’s Drag Race star The Vivienne died by ‘misadventure’, inquest finds

An inquest has discovered drag queen The Vivienne didn't intend to take their life after…

July 7, 2025
Joey Chestnut to go to Lugnuts at Jackson Subject

Joey Chestnut to go to Lugnuts at Jackson Subject

LANSING, Mich. (WLNS) -- After his newest victory, aggressive consuming champion Joey Chestnut will likely…

July 7, 2025

YOU MAY ALSO LIKE

Galaxy followers protest staff’s silence in response to ICE raids

Gloria Jiménez and Bruce Martin, leaders of a Galaxy supporter group known as the Angel Metropolis Brigade, are sure that…

Sports
July 7, 2025

Rachel Reeves hints at tax rises in autumn price range after welfare invoice U-turn

Rachel Reeves has hinted that taxes are prone to be raised this autumn after a significant U-turn on the federal…

Politics
July 7, 2025

Donald Trump’s ‘huge lovely’ tax cuts invoice passes last hurdle in US Congress

Donald Trump's 'huge lovely invoice' has been handed by the US congress, sending it to the president to signal into…

Business
July 7, 2025

MP recollects childhood abuse as he requires legislation change to make home abuse a particular legal offence

An MP who determined till just lately to "never speak" concerning the abuse he suffered as a baby has shared…

Politics
July 7, 2025

Welcome to Michigan Post, an esteemed publication of the Enspirers News Group. As a beacon of excellence in journalism, Michigan Post is committed to delivering unfiltered and comprehensive news coverage on World News, Politics, Business, Tech, and beyond.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • Accessibility Statement

Contact Us

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 | The Michigan Post | All Rights Reserved

Welcome Back!

Sign in to your account

Lost your password?