National Farmers’ Union President Tom Bradshaw has expressed deep concern over Labour’s inheritance tax change, warning that many farmers are considering militant action in response to the Chancellor’s decisions in the Autumn Budget. Bradshaw highlighted the widespread anger among farmers, emphasizing that the issue is not going to fade away quietly. The proposed inheritance tax changes would affect farms worth over £1 million, subjecting them to a 20% tax, potentially leaving heirs with hefty tax bills and forcing them to sell the farms at a loss due to lack of capital.
In a recent meeting with government officials, Bradshaw disputed the Treasury’s figures, pointing out a significant disparity between the Treasury’s estimates and Defra’s own data regarding the number of farms that would be impacted by the tax changes. He emphasized that the tax reform is fundamentally unfair and has raised serious concerns among family farms across the country. Despite efforts to work with the government to find a solution, Bradshaw stressed the urgent need for a change in the proposed tax policy to safeguard the future of family farming in the UK.
The Chancellor defended the tax changes by stating that only a small percentage of agricultural properties would be affected and cited the disproportionate benefit of agricultural property relief to the wealthiest landowners. He argued that maintaining such a relief would not be sustainable given the current financial challenges faced by the government.
The potential implications of the inheritance tax changes on family farms have sparked strong reactions within the farming community, with many expressing a willingness to take more drastic measures to oppose the new policy. While Bradshaw made it clear that he does not endorse militant actions, he underscored the need for the government to acknowledge the deep-seated concerns and frustrations of farmers regarding the impact of the proposed tax reforms.
The ongoing debate over inheritance tax and its repercussions on family farms underscores the complex challenges facing the agricultural sector in the UK. As discussions continue between farmers, government officials, and policymakers, finding a balanced and equitable solution that addresses the legitimate concerns of farmers while ensuring financial sustainability remains a pressing issue. The future of family farming and the broader agricultural landscape will likely be shaped by the outcome of these deliberations and the willingness of all parties to engage in constructive dialogue and meaningful action.
