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Farmers' Inheritance Tax protest - 10 February 2025
On 10 February 2025, farmers from around the country brought their tractors into Whitehall in central London to protest against changes to inheritance tax.
Changes to inheritance tax were announced by the recently-elected Labour government in October 2024. The government announced that it would charge 20% inheritance tax on farms and agricultural assets worth more than £1m, threatening the future financial viability of family farms. This change in taxation is being fiercely opposed by farmers and the farming community.
The government has said that no tax would be payable on the first £325,000 above the limit - bringing the untaxed total to £1.325m.
‘Based on HMRC tax data, the government forecasts that out of the 1,800 estates per year claiming agricultural relief (including those which claim business relief as well), around 500 – 29% – could potentially pay more inheritance tax.’ Source: Link
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Changes to inheritance tax were announced by the recently-elected Labour government in October 2024. The government announced that it would charge 20% inheritance tax on farms and agricultural assets worth more than £1m, threatening the future financial viability of family farms. This change in taxation is being fiercely opposed by farmers and the farming community.
The government has said that no tax would be payable on the first £325,000 above the limit - bringing the untaxed total to £1.325m.
‘Based on HMRC tax data, the government forecasts that out of the 1,800 estates per year claiming agricultural relief (including those which claim business relief as well), around 500 – 29% – could potentially pay more inheritance tax.’ Source: Link
.Created: Tue, 11 Feb 2025, Updated: Thu, 27 Feb 2025
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