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21 Aug 2018
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25 May 2021
Farm Inheritance Tax reliefs under threat in Budget
The Chancellor of the Exchequer has been warned that the scrapping of agricultural property relief in the budget would damage family farms across the country.
Press reports have suggested Rishi Sunak may ditch the relief along with business property relief as a way of raising £800 million a year and closing a loophole which has been used by the very rich to avoid paying death duties.
While acknowledging these reports were still rumours, the CLA warned Mr Sunak not to take any such action.
Urging farmers and landowners to lobby their MPs, a spokesperson for the organisation said: “Removing or curtailing inheritance tax reliefs would hit family businesses no matter their size.
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"This is a time of transformational change for farmers, we believe that an additional tax burden would not be in the public interest, as it would undermine the Government’s effort to offer opportunity and prosperity to all parts of the country and deliver its ambitions on the environment and climate change.”
Other reports suggest that over time the Government could replace business rates with a land tax, while a group of MPs recently suggested that the general inheritance tax rate should be reduced from 40 per cent to 10 per cent along with the abolishing of agricultural and business property reliefs.
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