Labour has announced it will significantly dilute its inheritance tax raid on farmers by raising the threshold from £1 million to £2.5 million. A huge U-turn after over a year of relentless campaigning from furious farmers…
It will mean spouses can now pass on £5 million worth of assets without being hit by the ridiculous tax. Environment Secretary Emma Reynolds said this morning:
“Farmers are at the heart of our food security and environmental stewardship, and I am determined to work with them to secure a profitable future for British farming. We have listened closely to farmers across the country and we are making changes today to protect more ordinary family farms.
We are increasing the individual threshold from £1m to £2.5m which means couples with estates of up to 5m will now pay no inheritance tax on their estates. It’s only right that larger estates contribute more, while we back the farms and trading businesses that are the backbone of Britain’s rural communities.”
Will Rachel Reeves apologise to farmers now? This policy was supposed to only hit the largest estates, if you believed Treasury spin…
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