The independent report into farming profitability is out this afternoon. Despite being guided away from any discussion of Inheritance Tax, it went there…
Former NFU head Baroness Batters notes:
“Nearly all the responses to this review have cited Inheritance Tax as the single biggest issue regarding farming viability that they face. The farming sector is bewildered and frightened of what might lie ahead.”
She goes on in a later section:
“Over the course of my review, the forthcoming changes to Agricultural Property Relief and Business Property Relief from Inheritance Tax (IHT) were raised as one of the most significant concerns. Changes to APR and BPR will also impact tenant farmers. The value of tenancies, including machinery, crops, and working capital of the farm business, will be subject to the relief cap. The overwhelming reaction of the industry to the IHT changes has attracted enormous media coverage, with thousands of people marching in London and tractor protests outside Parliament. IHT has also been raised by respondents to the Farmer Opinion Tracker, with some farmers saying changes to IHT would disincentivise investment. The change to IHT is a major issue for the sector and I have great sympathy with their concerns.”
Remember Lenin: “The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.” Works on Kulaks too. There’s your revolution…
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