Opponents of changes to farming inheritance are preparing to launch a new round of protests against rural Labour MPs starting next month.Farmers across protested the reforms announced by Chancellor Rachel Reeves in October by taking to the streets of Westminster earlier this month. In lieu of the standard 40% inheritance tax rate, the modifications levy the tax on farms valued at more than £1 million, with an effective tax rate of 20% on assets over the threshold.Demos are set to take place on January 25 in areas away from Westminster in a bid to put pressure on rural MPs, The Times reported.
Activists are also planning on putting up roadside banners along main roads to catch MPs’ attention as they travel around over Christmas.
Tom Bradshaw, president of the NFU, told the paper that farmers would not give up fighting against the changes.He said: “There is too much at risk: our families, our future, our heritage and the undermining of the very sector that produces a safe, secure supply of British food.
“This date will give everyone that wants to an opportunity to support family farms from right across the UK, to show unity and strength and for farmers and growers to speak as one in our call for government to stop the family farm tax.“We are so grateful to members of the British public for their ongoing support on this issue. The 25th is not just a day for the farming community to show unity but anyone who believes Britain’s family farms, and the high-quality food they produce, deserve to be better valued and supported.”The budget extended inheritance tax (IHT) to agricultural land. It also freezes the IHT thresholds for an additional two years, from 2028 to 2030.
Presently, the first £325,000 of an estate is exempt from IHT, with anything above that taxed at 40 per cent.
Ministers have vowed they will not u-turn on the measure, saying tough decisions needed to be made to balance the public finances.
Environment Secretary Steve Reed said previously: “We have been very clear that we are not changing course on this policy. Tough decisions were necessary at the Budget and spending review, and those decisions stand. However, our commitment to farmers is unwavering.
“That’s why we’ve allocated £5 billion to the farming budget over two years, including more funding than ever before for sustainable food production.”
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