AS THOUSANDS of farmers marched in protest in the capital yesterday, Droitwich MP Nigel Huddleston joined them to voice his strong opposition to Labour’s controversial inheritance tax proposals.
Labour’s planned cap on Agricultural Property Relief (APR) has sparked outrage among the farming community.
Previously farms and assets could be passed down through generations whilst avoiding tax hits. Now farms and assets over £1 million pounds will face tax costs of 20 per cent of the value, which is payable over a 10 year period.
Many fear the policy will force families to sell or break up land that has been cultivated for generations in order to cover the increased tax burden. Married couples or those in a civil partnership will receive £3 million in tax relief.
Mr. Huddleston said: “It was good to meet farmers and growers from the constituency at Westminster to stand with them against this reckless policy.
“Labour’s so-called ‘family farm tax’ is a disastrous attack on British farming that jeopardises the livelihoods of hard-working families who are already under immense pressure.
“This ill-thought-out measure risks devastating our rural communities, undermining food security, and dismantling a way of life that is essential to our national heritage.”
According to statistics from the Treasury, rougly 500 farms per year are expected to be affected by the reduced tax relief. This is based on there being 462 farms valued at over £1 million being inherited in 2021/22.
Estimates from the Country Land and Business Association and Department for Environment, Food, and Rural Affairs’ Farm Business Survey suggest between 62,000 and 70,000 farm holdings could be impacted by the inheritance tax changes, should the assets be inherited.
Mr. Huddleston has been vocal in Parliament about the need to protect farming families and preserve the long-term viability of British agriculture.
“British farmers are the backbone of our economy and play a crucial role in feeding the nation.”
“Labour’s proposals will deal a heavy blow to our agricultural sector and strip future generations of their ability to produce British food,” Mr. Huddleston added.
Nigel says he is committed to continue fighting against Labour’s policy and is calling on the Government to urgently reverse what he describes as a ‘short-sighted and harmful tax.’
