Farms shutting down at alarming rate due to inheritance tax hike

In the past year, the agricultural sector in the country has faced significant hardships due to the impact of inheritance tax policies introduced by the Labour government. As a result of these financial pressures, more than 6,000 businesses in agriculture, forestry, and fishing have been forced to close their doors. This troubling trend reflects a broader ongoing crisis affecting traditional industries that rely heavily on land and resources. Critics of the policy argue that such taxes disproportionately affect family-owned businesses, threatening their sustainability and the livelihoods of countless workers involved in these sectors. Many farmers have expressed concerns about how the inheritance tax system essentially penalizes them for passing their businesses down through generations, further exacerbating the decline in agricultural productivity and business vitality. Experts warn that unless corrective measures are taken, the long-term consequences could result in diminished food security, economic instability in rural communities, and an irrevocable loss of heritage and culture tied to agricultural practices.