Nov 23, 2024, 12:53 PM
Oct 29, 2024, 5:10 AM

Keir Starmer claims most farmers will not face inheritance tax impacts

Highlights
  • Thousands of farmers planned protests in response to new inheritance tax policies affecting farms valued over £1 million.
  • Keir Starmer and his government insist that the majority of farms will not be affected by the changes due to existing exemptions.
  • These claims by the PM have led to significant backlash from farming communities who argue that the reality is different.
Story

In recent weeks, farmers across the UK have expressed outrage over impending changes to inheritance tax, which will apply to farms valued over £1 million starting April 2026. Despite the Chancellor Rachel Reeves stating that a 20% tax will come into effect for these farms, Prime Minister Keir Starmer maintains that the majority of farmers will remain exempt. He pointed out that specific exemptions, like those between spouses and parents to children, will allow families to transfer farms valued up to £3 million without incurring tax. However, various farming groups contest the government's figures, suggesting that a significant number of farms will still be impacted and that many farmers feel betrayed by the changes. This tension culminated in protests held by farmers in London, further highlighting the growing discontent within the agricultural community regarding the tax reforms.

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