Could inheritance tax changes help farmers in the long run?
From our UK edition
Britain’s farmers are in a bind. Despite sitting on land worth millions, they are unable to release that wealth without selling – and many struggle to make money from what they produce. According to Defra, almost one in five farms make a loss, while a quarter made less than £25,000 last year. Yet there are parts of the Labour movement that see farmers as money-grubbing, tweed-clad elites benefiting from special tax breaks and hefty subsidies. James Buckle, a farmer from Suffolk, understands those frustrations: ‘If our farm is worth £10 million, and we’ve got these new inheritance tax rules, we’ve got to pay something like £1.6 million to pass it on. And £10 million is a ridiculous value for an asset that one person owns.