Farmers Threaten Action Over Inheritance Tax Changes

Farmers across the UK are expressing significant anger and concern over the recent announcement of a 20% inheritance tax on farms valued over £1 million, as outlined in Labour's latest Budget. The National Farmers’ Union (NFU) president, Tom Bradshaw, noted a strong sentiment among farmers, with many considering 'militant' actions in response to what they perceive as an unfair tax change that could affect up to two-thirds of farms. While the government claims that only a small fraction of agricultural properties will be affected, differing figures from the Department for Environment, Food and Rural Affairs suggest a much larger impact. Bradshaw emphasized the urgency for the government to recognize the gravity of the situation, stating that this change could jeopardize the future of family farms and food security in the UK. Following a meeting with key government officials, he reiterated the need for a resolution to the discrepancies in the estimated impact of the tax. The NFU maintains that many farms have high asset values but lack the liquidity to pay such taxes, intensifying the risk of forced sales.