independent.co.uk
Reeves' Inheritance Tax Plan Sparks Farmer Outrage
UK Chancellor Rachel Reeves faces criticism over her inheritance tax plan impacting family farms, with farmers planning protests and citing a mental health crisis.
English
United Kingdom
PoliticsEconomyUkProtestTaxationFarming
Treasury Select CommitteeHouse Of CommonsUk Parliament
Rachel ReevesJohn Glen
- How have UK farmers reacted to the proposed inheritance tax changes?
- Farmers across the UK have criticized Reeves' inheritance tax plan, calling it "cruel" and warning it will end their sector. They cite concerns about the plan's impact on liquidity and affordability, especially given the 10-year interest-free repayment plan.
- What justification did Rachel Reeves provide for her proposed inheritance tax plan?
- Reeves defended her plan, claiming it achieves a fair balance and that the previous system was unsustainable. She cited statistics showing that a small percentage of farms received a disproportionate amount of the previous inheritance tax relief.
- What actions are farmers taking to express their opposition to the proposed tax changes?
- Farmers plan to protest in London on November 19th, citing a mental health crisis within the sector caused by financial difficulties. Reeves promised to work with farmers to explain the new system, but the protests highlight the significant opposition to the tax changes.
- What is the main point of contention regarding the inheritance tax plan proposed by Rachel Reeves?
- Rachel Reeves, the Chancellor of the Exchequer, has rejected an alternative proposal to her inheritance tax plan affecting family farms. The proposal, suggested by former Tory minister John Glen, aimed to target wealthy landowners who buy vast tracts of land to avoid tax, using business assets rollover relief.
- What alternative proposal did John Glen suggest to address concerns about the inheritance tax on family farms?
- Glen suggested raising the threshold for the inheritance tax to save many farms lacking liquidity. He argued that Reeves' figures, showing only one in four family farms affected, were skewed by including small 'hobby farms'.