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Environment Secretary: Farmers are ‘wrong’ about inheritance tax
In a recent development, the Environment Secretary has addressed the ongoing protests by farmers in Westminster, who are voicing their concerns over impending changes to inheritance tax. Steve Reed, speaking before the Environment, Food and Rural Affairs Committee, expressed that many of the protesting farmers may be ‘wrong’ about the implications of the new policy.
During the committee session, MPs highlighted that a significant number of farmers—far more than 500—are claiming they will be adversely affected by the tax changes. In response, Reed pointed to projections from HMRC, which have been verified by the Office for Budget Responsibility (OBR) and the Institute for Fiscal Studies (IFS). He suggested that these projections indicate that many farmers could be incorrect in their fears. “There are strategies available for them to manage their tax affairs effectively, just as any business or asset owner would, to mitigate their liability,” he explained.
Reed further commented on the alarming figures shared by critics, which he described as “enormous and very, very frightening” if taken at face value. He clarified that these figures are based on data from the Department for Environment, Food & Rural Affairs (Defra) concerning farm values. However, Reed emphasized that the complexity of ownership structures means that a direct correlation to inheritance tax liability is unfounded. “Ownership is much more intricate than a simple one person, one farm equation,” he noted.
In closing, Reed reassured that the intention is to support the continuity of family farming traditions. “Of course, we want family farming to continue, just as it always has done,” he affirmed, underscoring the government’s commitment to safeguarding the future of farming communities.
