RE: Farm tax ball park £500 million per year to GOV4 Nov 2024 10:21
For more than 100 years, the family of 56-year-old Andrew Smith has had a cattle farm on Bodmin Moor in Cornwall. Smith, who now runs the farm, sees chancellor Rachel Reeves’s changes to inheritance tax rules as a grave betrayal of British farmers.
Working with his three sons, the farm produces about 2,000 sheep and 30 to 40 cows each year, yet makes “no profit”, he says. “We just pay the bills.”
Last Wednesday, Reeves announced that, from April 2026, farms and other business property, which had been passed on to heirs tax-free, will fall within inheritance tax (IHT). Inheritors will have to pay 20% of their value above £1m, half the headline inheritance tax rate of 40%.
https://www.theguardian.com/money/2024/nov/04/nail-in-the-coffin-family-farmers-respond-to-inheritance-tax-changes