Keir Starmer Defends Inheritance Tax Changes Amid Farmers' Protests
UK farming community reacts to proposed tax adjustments targeting wealthy investors.
Keir Starmer, the Prime Minister, has strongly defended the new inheritance tax regulations on farmland, intended to curb wealthy investors from tax avoidance.
The recent changes have sparked protests from farmers, concerned about potential impacts on their livelihood.
Speaking ahead of the G20 summit in Rio de Janeiro, Starmer assured that the majority of farmers would not be affected, asserting most farm transfers would remain below the £3 million tax threshold.
The policy change, announced in last month's budget, aims to address the growing purchase of agricultural land by non-farming investors, which rose to 56% last year from less than a third in 2010, based on data from Strutt & Parker.
An analysis by Labour attributes the shrinkage in farmed land by 400,000 hectares in the past year to strategic tax-related investments.
The National Farmers’ Union (NFU), led by President Tom Bradshaw, has voiced strong opposition, planning protests in London as the G20 summit unfolds.
Bradshaw emphasized the industry's sense of betrayal and the financial strain this tax change poses to farming families needing to reinvest profits for production.
The NFU has dissuaded members from using extreme protest methods, such as blocking roads with tractors, while acknowledging farmers' rights to voice their grievances.
Starmer, emphasizing significant government investment in farming, stressed ongoing communication regarding the tax plan’s implementation and promised police would manage the protests appropriately.
The recent changes have sparked protests from farmers, concerned about potential impacts on their livelihood.
Speaking ahead of the G20 summit in Rio de Janeiro, Starmer assured that the majority of farmers would not be affected, asserting most farm transfers would remain below the £3 million tax threshold.
The policy change, announced in last month's budget, aims to address the growing purchase of agricultural land by non-farming investors, which rose to 56% last year from less than a third in 2010, based on data from Strutt & Parker.
An analysis by Labour attributes the shrinkage in farmed land by 400,000 hectares in the past year to strategic tax-related investments.
The National Farmers’ Union (NFU), led by President Tom Bradshaw, has voiced strong opposition, planning protests in London as the G20 summit unfolds.
Bradshaw emphasized the industry's sense of betrayal and the financial strain this tax change poses to farming families needing to reinvest profits for production.
The NFU has dissuaded members from using extreme protest methods, such as blocking roads with tractors, while acknowledging farmers' rights to voice their grievances.
Starmer, emphasizing significant government investment in farming, stressed ongoing communication regarding the tax plan’s implementation and promised police would manage the protests appropriately.
