The Labour Party's new budget introduces a 20% inheritance tax on assets over £1 million, alarming farmers.

The Labour Party's recent budget introduces a controversial inheritance tax affecting farms, with critics arguing it jeopardizes family farming businesses. The changes, effective April 2026, impose a 20% effective tax on assets over £1 million, which could lead to increased food prices and force farmers to sell land. Critics, including the National Farmers' Union, label the tax a betrayal, fearing it could dismantle rural communities and hurt food security.

October 30, 2024
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