Rutland MP delivers joint letter to Number 10 opposing cuts to Agricultural Property Relief
MP for Rutland and Stamford Alicia Kearns presented a joint letter to Number 10 Downing Street yesterday (6 November) opposing Labour's cuts to Agricultural Property Relief (APR).
The letter was signed by over 100 MPs, industry bodies and farming experts. It called on the Government to rethink the new tax rules that were outlined by Chancellor Rachel Reeves in the Autumn Budget.
"Labour's tax on family farms is wrong," said Kearns. "[It is] jeopardising generations of farming and threatening our food security.
"Local farmers are devastated, and now fear they could be left with no choice but to sell their land, leaving our rural way of life at risk of takeover by big corporations and harming our national food security.
"It is deeply disappointing our calls have been ignored so far, but I hope this letter will encourage the Government to think again."
Inheritance Tax reliefs such as APR reduce the amount of tax farmers and landowners are required to pay when the farmland is passed on after a death. However, these new rules will mean there is an effective rate of 20% on agricultural assets valued at over £1 million. This could force thousands of farmers to sell their family farms to pay this Inheritance Tax bill.
According to the Government's estimates, the new £1 million threshold will not affect three-quarters of farms. However, the National Union of Farmers believes this is an underestimate and, in reality, up to half of all working farms, possibly more, will be impacted by these new rules.
New oakham Jobs Section Launched!!
Vacancies updated hourly!!
Click here: oakham jobs
Share: