The National Farmers' Union requests a meeting with Rachel Reeves regarding Labour's inheritance tax reforms, prompted by concerns from tax experts that proposed changes may not deter wealthy landowners from sheltering wealth through farmland. The Chancellor's plan aims to protect family farms while limiting wealthy estate claims. CenTax researchers have suggested better targeting of tax relief. The announcement led to significant farmer protests, and NFU leaders warn of risks to family farms and food security amidst changes to inheritance tax rules.
The planned changes to inheritance tax reforms may not effectively remove the incentive for wealthy individuals to shelter wealth through farmland acquisitions, according to tax experts.
Dr. Andy Summers emphasized that relief under the new inheritance tax could be improved to better target tax planning and protect businesses, including farms.
The NFU expressed concern over threats to family farms and food security in the UK, urging the chancellor to consider alternative approaches to tax reforms.
In response to the inheritance tax changes, farmers organized large protests, highlighting the backlash against the planned tax reforms affecting agricultural properties.
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