"Last month, the government said its planned threshold for a 20% tax on inherited agricultural assets would be raised from 1m to 2.5m. When asked about further changes, Reynolds told the conference: "That's it, I'm afraid... it is the people in this room who have engaged with us constructively and relatively quietly that have had an influence on this process, not the people sounding their horns.""
"The government's original proposals would have seen inherited agricultural assets worth over 1m taxed at 20%, half the standard inheritance tax rate, raising an estimated 520m annually by 2029. The government had argued that the change would protect smaller farms while stopping wealthy investors from buying farmland as a tax loophole. However, in December, it stepped back from the original proposal raising the threshold level to 2.5m."
The government confirmed no further alterations to the revised inheritance-tax threshold for agricultural assets, despite protests including a horn-blowing tractor demonstration. The planned 20% tax will apply to inherited agricultural assets above 2.5m, raised from an initial 1m proposal. The original design aimed to raise about 520m annually by 2029 and to protect smaller farms while deterring wealthy investors using farmland as a tax loophole. An exemption allowing tax-free transfers between spouses means a couple could pass up to 5m in qualifying assets without tax. The Country Land and Business Association intends to continue its campaign.
Read at www.bbc.com
Unable to calculate read time
Collection
[
|
...
]