The Chancellor faces increasing criticism regarding her inheritance tax policy, which has been described as 'dreadful' by Shadow Environment Secretary Victoria Atkins. The policy has raised concerns about the financial viability of farmers, particularly regarding mental health issues stemming from economic pressures. As farmers grapple with low incomes and significant financial responsibilities, there are urgent calls for a thorough review of the policy and its implications, including tracking suicide rates among farmers to fully grasp the human cost of these economic decisions. Major supermarkets also warn of risks to food security due to the tax.
The Chancellor has been warned about the severe impact of inheritance tax on farmers, citing mental health crises and possible suicides linked to economic pressures.
Shadow Environment Secretary Victoria Atkins stressed the need for an urgent review of the inheritance tax policy, highlighting its detrimental effects on farmers and their financial security.
Atkins urged for the measurement of suicides among farmers to understand the human cost of the Chancellor’s tax policy, emphasizing the adverse consequences faced by rural communities.
Treasury minister James Murray confirmed a new 20% levy on inheritance tax for farms valued over £1 million, raising concerns about financial viability for many farmers.
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