Support for quality journalism is essential, particularly in the face of pressing issues like reproductive rights and climate change. The Independent focuses on providing fact-based reporting without paywalls, allowing accessible journalism for all. Recent proposals regarding inheritance tax reforms have raised concerns, especially among working farmers and landowners. The Centre for the Analysis of Taxation notably emphasized the unequal impact of these tax changes. Despite the government’s assurances, many farmers fear financial repercussions as they navigate the new taxation landscape.
The Centre for the Analysis of Taxation warned that landowners were less likely to be impacted by inheritance tax reforms than working farmers, amidst ongoing debates about tax changes.
The changes to inheritance tax mean that farms valued at 1 million or more will be liable for a 20 percent inheritance tax, affecting about 28 percent of family farms.
Despite the Treasury's claim that only farms worth 3 million would be truly affected, official Defra figures suggest that as many as 66 percent could be impacted.
Ministers have defended the new inheritance tax changes, indicating they had to make difficult decisions regarding taxation in order to navigate the economic landscape.
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