Farmers in the UK are rallying against the government's newly imposed inheritance tax on agricultural properties, which extends to farms valued above £1 million. Previously, these properties were exempt, allowing them to benefit from full relief. The government argues this change was necessary to address a £22 billion fiscal deficit inherited from previous administrations, while some industry leaders warn that the new tax may contribute to a looming food crisis and threaten farming businesses already in precarious positions.
The upcoming protest by farmers against the Labour government's inheritance tax extension highlights concerns about food security amidst financial pressures in the UK.
Chancellor Rachel Reeves' Budget introduced a 20% tax on agricultural properties valued over £1 million, a move critics argue jeopardizes the farming industry.
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