A committee of MPs has recommended delaying the government's proposed inheritance tax changes on agricultural assets, set to impact many farmers. The 20% tax on inherited assets over £1 million has triggered protests, with the Environment, Food and Rural Affairs (Efra) Committee highlighting the lack of consultation and assessments on the implications for small family businesses. National Farmers' Union representatives have expressed concerns that the proposed reforms could endanger many farms, contradicting government assertions that only a handful of the wealthiest farms would be affected. Additionally, the abrupt termination of the Sustainable Farming Incentive scheme has caused further trust issues among farmers.
The Efra Committee has urged the government to delay its planned changes to inheritance tax on agricultural assets and consider alternatives that support family businesses.
Protests erupted across the UK following the government's announcement of a 20% inheritance tax on inherited agricultural assets valued over £1 million.
NFU president Tom Bradshaw criticized the delay, stating that while it provides time for older farmers, the overall policy is unfit and needs to change.
The government's closure of the Sustainable Farming Incentive scheme has significantly shaken farmers' trust, leaving many at risk of becoming unviable.
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