Smith believes that the fact that UK family farming today is by default asset-rich but cash-poor has been entirely ignored by the chancellor's new rules. He argues that if his farm is valued at 5 million pounds, his sons will be unable to pay the 800,000 pounds in inheritance tax, leading them to sell off crucial portions of land, ultimately making the farm unviable.
The new inheritance tax rules announced by chancellor Rachel Reeves are seen as a betrayal by farmers, impacting their ability to pass on family farms. Smith states, 'They were expecting to take it over from me, but this is the final nail in the coffin for family farms. Once my sons are gone, you can't replace them, nobody else will have the experience on these hills.'
Farmers have expressed widespread concerns that Labour's policy will not just threaten family farms but will also diminish food production and hinder future investments in technology. Many fear this policy may lead to the selling off of land to corporate agribusinesses, thereby severing the critical familial and community connections that underpin successful agriculture.
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