Farmers’ protest: Why are farm owners demonstrating over inheritance tax?
The IndependentGet the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. open image in gallery Farmers and supporters preotest near the Welsh Labour Party conference in Llandudno The prime minister has pushed back against criticism, telling reporters: “I am absolutely confident the vast majority of farms and farmers will not be affected by this.” Here’s everything you need to know about the row: What are the changes? Under the new rules, the 20 per cent levy – which is half of the standard 40 per cent rate – will be charged on assets above the £1 million threshold only. open image in gallery Jeremy Clarkson – host of Amazon’s Clarkson’s Farm – has opposed Labour’s new rules Economists have said this figure is slightly misleading. Paul Johnson, director of the Institute for Fiscal Studies says: “The changes will affect a remarkably small number of some of the most valuable farms.” Speaking to Sky News, he added that farms are “still more generously treated, actually, than farms used to be in decades past.” Representatives from the NFU do not agree, saying just because a farm is worth more than £1 million, the farm who owns it will often be “cash poor.” So far, Labour has resisted calls to reverse the measure – with ministers showing no intention to budge amid the growing protests.