Why the tractor tax will bankrupt families like mine
1 week, 6 days ago

Why the tractor tax will bankrupt families like mine

The Independent  

As I look out over our farmyard to the valley – which looks particularly Christmassy with a robin flitting around our hardy cattle, grazing on the last of the frost-tipped grass – all I can think about is the future of my family. The changes announced in Rachel Reeves’ Budget mean that farms will be required to pay 20 per cent inheritance tax on business property relief and agricultural property relief over £1m. Even if you’re optimistic and, say, a farmer has a £2m threshold before the tax kicks in, for many medium-sized farms, spreading the inheritance tax bill over ten years would wipe out most – if not all – of their returns. At the £1m threshold, the tax bill would exceed the average returns of a medium-sized farm and take up the vast majority of a larger farm’s income. This isn’t just a number on a page – it represents families like mine, working hard to maintain and grow their farms, but who now face an uncertain future.

Business Children Future Tax Our Children Farm Farms  returns  families  weve  threshold  tax  business  tractor  wont  future  farm  bankrupt  children  farms

History of this topic

Farming chief calls for pause on ‘disastrous’ tractor tax in latest blow to Starmer over controversial change
Trending News
1 week, 1 day ago

Farming chief calls for pause on ‘disastrous’ tractor tax in latest blow to Starmer over controversial change

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A farming chief has called on Keir Starmer to pause his …

Fresh tractor tax blow for Starmer as Labour could lose three quarters of rural seats, poll suggests
1 week, 2 days ago

Fresh tractor tax blow for Starmer as Labour could lose three quarters of rural seats, poll suggests

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Sir Keir Starmer’s controversial tractor tax and other policies in Rachel Reeves’ October Budget could …

UK’s top union leader turns on Starmer over impact of family farm tax
1 week, 4 days ago

UK’s top union leader turns on Starmer over impact of family farm tax

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Sir Keir Starmer has suffered a new blow in the row …

Keir Starmer made a mistake with ‘tractor tax’ – now he must fix it
1 week, 4 days ago

Keir Starmer made a mistake with ‘tractor tax’ – now he must fix it

The Independent  

All governments – even the most extolled – make mistakes. Whatever the motivation for bringing many thousands of family farms, in due course, into the ambit of a harsher regime of inheritance tax, it is now clear that this part of Rachel Reeves’s controversial Budget is falling foul of that most iron of rules – the law of unintended consequences. …

Keir Starmer reveals the real reason for his ‘family farm tax’ in grilling by senior MPs
2 weeks, 5 days ago

Keir Starmer reveals the real reason for his ‘family farm tax’ in grilling by senior MPs

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Keir Starmer has undermined the leading justification for his government’s “family …

The ‘tractor tax’ needs to be rethought to protect family farms
3 weeks, 3 days ago

The ‘tractor tax’ needs to be rethought to protect family farms

The Independent  

Dan Neidle is the British tax lawyer and Labour Party supporter whose work – along with reporting by The Independent – resulted in Nadhim Zahawi’s dismissal from Rishi Sunak’s government in January last year. He has suggested raising the threshold for inheritance tax from £1m to £20m, which would exclude genuine family farms while increasing the revenue from investors buying …

Starmer and farmers locked in deadlock over tax changes after hundreds of tractors descend on Westminster
3 weeks, 6 days ago

Starmer and farmers locked in deadlock over tax changes after hundreds of tractors descend on Westminster

The Independent  

Get 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 Farmer's daughter Millie Goodwin, 18, stands on a tractor lined …

Farm tax changes under fire in Parliament as angry farmers protest outside
4 weeks ago

Farm tax changes under fire in Parliament as angry farmers protest outside

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. “Obviously, the idea is that we want to pass it down to the next generation, but farmers are asset-rich, …

Loophole used by super rich to avoid tractor tax unavailable to family farms
4 weeks ago

Loophole used by super rich to avoid tractor tax unavailable to family farms

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Most family farms will not be able to benefit from a …

Opposition growing to family farm tax ahead of major protest in London
4 weeks, 1 day ago

Opposition growing to family farm tax ahead of major protest in London

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Opposition to Rachel Reeves’ family farm tax raid is growing ahead …

Farmers will fight 'for as long as it takes' to halt Rachel Reeves's inheritance tax raid, union president warns
1 month ago

Farmers will fight 'for as long as it takes' to halt Rachel Reeves's inheritance tax raid, union president warns

Daily Mail  

Farmers will fight ‘for as long as it takes’ to halt Rachel Reeves’ inheritance tax raid, the president of the National Farmers’ Union warns today. Writing in the Mail as MPs prepare to debate the ‘family farm tax’ in the Commons this afternoon, Tom Bradshaw says farmers will not ‘let this go’. The Chancellor’s reforms to inheritance tax relief will …

Starmer may be ‘softening’ on Labour’s ‘tractor tax’, NFU president claims
1 month, 1 week ago

Starmer may be ‘softening’ on Labour’s ‘tractor tax’, NFU president claims

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. After a meeting in No 10 with the prime minister on Monday, NFU president Tom …

Why farmers are fretting across the world
1 month, 2 weeks ago

Why farmers are fretting across the world

Hindustan Times  

They come in long convoys of tractors, sometimes with months of food supplies with them, to stage protests. In London, hundreds of farmers stormed Britain’s heart of government, Whitehall, this week, protesting a proposed 20% inheritance tax they say will be a stab in their backs. Studies have shown that Indian farmers are “net taxed” or implicitly taxed due to …

Independent readers left divided over Labour’s ‘tractor tax’ on inherited farms
1 month, 2 weeks ago

Independent readers left divided over Labour’s ‘tractor tax’ on inherited farms

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Labour’s proposed inheritance tax reforms have sparked intense debate among Independent …

Reeves denies claims she is about to exempt over-80s from family farm tax
1 month, 2 weeks ago

Reeves denies claims she is about to exempt over-80s from family farm tax

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A source close to Rachel Reeves has strongly denied reports that …

Farmers should shut up and muck in – for the greater good
1 month, 2 weeks ago

Farmers should shut up and muck in – for the greater good

The Independent  

We oldies have accepted the loss of our winter fuel payments for the greater good – to fund the NHS, schools, etc. They would do well to accept paying inheritance tax with good grace, and as a contribution to the public services we all enjoy and would like to see improved. Lindsay Mayor Huddersfield, West Yorkshire Labour should get off …

Labour is losing the PR battle over the ‘tractor tax’
1 month, 2 weeks ago

Labour is losing the PR battle over the ‘tractor tax’

The Independent  

Who will decide who wins the fight between the government and the farmers? More in Common found that 57 per cent of people support making farmers exempt from inheritance tax, including 45 per cent of Labour voters. There is instinctive public support for being able to pass on assets to your children; inheritance tax is the most hated tax, even …

BBC's Victoria Derbyshire clashes with Labour minister as he urges farmers to 'find out how inheritance tax works' if they are 'anxious' about budget
1 month, 2 weeks ago

BBC's Victoria Derbyshire clashes with Labour minister as he urges farmers to 'find out how inheritance tax works' if they are 'anxious' about budget

Daily Mail  

A Labour minister has been accused of being 'patronising' by BBC presenter Victoria Derbyshire after telling farmers anxious about the so-called 'tractor tax' they should find out how it works. Victoria Derbyshire, presenter of BBC2's Newsnight, accused Labour minister James Murray of being 'patronising' after he urged farmers to find out how inheritance tax works He was speaking on the …

Why have British farmers marched on UK’s Parliament?
1 month, 2 weeks ago

Why have British farmers marched on UK’s Parliament?

Al Jazeera  

British farmers say they will be forced to sell farms under inheritance tax reforms. Among the reforms announced by UK Chancellor of the Exchequer Rachel Reeves in last month’s budget were plans to make inheritance tax payable on farms worth more than 1 million pounds. Under the 1992 Agricultural Property Relief scheme, farms had previously been exempt from paying any …

Farmers protest in central London over tax changes
Trending News
1 month, 2 weeks ago

Farmers protest in central London over tax changes

China Daily  

Farmers drive tractors through Westminster, central London on Tuesday during a demonstration against a policy of the United Kingdom's Labour Party government that is expected to increase inheritance tax for some farmers. REUTERS Farmers descended on central London on Tuesday to protest about recent changes to inheritance tax rules, which they say could leave them with large tax bills that …

Farmers protest in central London over tax changes
1 month, 2 weeks ago

Farmers protest in central London over tax changes

China Daily  

Farmers drive tractors through Westminster, central London on Tuesday during a demonstration against a policy of the United Kingdom's Labour Party government that is expected to increase inheritance tax for some farmers. REUTERS Farmers descended on central London on Tuesday to protest about recent changes to inheritance tax rules, which they say could leave them with large tax bills that …

The real threat to British farmers… and it isn’t the ‘tractor tax’
1 month, 2 weeks ago

The real threat to British farmers… and it isn’t the ‘tractor tax’

The Independent  

I am dismayed by the protesting farmers’ sense of entitlement and pleading for special treatment. The London protest against the “tractor tax” is one funded by obscenely wealthy people who don’t want to pay any tax at all. Even after Labour’s changes, the tax due on a £3m house inherited from your parents would be £800,000, whereas tax on a …

More farmers seeking financial advice over inheritance tax changes, say experts
1 month, 2 weeks ago

More farmers seeking financial advice over inheritance tax changes, say experts

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “Restrictions on agricultural property relief are particularly challenging for …

UK farmers rally to oppose government's inheritance tax reforms
Trending News
1 month, 2 weeks ago

UK farmers rally to oppose government's inheritance tax reforms

Hindustan Times  

British farmers called on the government on Tuesday to revoke a contentious proposal to alter inheritance tax laws for land ownership, threatening to jam the streets of London. Farmers drive their tractors past the Houses of Parliament during a protest against issues including substandard food imports, in London, UK, on Monday, In the past, farming enterprises were eligible for a …

Farmers’ protest: Why are farm owners demonstrating over inheritance tax?
1 month, 2 weeks ago

Farmers’ protest: Why are farm owners demonstrating over inheritance tax?

The Independent  

Get 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 …

Do you support the ‘tractor tax’ on inherited farms? Join The Independent Debate
1 month, 2 weeks ago

Do you support the ‘tractor tax’ on inherited farms? Join The Independent Debate

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The government’s announcement of changes to inheritance tax, which will see …

UK farmers plan to protest at Parliament over a tax hike they say will ruin family farms
1 month, 2 weeks ago

UK farmers plan to protest at Parliament over a tax hike they say will ruin family farms

Deccan Chronicle  

LONDON: With banners, bullhorns, toy tractors and an angry message, British farmers are descending on Parliament on Tuesday to protest a hike in inheritance tax that they say will deal a “hammer blow” to struggling family farms. That is half the 40% inheritance tax rate levied on other land and property in the U.K. Starmer’s center-left government says the “vast …

UK farmers plan to protest at Parliament over a tax hike they say will ruin family farms
1 month, 2 weeks ago

UK farmers plan to protest at Parliament over a tax hike they say will ruin family farms

The Independent  

Sign up to our free Brexit and beyond email for the latest headlines on what Brexit is meaning for the UK Sign up to our Brexit email for the latest insight Sign up to our Brexit email for the latest insight SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy …

British farmers protest against ‘tractor tax’ on inheritance
1 month, 2 weeks ago

British farmers protest against ‘tractor tax’ on inheritance

Al Jazeera  

Farmers say the tax will destroy family farms and threaten food production, while the gov’t says it’s needed to raise funds. British farmers have descended on London to call on the government to scrap inheritance tax rules on land ownership, which they say will destroy family-run farms. The measure, referred to by critics as the “tractor tax”, was announced last …

Ailbhe Rea: Farmers Descend on Westminster
1 month, 2 weeks ago

Ailbhe Rea: Farmers Descend on Westminster

Bloomberg  

We’ve had an influx of muddy wellies and flat caps in parliament today as farmers protest against the changes to inheritance tax announced in last month’s budget. They marched on Whitehall, tractor horns wailing and accompanied by famous faces including Jeremy Clarkson and Andrew Lloyd-Webber, before descending on parliament to personally lobby MPs against the plan to levy inheritance tax …

Labour peer says Keir Starmer's inheritance tax raid on family farms 'smells of incompetence' and is hammering the party's rural support as ministers brace for London protest
1 month, 3 weeks ago

Labour peer says Keir Starmer's inheritance tax raid on family farms 'smells of incompetence' and is hammering the party's rural support as ministers brace for London protest

Daily Mail  

Keir Starmer's inheritance tax raid on farmers 'smells of incompetence' and is hammering the party's support in rural areas, a Labour peer has warned. Speaking to reporters on the way to the G20 summit in Brazil, Sir Keir said 'it is very important that we support farmers' but added: 'Obviously, there's an issue around inheritance tax and I do understand …

Why are the farmers ploughing ahead with a major protest next week?
1 month, 3 weeks ago

Why are the farmers ploughing ahead with a major protest next week?

The Independent  

Not so very long ago, agricultural property relief from inheritance tax was one of the more obscure corners of the UK tax code. They’ve had to contend with the transition from the EU Common Agricultural Policy to a domestic system; bullying by the big supermarkets; labour shortages; rocketing energy bills; environmental obligations; increases in the minimum wage and employers’ national …

Government confusion over how many farms will be hit by controversial tractor tax
1 month, 3 weeks ago

Government confusion over how many farms will be hit by controversial tractor tax

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Getting this right in the first instance, as well as carrying out meaningful consultation with …

Farmers’ ‘tractor tax’ protest move to new location because Trafalgar Square is not big enough
1 month, 3 weeks ago

Farmers’ ‘tractor tax’ protest move to new location because Trafalgar Square is not big enough

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. The gathering of people from farming communities around the country is a response to chancellor …

Inheritance tax reforms having ‘chilling effect’ on Scottish farming – Swinney
1 month, 3 weeks ago

Inheritance tax reforms having ‘chilling effect’ on Scottish farming – Swinney

The Independent  

Get 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. Read our privacy policy Inheritance tax reforms introduced in the Chancellor’s Autumn Budget are …

Farmers may never trust Labour again after inheritance tax change, say Tories
1 month, 3 weeks ago

Farmers may never trust Labour again after inheritance tax change, say Tories

The Independent  

Get 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. Read our privacy policy Farmers may never forgive Labour for the change to inheritance …

Farmers ‘worried about getting to next harvest’ stage protest over Budget plans
2 months ago

Farmers ‘worried about getting to next harvest’ stage protest over Budget plans

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Labour accused of ‘traumatising’ farmers in inheritance tax raid amid warning over mental health crisis
Trending News
2 months ago

Labour accused of ‘traumatising’ farmers in inheritance tax raid amid warning over mental health crisis

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Rachel Reeves has …

Furious farmers plot to withhold food to cause shortages on supermarket shelves and warn 'we're only four meals from anarchy' amid outrage at Rachel Reeves' inheritance tax raid
Trending News
2 months ago

Furious farmers plot to withhold food to cause shortages on supermarket shelves and warn 'we're only four meals from anarchy' amid outrage at Rachel Reeves' inheritance tax raid

Daily Mail  

Britain's farmers launched their first protest today against Labour's farm inheritance tax rule changes, amid fears a strike could cause shortages on supermarket shelves. Under plans announced in last week's Budget, inheritance tax will be charged at 20 per cent on agricultural assets above £1million - although Chancellor Rachel Reeves has said that in some cases the threshold could in …

Politics latest news: Tories would reverse Labour’s ‘cruel family farms tax’, says Badenoch
Trending News
2 months ago

Politics latest news: Tories would reverse Labour’s ‘cruel family farms tax’, says Badenoch

The Telegraph  

Kemi Badenoch said the Tories would reverse Labour’s “cruel family farms tax”. The Tory leader said the Government’s inheritance tax raid on farmers had created uncertainty for the agricultural sector as she pressed Sir Keir Starmer to reassure worried families. “I am very clear that we would reverse Labour’s cruel family farms tax. “When it comes to inheritance, the vast, …

Malevolence, miscalculation or ignorance – a tractor tax is going to hurt the British countryside like nothing else
2 months ago

Malevolence, miscalculation or ignorance – a tractor tax is going to hurt the British countryside like nothing else

The Independent  

The first time I brought a girl home to meet my family, the occasion was derailed by a piglet that tumbled out of the Aga oven and stood wobbling and blinking on the kitchen carpet. open image in gallery Richard’s family tending to their land in the early 1950s Against this backdrop, Rachel Reeves’s changes to inheritance tax rules look …

We face a £1m tax bill when my parents die – we don’t have that kind of money
2 months ago

We face a £1m tax bill when my parents die – we don’t have that kind of money

The Independent  

For five generations, my family has farmed sheep and arable crops on our land in Yorkshire. By our calculations, even using personal allowances, the chancellor’s proposal could hit us with a tax bill of nearly £1m when my parents die. To pay a tax bill like that, we’d probably have to either borrow the money – plunging the business into …

Starmer warned over ‘militant’ backlash by farmers over inheritance ‘tractor tax’
2 months ago

Starmer warned over ‘militant’ backlash by farmers over inheritance ‘tractor tax’

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Ministers have been warned that they face a “militant” backlash from …

How the ‘tractor tax’ became a problem for Rachel Reeves
Trending News
2 months ago

How the ‘tractor tax’ became a problem for Rachel Reeves

The Independent  

Rachel Reeves is caught in the crosshairs of a piece of alliteration that threatens to unravel part of her Budget: the “tractor tax”. If you have a sizeable enough investment portfolio to pass on – or even just a modest house in London or South East England – a bequest to anyone other than your spouse or civil partner will …

Farmers call for inheritance tax U-turn ahead of crunch talks with ministers
2 months ago

Farmers call for inheritance tax U-turn ahead of crunch talks with ministers

The Independent  

Sign up to our free Brexit and beyond email for the latest headlines on what Brexit is meaning for the UK Sign up to our Brexit email for the latest insight Sign up to our Brexit email for the latest insight SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy …

My 250-acre farm has been in our family for four generations, but we now face a £400,000 inheritance tax bill and may be forced to give it up... this is the final nail in the coffin
2 months ago

My 250-acre farm has been in our family for four generations, but we now face a £400,000 inheritance tax bill and may be forced to give it up... this is the final nail in the coffin

Daily Mail  

Struggling farmers have accused Labour of 'lying' and said inheritance tax changes are the 'final nail in the coffin' as they react angrily to Chancellor Rachel Reeves' Autumn Budget. Andrew Smith, 56, said the move to introduce a 20 percent inheritance levy on farm assets above £1 million marks a 'betrayal' by the Labour government Mr Smith said the new …

Backlash as NFU farm chief says Rachel Reeves’ ‘tractor tax’ will hit seven in 10 farms
2 months ago

Backlash as NFU farm chief says Rachel Reeves’ ‘tractor tax’ will hit seven in 10 farms

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Rachel Reeves has …

Reeves: We can’t afford to let farmers die tax-free
2 months ago

Reeves: We can’t afford to let farmers die tax-free

The Telegraph  

During her appearance on the BBC, Ms Reeves was shown a video message from a fifth generation farmer in Yorkshire who said her family now faced a £1 million tax bill. Even using personal allowances, the Chancellor’s proposal could hit us with a tax bill of nearly £1 million when my parents die. “How is the Chancellor going to ensure …

Elon Musk tells Keir Starmer to 'leave the farmers alone' after Labour's raid on inheritance tax sparks uproar from farming families who fear 'disgusting land grab' will destroy their way of life
2 months ago

Elon Musk tells Keir Starmer to 'leave the farmers alone' after Labour's raid on inheritance tax sparks uproar from farming families who fear 'disgusting land grab' will destroy their way of life

Daily Mail  

Elon Musk has slammed Labour's brutal inheritance tax hike that will negatively impact farming families. His comments come as Sir Keir Starmer and the Labour party announced a tax shake-up this week, including a major change to inheritance tax. Elon Musk has slammed Labour's brutal inheritance tax hike that will impact farming families Musk's comments come as Sir Keir Starmer …

Discover Related