Farmers Say Food Production Could Be Wiped out by Budget Tax Change

Family farming could be wiped out in a generation by changes to inheritance tax in the Budget, farmers and politicians have said, warning that the impact on the food chain will be felt by consumers across the UK. Chancellor Rachel Reeves announced on Wednesday that from April, changes to Agricultural Property Relief (APR) will mean that inheritance tax will apply to all those those leaving behind combined business and agricultural assets worth over £1 million. With 50 percent relief, this will mean that the state will effectively take 20 percent of the value of family farms when they are passed down. APR is a relief from inheritance tax granted in 1984 by an act of Parliament for agricultural property and land, to exempt farming from the usual death taxes. The first £1 million of combined business and agricultural assets will continue to attract no inheritance tax....