Thousands of farmers are making their way to London today to participate in a large protest against changes to agricultural inheritance tax that was introduced in the recent Budget announcement. The National Farmers’ Union (NFU) is spearheading the rally and plans to lobby MPs with a gathering of 1,800 members, triple the initially estimated number, to push back against the Government’s decision to implement inheritance tax on farms exceeding £1 million in value.
Renowned figures such as Jeremy Clarkson, who emphasised the importance of avoiding inheritance tax in his land investment decisions, will be in attendance to support the cause. Concurrently, thousands more are anticipated to join a separate rally in Whitehall to voice their opposition to the Budget, which hastened the phasing out of EU subsidies in favour of nature-friendly farming initiatives.
Among the contentious changes, farmers are particularly aggrieved by the modification limiting the existing 100% relief for farms to the first £1 million of combined agricultural and business property. Any valuation surpassing the threshold will incur a 20% tax rate, a significant reduction from the standard 40% inheritance tax rate applicable to other assets. This alteration has evoked anger and disappointment within the farming community, with concerns raised that it may force the sale and breakup of family-run farms as owners struggle to meet the tax obligations.
NFU President Tom Bradshaw is set to address members gathering in London, expressing the community’s profound dismay at the unilateral imposition of the new tax policy. Bradshaw is expected to denounce the changes as a potential catalyst for dismantling Britain’s agricultural backbone, cautioning that many farms, crucial for food production, could face dissolution due to financial constraints imposed by the tax scheme. The president is anticipated to emphasise the necessity of halting the implementation of the policy for further deliberation and expert input beyond Treasury officials.
Responding to the mounting outcry, Chancellor Rachel Reeves and Secretary of State for Environment, Food and Rural Affairs, Steve Reed, issued a joint statement acknowledging the deep-seated concerns expressed by farmers and rural communities. The officials reaffirmed the Government’s commitment to the farming sector by highlighting substantial investments earmarked for sustainable food production, rural economic growth, and ecological restoration. They cited the challenging economic landscape inherited by the current administration, underscoring the imperative to make tough decisions in balancing fiscal constraints with national priorities.
The uproar surrounding the inheritance tax alterations underscores the profound impact on the farming sector’s viability and sustainability, prompting calls for a comprehensive reassessment of the policy’s implications. Amidst the escalating tensions, the farming community’s resilience and unity in challenging the reforms serve as a testament to their commitment to preserving Britain’s agricultural heritage and ensuring the continued success of family-run farms across the country.
As farmers converge in London to voice their grievances and advocate for a more equitable tax regime, the protest stands as a remarkable display of solidarity and determination in the face of adversarial policy shifts. The outcome of this mobilisation may not only shape the future trajectory of inheritance tax regulations but also reaffirm the integral role of farmers in sustaining the nation’s food security and rural prosperity.