Summary
The government decided not to make further changes to its farm inheritance tax plans, which have already been adjusted after protests. The tax threshold for inheriting agricultural assets was raised from £1 million to £2.5 million, allowing more assets to be passed on without paying taxes. Some farming groups still oppose the tax, saying it hurts the rural economy.
Key Facts
- The farm inheritance tax threshold was increased from £1 million to £2.5 million.
- The government decided against any further changes to this tax plan.
- Farmers protested in Oxford against the original tax proposals.
- The changes allow a couple to pass on £5 million in assets without paying taxes.
- The Country Land and Business Association continues to campaign against the policy.
- The National Farmers' Union expressed relief about the increased threshold but remains opposed to the tax.
- Environment Secretary Emma Reynolds assured no sudden closures of farming payment schemes.
- The Sustainable Farming Incentive was unexpectedly closed last year due to full funding allocation.
