The NFU’s president Tom Bradshaw has demanded that the new IHT APR rules be withdrawn and put to consultation with the agricultural industry and Defra experts rejecting Treasury claims that 72% of farms will not be paying IHT under the new regime.
He warns that the proposed tax of 20% for farms valued over £1m could devastate rural communities since ‘very few viable farms are worth under £1 million’ and that ‘militant’ action may be taken over this claiming that 190 000 people have already signed a petition against the changes.
The NFU said that the Treasury has undervalued many of the UK’s farms and the Defra data is more accurate. It claims that this data was calculated recently when farms were applying for subsidy after the UK left the EU farm payments system and they had to register their value and size with Defra.
‘They do...
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The NFU’s president Tom Bradshaw has demanded that the new IHT APR rules be withdrawn and put to consultation with the agricultural industry and Defra experts rejecting Treasury claims that 72% of farms will not be paying IHT under the new regime.
He warns that the proposed tax of 20% for farms valued over £1m could devastate rural communities since ‘very few viable farms are worth under £1 million’ and that ‘militant’ action may be taken over this claiming that 190 000 people have already signed a petition against the changes.
The NFU said that the Treasury has undervalued many of the UK’s farms and the Defra data is more accurate. It claims that this data was calculated recently when farms were applying for subsidy after the UK left the EU farm payments system and they had to register their value and size with Defra.
‘They do...
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