London witnessed a substantial gathering of individuals protesting against the recent alterations to the inheritance tax for farmers, as outlined in the new Budget. Among the demonstrators in Whitehall was television personality Jeremy Clarkson, who voiced concerns over the future of farming, urging a governmental reevaluation. The Prime Minister acknowledged the apprehensions of the agricultural sector, noting that the reform would not impact "the vast majority" of farmers. Starting April 2026, agricultural assets exceeding £1m, previously exempt, will be subjected to a 20% inheritance tax rate, albeit reduced from the standard rate. Additional provisions suggest that married couples or civil partners could transfer a farm valued up to £3m without incurring this tax.
Despite these measures, the farming community argues the reform could compel asset-rich, cash-poor farmers to liquidate assets to fulfill tax obligations. In a pre-protest assembly, around 1,800 members of the National Farmers' Union (NFU) convened near Parliament for a mass lobbying effort. NFU President Tom Bradshaw criticized the tax changes as detrimental to the farming industry, labeling them a betrayal. In a statement to Sky News, Bradshaw lamented the undermining of a longstanding agreement between the agricultural sector and the government, emphasizing the industry's willingness to contribute more in taxes if equitable margins from food production were attainable. The current supply chain dynamics, however, do not support such financial returns, complicating the ability of farmers to manage the impending tax requirements.
Source: Beanstalk Global