'Nail in the coffin' Family farms react to inheritance tax change
The Guardian|November 04, 2024
For more than 100 years, the family of Andrew Smith, 56, has been running a cattle farm on Bodmin Moor, Cornwall. Smith, who now runs the farm, sees Chancellor Rachel Reeves' changes to inheritance tax rules as a betrayal of farmers.
Jem Bartholomew Jedidajah Otte
'Nail in the coffin' Family farms react to inheritance tax change

Working with his three sons, the farm produces about 2,000 sheep and 30-40 cows each year, yet makes "no profit," he says, "we just pay the bills."

Last Wednesday, Reeves announced that, from April 2026, farms and other business property which had been passed on to heirs tax-free will fall within inheritance tax. Inheritors will have to pay 20% of their value above £1m, half the headline rate of 40%.

"The boys have been in the business with me since they left school," Smith says. "They have been bred to look after stock on the moors, which is a very difficult terrain to earn a living on. They were expecting to take it over from me, but this is the final nail in the coffin for family farms."

"Once my sons are gone, you can't replace them, nobody else will have the experience on these hills, the food will just not get produced. It's the end of the line."

Smith believes the fact that UK family farming today is by default asset-rich, but cash-poor has been entirely ignored by the Chancellor's new rules. "If my farm is worth £5m, my sons won't be able to pay £800,000 in inheritance tax, of course. They'll just have to sell half their land when I die. Then the farm will be unviable. Starmer has 100% broken a promise. They lied."

هذه القصة مأخوذة من طبعة November 04, 2024 من The Guardian.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة November 04, 2024 من The Guardian.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من THE GUARDIAN مشاهدة الكل
The Guardian

Broja closing in on long-awaited Everton debut

Sean Dyche believes Armando Broja is close to his Everton debut, with the club hoping to fast-track the on-loan Chelsea forward's return.

time-read
1 min  |
November 22, 2024
Vinicius calls for help in ongoing fight against racism
The Guardian

Vinicius calls for help in ongoing fight against racism

The Real Madrid forward Vinicius Junior has spoken about his fight against racism, describing it as an ongoing battle that he is happy to take on, but warning that he alone \"can't fight all that Black people have been suffering\".

time-read
1 min  |
November 22, 2024
Premier League vote hangs in balance as City tensions rise
The Guardian

Premier League vote hangs in balance as City tensions rise

Premier League clubs and officials were scrambling yesterday to secure support before a totemic vote on the competition's rulebook.

time-read
2 mins  |
November 22, 2024
Maresca unsure of James return date after new hamstring injury
The Guardian

Maresca unsure of James return date after new hamstring injury

Reece James has sustained another hamstring injury and will miss Chelsea's Premier League visit to Leicester tomorrow, with his manager, Enzo Maresca, unsure about the time frame on the recovery.

time-read
1 min  |
November 22, 2024
Shaw has last laugh after double earns spot in final eight
The Guardian

Shaw has last laugh after double earns spot in final eight

Long has the Women's Champions League craved the sight of a jam-packed, vociferous, all-standing section of home supporters roaring their team on from behind the home goal.

time-read
3 mins  |
November 22, 2024
Hurtig's late strike knocks Out Juventus as Arsenal progress
The Guardian

Hurtig's late strike knocks Out Juventus as Arsenal progress

Lina Hurtig's late poke-in ensured Arsenal secured a spot in the Champions League knockout stage with two group games remaining, a 1-0 win over Juventus enough to put them clear at the expense ofthe Italian club.

time-read
2 mins  |
November 22, 2024
'It's sad to see the state the RFU is in'
The Guardian

'It's sad to see the state the RFU is in'

Former union chief executive Francis Baron urges game to 'wake up' to financial state amid potential record losses

time-read
4 mins  |
November 22, 2024
Double Olympic triathlon champion Brownlee retires
The Guardian

Double Olympic triathlon champion Brownlee retires

The double Olympic triathlon champion Alistair Brownlee has announced his retirement.

time-read
1 min  |
November 22, 2024
Hampshire field accusations of 'sportswashing' over T20 event
The Guardian

Hampshire field accusations of 'sportswashing' over T20 event

Hampshire have been accused of taking part in a \"sportswashing vehicle,\" before their participation in this month's Global Super League in Guyana, a T20 tournament sponsored by the oil giant Exxon Mobil.

time-read
2 mins  |
November 22, 2024
Red Bull twins grease the wheels on opposite sides
The Guardian

Red Bull twins grease the wheels on opposite sides

Brothers Matt and Jon Caller first watched F1 on same sofa - now they are No 1 mechanic for Verstappen and Perez

time-read
4 mins  |
November 22, 2024