The National Farmers' Union has sought a meeting with Chancellor Rachel Reeves to discuss Labour's inheritance tax reforms that may adversely affect family farms. Starting in April, agricultural properties will be included in inheritance tax regulations, imposing a 20% tax on values exceeding £1 million. CenTax's report suggests better targeting of relief to protect legitimate farm businesses. Concerns were raised about the viability of family farms and food security. NFU President Tom Bradshaw emphasized the need for urgent discussions to mitigate impacts while still meeting Treasury requirements.
The relief could be better targeted to reduce its use for tax planning and further extend protection for businesses, including farms.
This report gives us an opportunity to sit around the table and adjust the recommendations to target them better and remove the worst of the impact from working family farms.
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