Inheritance tax on farms should be delayed to avoid unfairness, says thinktank

The Institute for Fiscal Studies argues farmers should be granted an inheritance tax holiday to prevent unfair treatment and protect food security amidst government tax changes.

David Sturrock highlights that current farm owners will miss the chance to avoid inheritance tax due to the timing of the new regime coming into effect, adding the necessity for mitigations.

The government had previously assured no changes would be implemented in agricultural property relief, which provided farmers with crucial exemptions from inheritance tax.

Treasury officials have been noted to explore adjustments to gifting rules to ease the burden on elderly farmers passing their farms to family members.

Read at www.theguardian.com