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Farmers protest inheritance tax plan

Local farmers have been protesting against plans to introduce inheritance tax for farm owners passing on over £1m of assets.

The National Farmers Union organised a protest in London on Tuesday against the measures.
Meanwhile, a tractor driver, Ian Willox drove to Lincolnshire County Council as part of the protest.
County councilllors, including leader Martin Hill, opted to show their support by dressing as farmers.
Farm owners currently don’t pay the 40 per cent inheritance tax.
The government is proposing to make them pay 20 per cent, half of the normal rate, for amounts over a £1m threshold over a ten-year period.
Mr Willox told the Local Democracy Reporting Service that he would likely have a £1m tax bill to hand to his son James.
“Even spread over ten years, that’s £100,000 a year – we’re not making those profits,” Mr Willox said. “Every farmer I’ve spoken to is looking at a similar amount.
“We put money into 60 or so different local companies; now there’s no incentive to invest because we’ll get taxed on death.
“The government need to think again. They’ve backed themselves into a corner – they can either look like fools or feed the country.
“As we saw in Covid, you don’t need much panic buying before the shelves are empty.”
Coun Hill said: “If it carries on, most family farms may disappear and be replaced with corporate entities,” he said.
“We will lose all those farms which have knitted together the social fabric for generations.
“It’s a big part of Lincolnshire’s economy. And people don’t realise how much they do for the environment and communities, as well as producing food.
“The amount this tax will raise is peanuts. They need to stop rich people buying up the farmland without hitting family farms.”
Leadenham farmer Andrew Ward helped organise the London march.
“We’ve had a great turnout,” he said. “We don’t know whether it’s 20,000 or 50,000 but it’s huge numbers like that.
“It’s closed the whole of Whitehall, but we don’t know if the government will listen.
“They probably think we’ll back down, but they don’t realise how resilient farmers are.
“We’re used to dealing with problems and complications.
“It’s difficult to say whether today will have changed anything.
“All we can do is try something.”
Prime Minister Keir Starmer told the BBC he’s “confident the vast majority of farms will not be affected”.
He said the government “had discussions yesterday with the farmers and will continue to do so because we must support them”.

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