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Farmers have turned out in force today in Melton Mowbray, Nottingham, to voice their fury at Labour’s inheritance tax changes.
GB News’ East Midlands reporter Will Hollis visited the ‘rural capital of food’ where farmers and non-farmers have united to show support for the agricultural sector.
In Rachel Reeves’s Budget, it was announced that the full 100 per cent relief from inheritance tax for farmers will be restricted to the first £1 million of combined agricultural and business property.
Above this amount, landowners will access 50 per cent relief from inheritance tax and will pay inheritance tax at a reduced effective rate of up to 20 per cent.
Will Hollis spoke to farmers and non-farmers showing their support
GB NEWS
“These people work so hard to keep food on our tables and Starmer is stabbing them in the back”, said John Brown, a local who told Will he is not a farmer, but was keen to show support.
He added: “He’s [Starmer] stabbed pensioners in the back, he’s stabbed veterans in the back and now he’s turned on farmers. He should stop.”
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Isabel Clarke, 18, from Lutterworth, said she is concerned about her future as a result of the changes.
“I just think it’s disgraceful, to be honest”, she said.
“To tax an industry which is rich in assets but poor in cash is totally unfair. They can’t pay that inheritance tax.
“Everything they’ve worked for could be sold. Me and my siblings would not be able to pay the inheritance tax for our family farm.”
A tractor arrives in Melton Mowbray
GB NEWS
Dave from Belton blasted the “disgraceful” move from the Government.
He told Will: “During the war, farmers weren’t allowed to go and fight and now we’re rubbishing their industry with no regard.
“It’s an absolute disgrace. I’m just here showing my support.”
Janet Simpson from Burton Lazars said farmers should be “left to do what they want to do with their land”.
Farmers arrived in force
GB NEWS
“It’s not down to someone like Keir Starmer to tell them what they have to do with their land”, she said.
“It’s part of our history and everything we know. I’m surrounded by quite a lot of land and farmers are always there doing what they have to do. I’m very proud of them.
“They deserve all the support against silly Starmer.”
The Treasury estimates around 500 estates will be affected annually when the changes come into effect next April.
For these impacted estates, inheritance tax will be charged at half the rate paid by others, with a 10-year interest-free period to pay the liability.
The government maintains this represents “a fair and balanced approach” to fixing public services.
However, the Central Association of Agricultural Valuers (CAAV) claims the number of affected farms could be five times higher at 2,500 annually.
CAAV secretary Jeremy Moody said the Treasury’s figures are based on an “incomplete picture” that fails to account for diverse ownership structures.
Fifth-generation farmer Olly Harrison told the Express he could be forced to sell around 30 per cent of his 1,400-acre Merseyside farm to pay the tax bills.
“You are stealing our children’s future and destroying the hard work of generations before us,” said Mr Harrison, who runs an arable farm growing wheat and barley.
The father-of-three added that his farm has lost money in four of the last five years due to poor harvests.
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