Web Stories Wednesday, November 20

LONDON: British farmers massed in London on Tuesday (Nov 19) for protests against controversial government plans to change inheritance tax rules for land ownership, which they claim threatens to break up the sector and hit food production.

Farming businesses previously qualified for 100-per cent relief on inheritance tax on agricultural and business property, reducing the amounts that farmers and landowners pay when farmland is passed on after a death.

From Apr 6, 2026, however, total exemption from death duties will only apply to the first £1 million (US$1.27 million) of combined agricultural and business property.

The centre-left Labour government has faced a furious backlash from farmers since the change was announced by finance minister Rachel Reeves last month, with even tech billionaire Elon Musk wading in on the row.

Musk, who has been critical of Prime Minister Keir Starmer, on Monday claimed on his X social media platform that “Britain is going full Stalin”, in an apparent reference to Soviet leader Joseph Stalin’s forced collectivisation of privately owned farms in the 1920s and 1930s.

He shared a Guardian newspaper comment piece that accused farmers of having “hoarded land for too long”, and which argued the inheritance tax change could break up farms and give younger farmers a chance to buy land.

The National Farmers Union (NFU), which represents more than 45,000 members in England and Wales, said its “mass lobby” of parliament will help explain the effects of the policy change on farms, farming and food supply.

It is expecting some 1,800 members to take part. Several tractors drove through the streets before a rally near government buildings where thousands are expected, despite driving rain and snow.

Share.

Leave A Reply

© 2024 The News Singapore. All Rights Reserved.