Latest news with #agricultural assets
Yahoo
3 days ago
- Business
- Yahoo
Inheritance tax plans tormenting farmers, union tells Starmer
The head of Wales' leading farming union has written to the prime minister urging him to make changes to inheritance tax proposals, which he said are leaving older farmers "tormented with continual worry". The UK government has announced plans, beginning in April 2026, to tax inherited agricultural assets worth more than £1m at a rate of 20% - half the usual rate. NFU Cymru President Aled Jones has called on Sir Keir Starmer to "mitigate very many of the human impacts" of the proposals, while also increasing government revenue. The UK government, which previously said its inheritance tax reforms were "vital", has been asked for comment on Mr Jones' appeal. How are the inheritance tax rules changing? Family farm 'turmoil' over inheritance tax - NFU Sleepless nights and anger as farmers protest Mr Jones said he felt "compelled" to write to the prime minister after being contacted by "hundreds of Welsh farming families" he said were impacted by the proposed changes. The UK government has said the changes will only affect the wealthiest 500 farms each year, but Mr Jones said he was concerned that the number of farms impacted "will be far greater than Treasury predictions". Farming unions have estimated that up to 70,000 farmers could be affected overall. Mr Jones said he was particularly concerned about the impact on older farmers, who are "tormented with the continual worry that their passing will create an unmanageable financial burden for their loved ones". "I know that no government would want to place anyone in the difficult and invidious position that many elderly farmers now find themselves in," the letter said. "My view remains that an opportunity still exists for your government to mitigate very many of the human impacts of these policy proposals, whilst meeting the government's aim of raising revenue." The UK government has maintained that, under its changes, three quarters of estates would continue to pay no inheritance tax at all, while the remaining quarter would pay half the inheritance tax that most people pay.
BBC News
3 days ago
- Business
- BBC News
Farming union urges changes on inheritance tax plans
The head of Wales' leading farming union has written to the prime minister urging him to make changes to inheritance tax proposals, which he said are leaving older farmers "tormented with continual worry".The UK government has announced plans, beginning in April 2026, to tax inherited agricultural assets worth more than £1m at a rate of 20% - half the usual rate. NFU Cymru President Aled Jones has called on Sir Keir Starmer to "mitigate very many of the human impacts" of the proposals, while also increasing government UK government, which previously said its inheritance tax reforms were "vital", has been asked for comment on Mr Jones' appeal. Mr Jones said he felt "compelled" to write to the prime minister after being contacted by "hundreds of Welsh farming families" he said were impacted by the proposed UK government has said the changes will only affect the wealthiest 500 farms each year, but Mr Jones said he was concerned that the number of farms impacted "will be far greater than Treasury predictions".Farming unions have estimated that up to 70,000 farmers could be affected overall. Mr Jones said he was particularly concerned about the impact on older farmers, who are "tormented with the continual worry that their passing will create an unmanageable financial burden for their loved ones"."I know that no government would want to place anyone in the difficult and invidious position that many elderly farmers now find themselves in," the letter said."My view remains that an opportunity still exists for your government to mitigate very many of the human impacts of these policy proposals, whilst meeting the government's aim of raising revenue."The UK government has maintained that, under its changes, three quarters of estates would continue to pay no inheritance tax at all, while the remaining quarter would pay half the inheritance tax that most people pay.
