A record number of farms is closed Later Of Rahel reeves‘S inheritance tax Raids, new figures suggest.
In a total of 6,365 agriculture, forestry and fishing businesses have been closed in the last one year, the most quarterly data was first published in 2017, according to, National statistics office,
Chancellor Has faced Furious backlash on its decision to expand inheritance tax, which critics warned that the cheek of death for family fields in England could be voiced.
all major Supermarket is supported Farmers And called Ms. Reeves to stop her controversial ‘tractor tax’ scheme. But the ministers have further pledged, even though the budget responsibility for the office (OBR) has warned that the policy can lift less than the expectations of the Treasury, a “high” uncertainty rating with a £ 500M-A year-revenue forecast and falling after seven years.
Chhaya Environment Secretary, Victoria Atkins said the latest data showed that the closure of the field was the result of “devastating tax policies of labor”.
Tom Bradshow, President of National FarmersThe ‘Union, said that the faith in the industry was “in rock-boy”.
He said: “It creates the continuous meaning that the industry is not given importance and is not worth it for the country. I can understand why psychology is that people are taking decisions that can resign to sell them, and they are no longer able to live.”
Victoria Vyan, president of the Country Land and Business Association, said that rural businesses are “being pushed on the edge”.
He said, “The farmers trying to modernize or diversify are blocked at every turn – by red tape, by the rise of national insurance, by a government, who talks of development by pulling the foundation below it,” he said.
“Nevertheless, the rural areas are borne. New businesses are opening. People are catching. But the grit is not a strategy. Now what is needed is simple: stability, clarity, and government ready to listen – more families are forced before being lost before more fields.”
Changes means that fields priced at £ 1m or more will be responsible for 20 percent inheritance tax,
Treasury says that, with tax allowance, in fact, only £ 3m will be affected, only 28 percent of the family farms will be affected. But the official Defra figures suggest that more than 66 percent can be a hit.
Thousands of farmers used to bring Westminster in a stay in November when they landed in the capital to protest against the change.
A department of the spokesperson of environment, food and rural affairs said: “Our commitment for farming and food security is stable and the profit of farming in the UK has increased by £ 1.6BN last year.
“We are reducing costs and red tapes for food producers to export the European Union, recommending reforms to promote farmers’ profits, appointed former NFU President Baronnet Minnet batsmen, and we are ensuring that farmers get a large part of food contracts in our schools, hospitals and jails.”
