MP's backing calls for inheritance tax review on farmers

LABOUR MPs including one from South Derbyshire have pleaded with the Government to review its plans to impose inheritance tax on farmers, as the Commons voted in support of the proposal.

- By MAIL REPORTER

Backbenchers argued most farmers are “not wealthy land barons”, and the the measure failed to tackle “abuse by the celebrities and the billionaires” who buy farmland to avoid paying a full inheritance tax bill.

In the Budget, the Chancellor announced that any of a £1 million APR and business property relief allowance that goes unused will be transferable between spouses and civil partners.

However, this has not stopped criticism from the farming community, which has fiercely opposed the changes since they were proposed in last year’s budget, with the introduction of a 20% rate on agricultural land and businesses worth more than £1 million.