Hundreds of farmers from across the UK descended upon London to express their outrage over the government’s proposed changes to inheritance tax rules and machinery levies. The protesters, who brought their tractors along for the ride, converged on Whitehall and Parliament Square to make their voices heard.
At the heart of the controversy are the government’s plans to cap Agricultural Property Relief (APR) and Business Property Relief (BPR) at £1 million. Farmers are worried that this will lead to a massive tax hike when they pass down their farms to the next generation.
The National Farmers’ Union (NFU) estimates that a staggering 66% of farms will be affected by the changes, which could have devastating consequences for family-run farms. These farms are often asset-rich but cash-poor, making it difficult for them to absorb the additional tax burden.
The protesters are also upset about the government’s decision to impose machinery levies, which will add to their already significant costs. The government claims that the tax changes are necessary to target wealthy landowners who exploit the system to avoid paying taxes.
However, farmers argue that the changes will unfairly penalize hardworking farm families who are already struggling to make ends meet. As the protests demonstrate, the government needs to rethink its approach to inheritance tax and machinery levies to avoid causing irreparable harm to the UK’s agricultural sector.
