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More than 10,000 farmers including Jeremy Clarkson are expected to march in London today to protest against Labour’s inheritance tax (IHT) shake-up that have left them ‘betrayed’.
It comes after Chancellor Rachel Reeves introduced IHT on all previously exempt farms worth over £1m, at a rate of 20 per cent, in her autumn Budget.
Farmers fear the change will prevent them passing their assets down through the generations as they will be forced to sell off parts of their businesses to pay the punishing death duties.
Follow live coverage of the farmers protest below and join in the conversation in our comments section
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What has Starmer said about new farms tax?
Obviously, there’s an issue around inheritance tax and I do understand the concern.
But for a typical case, which is parents with a farm they want to pass on to one of their children, by the time you’ve taken into account not only the exemption for the farm property itself, but also the exemption for spouse to spouse, then parent to child, it’s £3 million before any inheritance tax will be payable.
That’s why I am absolutely confident the vast majority of farms and farmers will not be affected by this.
We’ve put £5bn in the Budget for the next two years into farming. That is not to be overlooked. That is the single biggest sum of money in a Budget over a two-year period that has ever been put down in relation to farming.
On top of that, there’s £50m in relation to flooding, which is hugely important and £200m in relation to the outbreak of disease and infection which can be absolutely devastating.
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Watch: Why farmers from across UK are uniting in London today
Why are farmers protesting in London?
Farmers march to Westminster
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JAMES TAPSFIELD: Downing Street digs in, but Labour MPs have their doubts
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Where is the farmers’ protest?
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Pictured: Farmers arrive in central London
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Government ‘has contingency plans’ for food shortages amid farmer protests
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What has Starmer said about new farms tax?
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Could supermarkets be affected over farms tax row?
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Labour peer says Starmer’s farms tax raid ‘smells of incompetence’
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Farmers protest in Westminster: Key questions explained
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Will Jeremy Clarkson appear at farm protest?
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Why are farmers protesting in London?
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Farmers march to Westminster