‘s Jules Hudson has implored the government to talk to farmers to “work out a solution” to the unpopular new inheritance tax guidelines.
“I just don’t see how, from any angle, these proposals are supporting British . You know, numbers are being thrown about, ‘Oh, we’re investing this. We’re investing that.’ That’s not, that’s not the point.
“And I think that one of the things that I would urge any anyone in government to consider is that farmers are problem solvers. You know, farmers are talkers. There is a conversation to be had. Let’s have that conversation, and let’s work out a solution,” he pleaded speaking on the Cannon Hall Farm podcast.
Many people thought he was talking a lot of sense and commented on Cannon Hall Farms post. One wrote: “Glad that ya’ll are talking about this issue. Thank you.” A second simly said: “Well done Jules x.”
Another admitted they found the situation distressing, commenting: “I get upset. We have so many people talking sense. But not one of them are in government.”
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Jules Hudson appeared on the Cannon Hall Farm podcast discussing Labour’s Farming Tax (Image: Cannon Hall Farm Instagram)
Chancellor of the Exchequer ‘s inheritance tax raid will see
In October, she announced the changes made to the Autumn budget. As part of her tax increase plan, which sought to raise £20bn, she proposed a 20 per cent inheritance tax on farmers with assets over £1m.
Inheritance tax relief for farms would be limited to £1million, meaning all assets above that threshold passed down to the next generation would be taxed. There is a higher threshold of £3 million for couples passing on their farms.
The Treasury says around 500 estates a year are expected to pay inheritance tax under the changes but campaigners warned it could impact around 75,000 farms.
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Rachel Reeves inheritance tax for farmers has proved hugely unpopular (Image: Getty)
Farmers trying to escape ‘ the tax could instead find themselves or their children .
It is anticipated many farmers will give their assets to their children while they’re still alive in order to avoid the tax bill.
After seven years, the gift is no longer liable for tax, avoiding the chancellor’s highly controversial reform.
However, this could incur a steep bill, which is paid on profits made on the asset since it was purchased. This “sting” tax could be passed down to the children of farmers who choose to defer their capital gains tax liability.