Tom Walton with his wife Gabrielle on their farm (Image: Jonathan Buckmaster)
A fourth generation farmer who risks losing his family’s nearly 100-year-old farm because of inheritance tax raid has slammed her decision as a “betrayal”.
Tom Walton’s dream is to eventually pass £5million Church Farm, in Aylesbury, Buckinghamshire, to his son or daughter who is set to be born in June this year.
The – with beef cattle, cereal crops and a flock of sheep – generates a yearly profit of between £26,000 and £40,000.
But this means Tom, 35, and his pregnant wife Gabrielle would have to sell part of the 200-acre farm to afford the £800,000 inheritance tax bill when his father, in his mid 60s, dies.
He said: “With my fifth generation coming through, if they take an interest in farming – and I would be very proud if they did – I obviously want to be able to hand a healthy business on to them. If I spend the majority of my working life paying off the debt, which I don’t see as fair, then how can in good faith encourage them into the business? It wouldn’t be right.
“What will happen is that the expertise of agriculture just gradually dies out and there won’t be that knowledge of the land. It’ll be farmed by corporations. The care that my family, and others across the nation, have put into their livelihood will be lost. That’s what I really care about.”
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Tom and Gabrielle Walton on their farm (Image: Jonathan Buckmaster)
Tom is among thousands of farmers who will take part in the National Farmers Union’s day of unity demonstrations across the country on Saturday.
The farmer, who took part in the mass lobby event in Westminster last year, will host a pop-up cafe event to talk to members of the public about the impact of Labour’s plans.
When asked how he felt after October’s budget, Tom said: “The short answer is betrayed. Steve Reed stood up before Labour were elected and he categorically promised they would not be going after agricultural property relief. The Prime minister stood up at the National Farmers Union (NFU) conference and said the loss of a farm is devastating and cannot come back.
“To have the gall to stand up and say that, and then completely backtrack on what you’ve promised, is a betrayal.”
Ms Reeves placed a 20% inheritance tax on farmers’ assets worth more than £1 million in her October Budget from April next year.
Tax breaks previously designed to allow family farms to pass down the generations were exempt from the 40% duty.
The has demanded a U-turn on the changes which come into force next year.
Speaking about the mass protest in Westminster last year, Tom said: “We were blown away by the level of support that came from the general public, not just those in agriculture.
“There were general acts of goodwill towards farming generally. That was heartwarming.
“But it’s still breathtaking that the Chancellor hasn’t appeared in public to talk to any of the farming community. That’s what we desperately want and what we desperately need is for her to put her head above the parapet and answer a few questions.”
Environment Secretary Mr Reed earlier this month apologised for the “shock” suffered by farmers after the government upped taxes on farms.
He said: “We were shocked by the size of the financial black hole we were left to fill, and I’m sorry that some of the action we had to take, shocked you, in turn.”