I have added my support to a campaign by Conservative MPs to reverse plans to charge Inheritance Tax on family farms.
Under Labour’s plans, full Inheritance Tax relief for farms will be restricted to the first £1 million of agricultural and business property. Above that amount, farmers will pay Inheritance Tax at 20 per cent.
The Government says 28 per cent of farms will be taxed, but the NFU says the real figure is 66 per cent.
Thanks to Labour’s budget, Shropshire families who have farmed the land for generations could be forced to give up their businesses, their farms, and their homes.
It is a tax which threatens the health of the rural economy and undermines efforts to achieve greater self-sufficiency in food production.
At Prime Minister’s Questions today, I was pleased to see Conservative leader Kemi Badenoch confirm the Conservatives would “reverse Labour’s cruel family farms tax”.
