Farmers are preparing to take action against Labour’s plan to change inheritance tax rules. Nick Tarry, a farmer from Northamptonshire, explained why he believes these changes are unfair and could harm farming families like his.
The new rule, introduced by Chancellor Rachel Reeves, would add a 20% tax on farming assets worth more than £1 million. This includes farmland, equipment, and other necessary resources.
Previously, these assets were mostly tax-free to help families pass farms down through generations. Reeves says the tax is meant to fund public services like the NHS and will only affect the richest landowners.
But Nick and other farmers disagree. They argue that while their land might seem valuable, they don’t have the cash to pay such high taxes without selling parts of their farm.
Nick told GB News, “People see farmers with big land and think we’re wealthy, but we’re not. We’re asset-rich but cash-poor. We need the land and equipment to keep the farm running. If we’re forced to sell to pay the tax, it will ruin the business.”
He added, “The value of the land has gone up over the years, but that doesn’t mean we have extra money. Selling land or equipment to pay taxes would destroy our farm. We’re already struggling with tight margins.”
It’s not just farmers who are worried. Pete, a butcher from Thatcham, said the tax changes would hurt everyone in the food supply chain. “If small farms shut down, Britain will have to rely on imports, which will hurt food quality and sustainability,” he said.
Farmers also fear the emotional toll on their families. Nick believes it will make it harder for future generations to keep farms running and honor their family’s hard work.
Farmers are now planning protests, including blocking supermarket ports, to fight these tax changes, which they say could destroy their livelihoods and harm the entire country.
