A large group of farmers have made their way from their respective towns and cities to the capital of the UK, London, to object to the proposed amendment to inheritance tax that could potentially have a negative effect on their businesses. The government’s decision to implement a tax of 20% on agricultural assets worth over £1m, however, some farmers would only be required to pay if their assets were worth over £3m has caused unease amongst the community. Farmers claim the tax would spell disaster for their livelihoods and could have a direct impact on food prices.
The farmers held their demonstration at the same time as the government was discussing the proposal at a Parliament meeting. The demonstration coincided with an e-petition initiated in objection to the proposed amendment, which had gathered around 150,000 signatures. A spokesperson for the group said this move would tarnish the farming industry and that the farming community felt compelled to speak out against what they viewed as an unjust decision. Additionally, the group stressed that the proposed tax would only work towards exacerbating an already challenging period for British agriculture, which includes the repercussions of Brexit and the current pandemic.
Faced with the existing difficulties of COVID-19 and cutting ties with the EU, the farmers claim, this tax proposal would add to the numerous challenges already faced by the agricultural industry. The tax proposal has been criticised by the farming community across the UK, and they remain steadfast in their objection to the proposed changes. The community now waits for the government to make a decision on the proposed amendment to see whether their voices have in any way been heard
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