google-site-verification: googlec7193c3de77668c9.html

Lincolnshire family fear they will have to sell to pay ‘farm tax’

David described the situation as “soul destroying”, and said it would lead to a reduction in UK-grown food.

He told the BBC he had recently decided not to invest in a new project to produce more potatoes.

From April 2026, inherited farms worth more than £1m will be liable to be taxed at 20% – half the standard IHT rate. They were previously exempt from the tax.

The government says it wants to discourage the rich from buying land solely to dodge tax.

The prime minister previously told the BBC he understood farmers’ concerns and “wants to support” them, and “the vast majority” of them would be unaffected by the change to the tax rule.

The government said the payments “can be spread over 10 years, interest-free”.

David’s daughter Kate, who is Archie’s mum, hopes to take over the farm in the future.

She said: “It’s not that we don’t pay tax. We pay our fair share of tax as a business.

“We pay a good chunk of corporation tax. The biggest problem is that there is a lot of value within land and the assets of machinery, but the value of that land is only that value if it is sold.

“The ability to earn money from that land is quite disproportionate to the value of that land.”


BBC News

Views: 2

See also  Demolition of millionaire's man cave begins

Check Also

Half Boro, half Hull babygrow made for play-off

Beatrice’s mum is a Middlesbrough season ticket holder, and her dad is a Hull season …

Stunned bride-to-be meets Stanley Tucci on hen do

Tanya Dhari says she was “lost for words” after meeting The Devil Wears Prada star …

Jamie Varley denies making up story about how Preston Davey died

Varley denies murder, manslaughter, two counts of assault by penetration, five counts of cruelty to …

Leave a Reply

Available for Amazon Prime
Dive into the world of miniature gaming with this ultra compact retro game boy handheld – by jake livingood.