By GB News (Politics) | Created at 2024-11-19 14:46:22 | Updated at 2024-11-22 18:26:01
3 days ago
Sir Keir Starmer has responded to concerns raised by a 12-year-old aspiring farmer who fears his dreams of following in his family's agricultural footsteps could be dashed by proposed inheritance tax changes.
Henry Bailye appeared on GB News alongside his father Clive ahead of Tuesday's farmers' protest in London, where he made an emotional plea to the government.
He said: "It makes me feel disappointed in the government because they're taking away something that me and I'm guessing all of my generation opportunities to become farmers when they're older"
He added: "Think about how this affects my generation and how this affects their future of doing something they've dreamed about for years."
The young farmer's concerns centre on Labour's planned reforms to inheritance tax relief on agricultural property, announced by Chancellor Rachel Reeves in October.
Under the proposed changes, farms worth more than £1 million would face a 20 per cent tax rate on assets above this threshold, rather than the standard 40 per cent inheritance tax rate.
Labour maintains that a typical case of parents passing a farm to their children would have a £3 million threshold before the tax applies.
In an interview with GB News, Starmer added: "So its very important for me to keep making the case that its only farm and assets over £3 million in a typical case of parents wanting to pass onto their children.
"Therefore, for that reason I am confident that the vast majority [missing word] not be affected. But look I understand the concerns, we must have discussions.
"The minister was in discussions yesterday with the farmers. And we will continue to do so because we must support them."
Hope asked him: "Will you tweak the threshold or will you allow it over 80s not to be hit by it because they can't plan for their inheritance?"
The Prime Minister responded: "Because the threshold is high, the vast majority are unaffected.
Farmers are protesting the Inheritance tax rise
Getty
"The other thing I would say is this, I mean I grew up in a rural area, I know first-hand that rural areas, farming communities they do need the investment that we put in the Budget to their hospitals, into their schools, into housing near where they are so their families can live.
"Therefore, the Budget itself was absolutely focused on those things.
"But the threshold at £3 million is very high, the vast majority will be unaffected and we need to keep making that case because [missing word] I think the right thing to do is to meet that concern and talk it through."
