By GB News (Politics) | Created at 2024-10-30 16:43:56 | Updated at 2024-10-31 01:23:07
9 hours ago
Kirstie Allsopp has made her feelings clear on the impact Rachel Reeves’ 2024 Budget will have on farmers across the country and the future of their livelihood as they pass down their assets through generations.
During the announcement this afternoon, Reeves revealed the inheritance tax personal allowance threshold will be extended until 2030, with inherited pensions now being included.
Another major change that will be implemented is the reform of agricultural and business relief from April 2026.
The changes will see an attempt to funnel £22bn back into the public’s finances - but the announcement has left a sour taste for those who speak on behalf of all farmers across the country.
Reeves explained today: "We will close the loophole made even bigger when the lifetime allowance was abolished by bringing inherited pensions into inheritance tax from April 2027.
"We will reform agricultural property relief and business relied from April 2026, the first £1m of combined business and agricultural assets will continue to attract no inheritance tax at all.
Reeves revealed the inheritance tax personal allowance threshold will be extended until 2030
PA
"But for assets over £1m, IHT will apply with a 50 per cent relief and at an effective rate of 20 per cent. This will ensure we continue to protect small family farms with three-quarters of claims unaffected by these changes.
"I can also announce we will apply a 50 per cent relief on all circumstances on IHT for shares on AIMS and other similar markets."
One figurehead who has been left less than impressed with Reeves’ plans is Location, Location, Location star Allsopp who bluntly claimed the chancellor has “f****d” farmers.
Taking to her X account, she slammed: “Rachel Reeves has f****d all farmers, she has destroyed their ability to pass farms on to their children, and broken the future of all our great estates.
Rachel Reeves has left thousands impacted by the new budget
PA
“It is an appalling decision which shows the government has ZERO understanding of what matters to rural voters.”
Allsopp wasn’t the only one to share her views on the announcement, as Diddly Squat Farm owner Jeremy Clarkson also had his say.
Whilst the Channel 4 star took the chance to rant about how she felt, Clarkson issued his disappointment in six simple words: “Rachel Reeves. I literally daren’t comment.”
One follower replied being confused by the tweet, due to living in America and not having knowledge of the announcement today.
Clarifying what he meant, Clarkson bluntly answered: “We have a new government. It’s turning out to be hopeless.”
The agricultural property relief reform will not only directly affect those like Clarkson who own a farm and run a business out of it, but it will also affect generations after.
Rachel Reeves. I literally daren’t comment.
— Jeremy Clarkson (@JeremyClarkson) October 30, 2024For instance, Clarkson has previously addressed the idea of wanting to pass down the farm to his children Emily, Finlo and Katya, and admitted they may sell up in the future.
He told The Guardian: “I keep telling them, 'Listen, when I’m dead, I don’t want you to sell it'. They look at me like, 'Are you joking?'"
If in the future his children decide to end his legacy, they will face more of a financial burden due to the new Inheritance tax.
