By GB News (Politics) | Created at 2024-11-22 08:19:00 | Updated at 2024-11-22 14:23:21
6 hours ago
Sir Keir Starmer has seemingly capitulated over Rachel Reeves's inheritance tax raid just days after farmers threatened more "militant action" against plans to end their death duty exemption.
New inheritance tax rules could be changed to make it easier for those 80 and over to hand down their farm without incurring the 20 per cent levy, The Guardian has revealed.
The Treasury, which is currently assessing the impact of the changes, is also reportedly looking into the impact of changes announced in the Budget on active small and medium-sized farms.
Farmers met the Treasury on Thursday and proposed that older farmers should be exempt from gifting rules.
The rules stipulate that if they died less than seven years after handing the family farm down to their relatives, they would have to pay a tax that farmers have warned could wipe their business out.
Reeves looks set to change course just days after around 13,000 farmers descended on Whitehall to protest against the inheritance tax raid.
In a warning to Starmer, Farming Forum founder Clive Bailye said: “They need to know this is just a warm up act.”
Reform UK leader Nigel Farage also urged farmers to take the “rural revolt” directly to Labour-held seats.
Speaking on GB News, the Brexit supremo said: “Labour now have somewhere between 70 and 100 seats they won at the election in rural or semi-rural constituencies.
"And I think what this movement now needs to do is not just to get together in London, but to be seen in market towns all over this country, especially ones that Labour won by very narrow margins at the next general election.”
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