By The Telegraph (World News) | Created at 2024-11-01 07:15:14 | Updated at 2024-11-01 09:28:08
2 hours ago
Rachel Reeves may not have thought her tax raid on farmers through, Ed Balls has said.
Family farms will be hit with inheritance tax after the Chancellor unveiled plans in Wednesday’s Budget to scale back agricultural relief on land valued at more than £1m.
Speaking on his Political Currency podcast, Mr Balls, a former Labour shadow chancellor, said: “This issue of inheritance tax on family farms, where the limit is a million pounds before you pay inheritance tax, I think this is going to be one of those things which may become a growing issue in the coming weeks and months.
“It’s one of those things where you just wonder: ‘Has the Treasury really thought through all the hard cases?’”
Ms Reeves has already faced a backlash from the farming community, including celebrity farmer and television presenter Jeremy Clarkson and the National Farmers’ Union.
