Matthew Yates comments on the agriculture IHT hikes in WealthBriefing
Matthew’s comments were published in WealthBriefing, 20 November 2024, and can be seen here.
Matthew Yates, Partner and joint Head of our Private Client department, comments in WealthBriefing on the growing unrest among UK farmers following the government’s proposed inheritance tax (IHT) changes.
Earlier this week, thousands of farmers gathered in central London to protest against plans to increase IHT on properties valued above £1 million, a move announced in Chancellor Rachel Reeves’ Autumn Budget. The changes form part of a broader tax strategy aimed at raising £40 billion, but have sparked concern across the agricultural sector, where land values often exceed the proposed threshold.
Matthew highlights the critical need for long-term planning in agriculture, a sector that relies heavily on stability and predictability. He criticises the government’s approach, suggesting it is not based on accurate data and fails to reflect the true value of agricultural land. Contrary to official claims that only a small number of farms will be affected, Matthew notes that this does not align with the experience of professionals working in the field. He warns that the proposed changes risk undermining the confidence and viability of hardworking farmers, many of whom are now questioning their future in the industry.
Read the full article on the WealthBriefing website [external link].