Matthew Yates comments on the proposed changes to property relief in Taxation
Matthew’s comments were published in Taxation, 25 November 2024, and can be seen here.
Matthew Yates, Partner and joint head of our Private Client department, is quoted in Taxation responding to the government’s proposed changes to agricultural and business property relief.
He stresses the importance of long-term planning for the agricultural sector, which relies on certainty to thrive. Matthew criticises the government’s approach, suggesting it is not based on accurate data and fails to reflect the true value of agricultural land. He notes that the claim that only a small number of farms will be affected does not align with the experience of professionals working in the sector.
The article reports on a major protest held on 19 November, where thousands of farmers gathered in Westminster to oppose the proposed reforms. The changes, expected to be outlined in the upcoming Budget, have sparked widespread concern among the farming community. Many fear that reducing or removing these reliefs could have serious financial consequences for family-run farms and rural businesses, potentially threatening their long-term viability.
Read the full article on the Taxation website [subscription required].