“British farmers are opposing a new inheritance tax worth more than £1m.”, — write: www.epravda.com.ua
British farmers are opposing a new inheritance tax worth more than £1m.
About this informs BBC.
From April 2026, inherited agricultural assets worth more than £1m in Britain will be taxed at 20% – half the normal inheritance tax rate.
Meanwhile, if a couple is married or in a civil partnership, they can combine inheritances worth up to £2.65m tax-free.
In addition, there is a tax-free allowance of £175,000 for the main residence when it is passed on to children or grandchildren.
This brings the total tax-free for the farming couple to £3m.
British farmers point out that, despite the high value of land and livestock, the farms themselves do not make a profit, so they will have to be sold to be able to pay the tax.
It is noted that since 2019, spending on pig farming in the country has increased by 54%, on cattle – by 44%, and on grain – by 43%.
British government research shows that the average farm made a profit of around £45,300 last year – although this figure may be inflated because it is based on a survey that did not include the least profitable farms.
The UK government says inheritance tax will affect the richest 500 estates each year, but the National Farming Union (NFU) and the Countryside Land and Business Association (CLA) estimate that there could be 70,000 farms worth more than £1 million pounds.