Higher Inheritance Tax Threshold for Farms Welcomed but Concerns Remain

Higher inheritance tax threshold for farms welcomed but concerns remain

Inheritance tax relief for farms and family businesses rises to £2.5m per spouse, but H&H Land & Estates urges further IHT reform to aid UK…

FFA calls for UK inheritance tax thresholds to be inflation-linked

Farmers for Action (FFA) is calling for the new UK inheritance tax thresholds to be inflation-linked into the future. Prior to Christmas, the Chancellor of the Exchequer raised the UK tax-free threshold from £1 million to £2.5 million per person involved in a farming business. This brings the overall threshold available up to £5 million for a family-owned business managed by a husband-and-wife team. FFA representative William Taylor commented: “…

Swann welcomes Treasury assurance on Inheritance Tax rules for family farms

South Antrim MP Robin Swann has welcomed new assurances from the Treasury that proposed inheritance tax arrangements for family farms will apply beyond married couples and civil partners, following strong concerns raised by farming organisations in Northern Ireland. The clarification was provided by Treasury Minister Dan Tomlinson after Mr Swann raised the issue in Parliament, highlighting widespread anxiety within the farming community that the…

UK: Horticultural community welcome major inheritance tax changes

Major changes to inheritance tax on agricultural assets have been welcomed in Northumberland – but there have been warnings from some that the fight is not over yet. The Government announced a significant watering down of the controversial policy on Tuesday December 30 following months of campaigning.…

Farm retailers give cautious welcome to inheritance tax change

The Farm Retail Association has cautiously welcomed new UK government plans to ease inheritance tax burdens, viewing them as a positive step for family-run farm businesses, though concerns remain about the sufficiency of the new threshold.