Leading figures in the UK's farming sector are calling on the government to reconsider planned changes to inheritance tax, which they argue could devastate family farms. The National Farmers' Union (NFU) president, Tom Bradshaw, has expressed strong opposition, citing "anger, despair, and a sense of betrayal" among farmers.
Bradshaw's recent intervention underscores growing concerns over the proposed tax reforms. The changes, which would end the 100% exemption on inheritance tax for qualifying agricultural assets exceeding £1 million, are viewed as an "indefensible family farm tax" by many within the industry. This sentiment is shared by the Trades Union Congress (TUC), whose general secretary, Paul Nowak, has voiced concerns over the potential impact on small farms.
Moreover, these tax changes are being introduced during what the NFU describes as a "wretched year" for agriculture. Farmers are facing volatile costs, extreme weather, and reduced subsidies, adding to the existing economic pressures. Bradshaw insists that these factors, compounded by the proposed tax, threaten the long-term viability of the sector and undermine promises made to boost British food security.
Despite these challenges, Bradshaw acknowledges some progress. He noted successes such as fairer supply chains in the dairy sector, and retailers supporting "buy British" initiatives. The NFU remains committed to advocating for a sustainable and profitable future for British farmers and growers, emphasizing the need for robust food production that also supports environmental objectives.
However, the lingering "shadow" of the proposed tax reforms, he stated, is preventing these ambitions from being fulfilled. Bradshaw and the NFU are advocating for the government to pause the tax changes and engage in thorough consultations with industry stakeholders to ensure that policies are effective and equitable for all parties involved.
