James Evans MS has today taken part in the farmers’ protest against UK Labour’s inheritance tax changes in Westminster.
Under the new rules, relief from inheritance tax will be restricted to the first £1 million of agricultural business and property. Above this, landowners will pay inheritance tax at a rate of 20%. The average size of a farm in Wales is roughly 118 acres, with the average price for arable land around £8,500/acre. This puts the average value of a Welsh Farm at £1million, not including the value of livestock, assets like machinery, the farmhouse and other buildings.
James is worried that these changes could drive many families out of the agricultural industry, with families set to be punished for just wanting to pass their land down through the generations.
James Evans MS, Welsh Conservative Shadow Rural Affairs Minister, said:
“I am proud to be standing shoulder to shoulder with our farming community in Westminster today. Farming is only viable if future generations enter the industry, but Labour’s death tax will decimate farming.
“Farmers today will be demonstrating how badly Labour have gotten it wrong with their devastating death tax. These changes will push small family farms out of business and open the door for big corporations to buy the land to meet their ‘green targets’. This doesn’t just threaten rural Wales, it threatens everyone who depends on the quality food we produce.
“Unless Labour row back these plans, we will not only see a breaking up of family farms but a very real threat to our nation’s food security.”
