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Inheritance Tax Reliefs and UK Food Security
Manage episode 444154016 series 3603591
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This explores the potential impact of removing inheritance tax reliefs on UK farmers and the nation's food security.
Key Points:
- A poll by the Country Land and Business Association (CLA) revealed significant concerns among farmers and landowners about the potential removal of Agricultural Property Relief (APR) and Business Property Relief (BPR).
- 86% of the 500+ respondents believed they would likely need to sell some or all of their land upon death if these inheritance tax reliefs were abolished. This indicates a strong perception that the reliefs are crucial for continuing family farms.
- Over 90% of respondents believe that removing these reliefs would harm the UK's food security in the long term. This suggests a widespread concern among farmers that such a move could disrupt agricultural production and impact the nation's ability to feed itself.
- The CLA president emphasizes the potential negative impact on economic growth in the rural sector if these reliefs are scrapped. This highlights the potential broader economic consequences of such a policy change beyond the immediate implications for farmers.
Hashtags:
#InheritanceTax #UKFarming #FoodSecurity #AgriculturalPropertyRelief #BusinessPropertyRelief #BudgetImpact #RuralEconomy
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