Andy Burnham can save farmers by doing one thing at the Budget
It has been two years since Labour announced its devastating family farm tax. But the anger and upset over the controversial policy has not gone away in that time.
TL;DR
- Labour's family farm inheritance tax, announced two years ago, remains a point of contention.
- The policy, which initially involved taxing farms over £1 million, sparked widespread protests.
- The threshold was later raised to £2.5 million (£5 million for married couples) after a government climbdown.
- Critics fear the 20% tax rate will still force farmers to sell land, leading to the break-up of family farms.
- There are calls for the new Prime Minister, Andy Burnham, to fully scrap the inheritance tax raid.
- Speculation exists about further threshold increases or complete abolition in the upcoming budget statement.