Local MP Seamus Logan joined farmers at a rally at the weekend to protest against the Chancellor’s changes to Agricultural Property Relief and Inheritance Tax.
The Aberdeenshire North and Moray East MP said:
“I was pleased to join farmers from across the North-East at this rally on Saturday to reiterate my support for them as they fight back against the UK Government’s reforms of APR and Inheritance Tax.
“As I highlighted at a debate on this matter in Westminster last week, food security is national security, and these changes threaten that security and farming communities that have worked the land for generations. The Chancellor argues that these reforms are necessary to tackle the so-called ‘black hole’ left by Tory mismanagement of the public finances, but I don’t see why this bad inheritance from the previous government justifies a bad policy for consumers and farmers, a policy that aims to target the super-wealthy trying to avoid inheritance tax, but also hits ordinary family farms in the process.”
These rallies had been rescheduled due to Storm Eowyn and took place across the country with family farmers coming out in force to show the threat to their viability as well to businesses up and down the supply chain. The UK Government’s changes to APR and Inheritance Tax aims to close the loophole where a small number of claimants each year claim a significant amount, 40% of the total cost of the relief from just 7% of claims. The reforms announced at Autumn Budget 2024, which apply from 6 April 2026, mean the first £1 million of combined agricultural and business assets will not result in any inheritance tax.
Seamus Logan added:
“The Labour Government have a short memory since they promised not to change these tax reliefs before they came into power. Now they’re ignoring not just the Office for Budget Responsibility, who has cast doubt on the revenue this policy would raise, but they’re also still refusing to meet with the NFU and NFUS.
“The National Farmers Union has highlighted that the Treasury revenue figure of £500 million is uncertain and question the data used to model their policy which suggests only 500 farms would be affected. The NFU argue that it would be more like 2500 per year with such a low threshold. Now the major supermarket chains have backed farmers too, calling for a pause on implementation until a full consultation is carried out. But while the justification for this policy is falling apart, Labour just doubles down. It’s well past time for a rethink from the Chancellor.”
