UK raises inheritance tax limit for farms inheritance
The previous plan, revealed last year, proposed taxing inherited agricultural assets above £1 million at a 20% rate, which sparked widespread opposition from farmers and rural lawmakers.
Critics labelled the measure a "family farm tax," arguing it would make it difficult for many farmers to pass their holdings to the next generation.
The decision follows sustained lobbying by rural MPs and campaigners. Environment Secretary Emma Reynolds commented, "We have listened closely to farmers across the country and we are making changes today to protect more ordinary family farms."
The National Farmers' Union welcomed the update, calling it "a huge victory for British farmers," according to reports.
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