Budget Media Watch: Labour could scrap 'family farm tax'

What the papers are saying about the Budget

Sophia Panayi
clock • 2 min read

Labour could scrap the ‘family farm tax’ at the next Budget, according to a report from the Mail on Sunday.

The report claimed axing the tax would cost the chancellor £300m a year, a sum described as "relatively modest" compared to other tax cuts. Additionally, an alternative rumoured option is to raise the agricultural property relief threshold to £5m. According to the report, a source close to the prime minister admitted this may be the preferred option to stop those using farms as an inheritance tax (IHT) loophole while also limiting the impact on family farmers. Critics said that even at £5m, many farms would still have a large IHT bill when passing their farm to the next generation....

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