Farmers and IHT: Why the chancellor's methods are wrong

The new Labour government's first Budget contained a number of changes to tax – but none has generated as much controversy as the decision to restrict 100% agricultural relief from inheritance tax (IHT) to £1m per person, culminating in the mass farmer protest in London on Tuesday this week. The government's policy aim is to try to fill its financial ‘black hole' by protecting working people while ensuring the better off contribute more. The cost of agricultural property relief has been measured at about £400m per year – around 1.8% of the £22bn the government is looking to find. Envi...