Farming Inheritance Tax
In the Autumn 2024 Budget, the Chancellor announced significant changes to inheritance tax affecting farms.
Under the proposed plans, estates valued over £1 million would face a new 20% tax, prompting widespread concern across the farming industry.
With 90% of land in the Cotswolds dedicated to agriculture, the council recognised the need to act, as these changes could have consequences for local communities.
Councillor Julia Judd: Julia initially suggested the council should act to help farmers after concerns were raised by farmers in her ward.
Ian Boyd: Ian has been a farmer in the Cotswolds for 55 years. He is concerned the consequences of the inheritance tax reforms will be very severe for farmers.
Fred Ackrill: Fred and his wife have recently taken over his father-in-law’s farm. It took his family 10 years to work out their succession plan. He is now concerned for other farmers who will have to make this decision much more quickly.
Councillor Angus Jenkison: Angus was part of the committee who revised the government’s policy and wrote a letter to the Chancellor with suggested changes.
Councillor Jeremy Theyer: Jeremy was also part of the committee and is a working farmer.
Adrian Cannon: Adrian is a land agent who works with farmers across the district.