Labour spokesperson comment on the opposition day debate on agricultural property relief

A Labour Party spokesperson, commenting on the opposition day debate on agricultural property relief, said:

“The Conservatives utterly failed the farming industry during their 14 years in government, forcing over 12,000 farmers and agricultural businesses out of business. They sold out British farmers in trade deals, left farms facing rocketing energy bills and allowed £300 million earmarked for farmers to sit idly in the Treasury's coffers instead of in their pockets. 

“This Labour Government's commitment to farmers remains steadfast because food security is national security. That is why are investing £5 billion into farming over two years - the largest budget for sustainable food production in our country's history. 

“The changes to agricultural property relief set out in the Budget will only impact around 500 estates a year. This is a fair and balanced approach that protects small family farms while also helping to fix our public services after the Conservatives recklessly left a £22 billion black hole in the nation's finances.”

Ends


Notes:

Changes to Agricultural Property Relief:

• The majority of those claiming relief will not be affected by these changes. We are asking rich estates and the most valuable farms to pay their share.
• More than half of farms and estates sold are going to non-farmer investors and lifestyle buyers; and a small number of wealthy landowners own a significant proportion of farmland. Up to now they have been receiving 100% relief on their inheritance tax bills.
• This is money that should be invested in our schools, health services, transport and other public services that farmers and families in rural communities rely on.
• Depending on people's individual circumstances, up to £3m can be passed on by two people free of inheritance tax. Anything beyond that will be taxed at half the rate paid by everyone else, and their heirs can spread the payment over ten years instead of having to pay it all at once.

Supporting British farmers and boosting the nation's food security are key priorities for this Labour Government, which has since entering office announced:

• £5 billion for the farming budget over the next two years – with the largest ever amount directed at sustainable food production and nature's recovery in our country's history. ELM schemes will remain at the centre of our offer for farmers and nature, with the Sustainable Farming Incentive, Countryside Stewardship Higher Tier and Landscape Recovery all continuing.
• £60 million through the Farming Recovery Fund to support farmers affected by unprecedented extreme wet weather last winter.
• £208 million, in addition to the farming budget, to save the collapse of our defences against disease threats and protect the nation from outbreaks that can threaten our farming industry, food security and human health.
• The Government is also delivering for farmers by: