00:00I understand why farmers are concerned and you know they're worried because we need to move away
00:06from a perception of what will happen to the reality and the fact. So you know just for
00:11example a farming couple and these are you know there are lots of family farms in Wales,
00:16a farming couple can leave their farm to their children and the estate can be worth up to £3
00:23million before they pay a penny of inheritance tax. If their farm is worth, their estate is
00:29worth more than £3 million, they then only start to pay inheritance tax at half the rate,
00:35at 20% not 40% of the rate that is paid by other estates that attract inheritance tax which are not
00:42farming businesses and also when that inheritance tax liability arises they have 10 years in which
00:50to pay the bill. So those are very significant numbers in terms of the value of an estate
00:57and there will be few farms, we think around about 500 farms a year will be affected by the
01:03budget changes across the UK and of that 500 the vast majority will be outside of Wales,
01:10they will be in other nations of the United Kingdom.
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