Government softens inheritance tax plans for farmers

ODN

The Government has raised the inheritance tax relief threshold for farming estates, softening controversial plans after months of protest from farmers. Environment Secretary Emma Reynolds says most farms will now avoid inheritance tax, while larger estates will face lower liabilities.   Report by Etemadil. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

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00:00It's important that as a government we listen to those farmers and businesses who will be affected by changes in policy.

00:10And as a result of the announcement that I'm making today, 85% of farming estates who claim agricultural property relief will now pay no inheritance tax.

00:22And those farming estates and others who are paying inheritance tax will be subject to a lower liability.

00:29But it's right that we continue to make the tax system fairer and the largest and the wealthiest estates pay their fair share in inheritance tax.

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