00:00Government proposals to tax inherited farmland have been watered down,
00:05with the planned threshold increasing from £1 million to £2.5 million.
00:10So this farm here in Kent isn't going anywhere,
00:13but for many others across the county there had been concerns they would have to sell parts,
00:17if not all of their land, in order to cover inheritance tax.
00:21Under this government's plans, agricultural assets, including crops, livestock and machinery,
00:27worth more than £1 million, would be taxed at 20%.
00:31This was announced at Rachel Reeve's first budget last year,
00:35which sparked months of protest by farmers, with some even travelling to Westminster.
00:40This has all been about the campaigning and the NFU work, along with other trade bodies.
00:47The reality, these decisions would never have happened without that work
00:53that people like the NFU do in the corridors of power,
00:58in those discussions with MPs, with those discussions with ministers.
01:02Many farmers across Kent are relieved by the announcement,
01:05which has eased much of their worry ahead of Christmas.
01:08Yeah, it's a big relief for us.
01:10We're a sort of medium-sized farm,
01:12so the allowance shared between my wife and myself
01:17will pretty much cover what we need to be doing.
01:23We would have had a pretty massive bill under the £1 million,
01:27particularly as it wasn't transferable between husband and wife.
01:32So that has made a big difference, the allowance changing.
01:36The government says it supports farmers,
01:39describing them as the backbone of Britain's rural communities
01:43and are determined to secure a profitable future for British farming.
01:48So after months of pressure,
01:49the revised plans are easing concerns for local farmers,
01:53making the new year a positive one.
01:55Maisie Walker for KMTV, Sevenoaks.
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