
Country diary: A wave of relief on the farm with the inheritance tax change | Andrea Meanwell
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In Tebay, Cumbria, small farms are expressing relief following a government announcement that raised the inheritance tax threshold for agricultural land from £1 million to £2.5 million. This change comes after concerns were raised about the financial burden on farmers, with some facing potential bills of £59,000 annually. The new threshold provides hope for the future of small farms, which play a crucial role in society.
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The inheritance tax rules have long been a point of contention for farmers, who often find themselves unable to meet the financial demands imposed by such taxes. The previous threshold was seen as unrealistic for many small farm operations, leading to fears about the viability of family-run farms. The government's recent announcement comes in response to these concerns and reflects a growing recognition of the challenges faced by the agricultural sector.
The views expressed in this article are those of the author and do not necessarily reflect the views of The Guardian.
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