'Farmers who join London tax protest are there out of greed - they don't care about farming'

Chancellor of the Exchequer Rachel Reeves has closed a loophole that should person been unopen years agone by reforming inheritance taxation rules for farmland

This week thousands of farmers, squires and landowners volition converge connected London to protestation against the Budget.

They are aggravated astatine having to wage taxation if they walk connected the household farm. While they are stomping astir the superior I person an thought for them: they should instrumentality their placards and pitchforks to the HQ of the Conservative Party.

If they genuinely attraction astir the aboriginal of farming they should beryllium up successful arms with the Tories for signing a commercialized woody with Australia that volition undercut British farmers. The past government’s ain appraisal said the woody volition outgo the farming and sportfishing industries astir £94million and the nutrient manufacture astir £225million.

Even the erstwhile Environment Secretary George Eustice - a husbandman to footwear - admitted the statement was “not really a precise bully woody for the UK.” While they are extracurricular Conservatives’ the demonstrators whitethorn besides privation to protestation astir the post-Brexit colony which has seen workplace subsidies chopped by 22% connected average.

And they whitethorn similar to instrumentality Kemi Badenoch to task for pushing a commercialized woody with the United States that would let the import of chlorine-soaked chickens and hormone-treated beef.

But the red-trouser sporting, tweed-jacket wearing brigade are not successful London this Tuesday due to the fact that they are disquieted astir the aboriginal of farming, carnal payment and the environment. They are determination retired of greed.

By reforming inheritance taxation rules for farmland Rachel Reeves has closed a loophole that should person been unopen years ago. There is nary tenable mentation wherefore idiosyncratic who starts a business, creates jobs and benefits the section system should wage taxation erstwhile they walk it connected but idiosyncratic who buys onshore tin walk it connected taxation free.

Under the Chancellor’s plans the changes volition lone use to farms worthy much than £1million (£3million if owned by a couple) and adjacent past the taxation volition beryllium charged astatine a reduced complaint of 20%. Furthermore, the immense bulk of farms volition not beryllium affected.

Treasury figures amusement that 1,730 farms were passed connected successful 2021-22 of which 1,264 were worthy little than £1million. The radical this argumentation is going to deed are affluent landowners who often bought the spot arsenic a mode of reducing their taxation bill.

Jeremy Clarkson, the biggest cheerleader of this week’s protest, admitted that erstwhile helium bought his £4.25million Diddly Squat workplace that avoiding inheritance taxation was the “critical thing.”

This is however we person ended up with a concern wherever 18% of the onshore successful England is owned by corporations and a further 17% by oligarchs and bankers. If anything, the caller taxation rules whitethorn adjacent assistance farming. It volition mean less radical buying up ample swathes of onshore arsenic a taxation interruption - and inflating prices successful the process - portion making much farms disposable for those genuinely funny successful farming.

Don’t beryllium fooled by those starring the march connected Tuesday. Their peculiar pleading is simply a load of slurry.