Farmers in the UK are outraged and prepared to take drastic action in response to Rachel Reeves' new tractor tax, according to the National Farmers Union (NFU) boss.
Treasury Figures Disputed
Tom Bradshaw, the NFU chief, has raised concerns that the Government's 20% tax on properties over £1 million poses a serious threat to British farms. He criticized Treasury figures, stating that nearly two-thirds of farms will be affected by the inheritance tax increase, as opposed to the 27% initially claimed.
Call for U-Turn on Tax Raid
Following a tense meeting with Environment Secretary Steve Reed, Bradshaw called on ministers to reverse the tax hike, emphasizing the unfairness of the changes. He expressed disbelief at the significant discrepancy between Treasury and Defra figures regarding the number of farms impacted.
Unprecedented Anger in the Industry
Bradshaw highlighted the unprecedented level of anger within the farming industry, noting that many farmers are considering militant actions. While not advocating for such measures, he stressed the importance of the government understanding the depth of feeling surrounding the impact on family farming in the country.
Chancellor Defends Tax Changes
Despite mounting opposition, the Chancellor defended the tax adjustments, claiming that only a small number of farms would be affected. She argued that in most cases, farms valued at £3 million could be passed on without incurring any tax, with subsequent tax rates set at 20% for agricultural property.
