On 19 November 2024, London experienced widespread protests in response to the government’s newly announced budget, which includes proposed reforms to inheritance tax rules.
Farmers voiced strong opposition to changes affecting agricultural property relief, fearing the financial strain these revisions may place on family-run farms. The reform aims to apply the tax to wealthier estates, but many farmers argue that even modest operations could be negatively impacted due to high land values and low returns.
These concerns are compounded by broader implications for food security and the viability of rural communities, sparking tension between policymakers and the agricultural sector.
These developments highlight the importance of understanding how policy changes may affect property valuations, business continuity, and estate planning. For those impacted, consulting with a tax specialist is crucial to navigate potential financial challenges and identify suitable strategies.
Misha Gaskin