South Yorkshire farmer plans to protest against budget changes later this month
The Labour government plan to alter the rules around inheritance tax on agricultural properties from 2026
Farmers in South Yorkshire admit they’re ‘doubtful’ if the next generation will be able to follow in their footsteps & make a living in agriculture.
It’s following new government plans announced in the budget last week around inheritance tax - meaning agricultural assets worth over 1 million pounds will be charged at 20% from 2026.
Mark Downing owns Whincover farm in Wath-Upon-Dearne & Chestnut farm in Sprotbrough.
He's planning to protest against the proposed changes down at Westminster later this month with other members of the National Farmers' Union:
"I'm a fifth-generation farmer, so I take a great deal of pride in what I do.
"There's too much work that's gone into what we do by our family before us, for it all just to be swallowed up in taxation.
"To keep this family farm going and hand it down to the next generation, it's just common sense for succession not to be made as difficult as this.
"My children could lose 20% of the area we farm in, as selling that amount of land could be the only means for us to fund the tax, so I have great fears about this.
"We have to make a stand down in London later this month - the government are pushing us to the limit with this.
"Plenty of other farmers and people from the agricultural industry will go down for sure.
"This could be the biggest thing to affect agriculture, potentially.
"Our two farms could be worth 3-4 million pounds in total, so to be taxed 20% of that would be catastrophic."
The new shadow environment secretary says the "crass decision" to remove some inheritance tax relief for farms shows the government's 'lack of knowledge' about the countryside.
The NFU plan to protest at Westminster on the 19th of November.