Norfolk farmers renew calls for inheritance tax changes to be scrapped
Farmers want the Government ditch plans for a 20% inheritance tax rate on farms worth more than £1 million
Two farmers in Norfolk are calling on the Government to reverse their planned changes to inheritance tax - warning it will negatively impact the national economy.
It comes after hundreds of growers drove their tractors around Parliament yesterday, as part of a protest titled "RIP British Farming" against plans to introduce a 20% inheritance tax rate on farms worth more than £1 million.
"We would have to sell some land to fund it"
Nick Deane lives and works in Hoveton: "We're an industry that is asset 'rich', but from a farming point of view it's all about the money that you make from that land, that's the most important thing.
"We all accept that we need to pay taxes on the profits that we make, but I think that paying a levy on something just because you own it isn't the right way to go."
Patrick is from King's Lynn: "I imagine that our tax bill would stand at about £2 million for this.
"Even if you spread that over a decade, that's £200,000 a year and as the farm doesn't make that sort of money we would have to sell some land to fund it."
What's the Government said on this?
An Environment Department (Defra) spokesperson said: "Our commitment to the farming sector is steadfast, and we are investing £5 billion through the farming budget over two years - the largest amount for sustainable food production and nature's recovery in our country's history.
"Over 60,000 agreements for our Environmental Land Management Schemes are now live and we will continue to evolve and improve them to support farmers, sustainable food production and nature recovery."