UK Parliament / Open data

Farming and Inheritance Tax

Proceeding contribution from James Murray (Labour) in the House of Commons on Wednesday, 4 December 2024. It occurred during Opposition day on Farming and Inheritance Tax.

I have given way already, so I am going to make some progress.

The reforms should be seen in the context of the significant existing support for the farming industry in the wider tax system, including the exemption from business rates for agricultural land and buildings, the ongoing entitlement for vehicles and machinery used in agriculture to use rebated diesel and biofuels, and the exemption from the plastic packaging tax for the plastic film used to produce silage bales. On top of that, farmers are able to add together their profits from farming over two to five years and be taxable on the average of those profits, building flexibility into their tax arrangements for difficult years and unexpected challenges.

Type
Proceeding contribution
Reference
758 c397 
Session
2024-25
Chamber / Committee
House of Commons chamber
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