UK Parliament / Open data

Farming and Inheritance Tax

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

It is amazing; one of my colleagues talked about “the green fields opposite” in reference to the empty Conservative Benches.

Given that background, it is no surprise that farmers are angry, worried and feeling vulnerable. I associate myself with the remarks made by the hon. Member for Tiverton and Minehead (Rachel Gilmour), who called for calm and sense in the debate. Emotive language, designed to sow fear and cause concern is irresponsible at the very least, so let us try to keep to the facts and keep things calm and reasonable.

The focus of Conservative Members seems to be family farms, but the phrase “family farm tax” immediately creates a sense of fear and targeting, which is completely wrong. With some sensible tax planning, £3 million of assets can be exempt. Many speeches have glanced over the importance of gifting rights. Let us take the scenario of a family farm, in its truest sense, that is to be passed between generations. Surely, gifting rights are a massive opportunity to avoid all inheritance tax and remove the sense of fear that Conservative Members are trying to create. Most of the rest of the country has to do that simple estate planning by default.

Type
Proceeding contribution
Reference
758 c365 
Session
2024-25
Chamber / Committee
House of Commons chamber
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