Maya, who was part of a group of rural Labour MPs who spoke out against the proposed changes, said: “Family farms are vital to communities like ours in Ribble Valley and Preston so I’d like to send a heartfelt thanks to all the farmers who have worked so constructively with me over the past year to lobby on this. Like me, they never gave up hope that farming deserves a long a prosperous future in our beautiful country.
“The decision to raise the threshold to £2.5m per person [£5m per couple] will make a real and practical difference, helping to give family farms greater certainty about the future.
“I know people haven’t been able to see all the hard work and tricky politics that has gone on behind the scenes on this, but I hope this announcement gives constituents hope, proof and faith that I will work tirelessly to make sure this Labour government works for communities like ours in Ribble Valley and Preston.
“This, along with the Farming Profitability Review announced earlier this week, starts to give me real hope that this is a Labour government ready to show that our values can be as important to rural communities as urban ones. This is only the start of what I want to see for a new era of farming in the UK.”
The revised thresholds will apply to eligible agricultural property and are expected to benefit small and medium-sized family farms in particular.
IHT is normally charged at 40 per cent on the value of their estate above the tax-free threshold for types of businesses. However, Business Property Relief can reduce or remove this tax for qualifying businesses. In many cases, 100 per cent relief is available, meaning no IHT is paid on the business.
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