Blake Stephenson, the MP for Mid Bedfordshire, has called on the Government to reverse its plans for a 'Family Farm Tax' during a House of Commons debate on rural affairs.
During the Budget statement on 30th October, the Chancellor Rachel Reeves announce farmers will no longer be able to pass their farms onto family without being dragged into inheritance tax meaning they will be forced to pay 20% tax on farms worth over £1 million.
Local MP Blake held a roundtable with farmers in the Mid Bedfordshire constituency last week and is concerned the policy will be devastating for local family farms as while most farms may be asset-rich in terms of land value, they are often cash-poor.
During the debate, Blake said: "We should do all we can to support British farmers and nurture the next generation of them, but instead the Government are regrettably levying a spiteful family farm tax on them. I met farmers in Mid Bedfordshire recently. It is clear that the attack on family farms will force many families to sell up to developers or big international farming corporations, ripping the soul out of our rural communities.
"For the long-term sustainability of rural communities up and down the country, I urge the Government to reconsider the damaging family farm tax."
Farms will also be hit by the Government's National Insurance contributions increase which could cost local businesses, like farms, hundreds of extra pounds a year per employee.
