The Liberal Democrats have called for the government to exempt “working farms” from its inheritance tax plans. Under plans announced in the Budget, inherited agricultural properties worth more than £1m will be subject to inheritance tax at 20% from April 2026 – having previously been exempt. There is a higher threshold of £3m for couples passing on their farms. The plans have sparked a wave of protests from farmers, but Labour argue the change is needed to discourage people avoiding tax by buying up agricultural land.
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