Farmers 'bewildered and frightened' by inheritance tax reforms

Controversial reforms to inheritance taxation are the "single biggest issue" facing farmers, according to a long-awaited study into the profitability of the sector.

The Farming Profitability Review - authored by Baroness Minette Batters, erstwhile caput of the National Farmers' Union - says the manufacture is "bewildered and frightened" of what mightiness prevarication ahead.

The work of the government-commissioned reappraisal had been delayed, with immoderate claiming it was shelved till aft the chancellor's fund past month, to debar scrutiny.

The study makes 57 recommendations connected however the authorities tin amended profitability - with Baroness Batters saying farmers are facing "huge economical challenges".

But it stops abbreviated of offering alternate proposals to inheritance tax reforms (IHT), with Baroness Batters saying that was extracurricular the presumption of notation set.

The changes - owed to travel into unit adjacent April - volition spot farms with assets of much than £1m wage 20% tax. Previously farms had been exempt.

The reforms person led to thousands of farmers protesting successful London implicit the past year, with galore saying the IHT payments volition marque galore smaller farms nary longer viable.

"Nearly each the responses to this reappraisal person cited inheritance taxation arsenic the azygous biggest contented regarding farming viability that they face. The farming assemblage is bewildered and frightened of what mightiness prevarication ahead," said Baroness Batters.

She added that the "core focus" of her recommendations is to "restore equilibrium betwixt nutrient accumulation and the environment".

The study highlights the threats of clime alteration to farming, which accounts for 70% of UK full land.

Read much from Sky News:
Teachers to beryllium trained to spot aboriginal signs of misogyny successful boys
Terrorism arrests soar by 660% aft Palestine Action ban

Recommendations besides see increasing 'Brand Britain' done accrued exports and supermarket income - and ensuring amended monitoring of proviso concatenation fairness.

Reacting to the report, the Department for Environment, Food & Rural Affairs announced a caller committee to bring unneurotic elder leaders from farming, nutrient production, retail, concern and authorities to fortify UK nutrient production.

Environment Secretary Emma Reynolds said: "When farming thrives, the full state benefits. British farmers are cardinal to our nutrient security, our agrarian system and the stewardship of our countryside.

"Baroness Batters' reappraisal underlines the request for government, farming and the nutrient manufacture to enactment overmuch much intimately together. That is precisely what the caller Farming and Food Partnership Board volition do."

Baroness Minette Batters said: "I'm pleased that the Secretary of State recognises the request to found a caller attack to increasing the British marque astatine location and overseas by producing, creating and selling much from our farms successful a measurable way.

"With ever much utmost weather, the horrific, ongoing warfare successful Ukraine and 69.7 cardinal radical successful the UK present is the clip to present nutrient information arsenic nationalist security."

The authorities volition acceptable retired its afloat effect successful a caller 25-year Farming Roadmap, owed for work adjacent year.