Farmers welcome supermarkets’ backing in fight against inheritance tax changes
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Farmers have welcomed calls by major supermarkets to pause the introduction of inheritance tax for farm businesses. Tesco and Lidl are among the retailers voicing concerns over the changes, which will end the 100% exemption from inheritance tax on qualifying business and agricultural assets worth more than £1 million.
In a blog on the Tesco website, the company’s chief commercial officer, Ashwin Prasad, said farmers desperately needed more certainty to plan ahead and invest in their farms. He warned that the proposed change to inheritance tax relief was causing uncertainty, adding: “With many smaller farms relying on APR (Agricultural Property Relief) and BPR (Business Property Relief) we fully understand their concerns.”.
He said: “It’s why we’ll be supporting the NFU’s (National Farmers’ Union) calls for a pause in the implementation of the policy, while a full consultation is carried out.”. Tesco said the consultation must be followed by setting a long-term vision for UK agriculture which gives farmers clarity on the role they can play in the UK’s wider transition to net zero, and create the right conditions for farmers to be able to invest in and benefit from the move to a green economy.
In a statement, Lidl said buying British sourced produce was incredibly important to its customers, and providing security and long-term investment into the country’s agriculture was key to ensure that farmers could continue to produce affordable and sustainable food.
