Factoring in about £3 million free from inheritance tax, his son James, 29, would face an inheritance tax bill of 20 per cent on £12 million if he died suddenly, which is £2.4 million. AdvertisementLabour rebuffs criticismLabour has hit back at today’s demonstration by farmers in central London over increases to inheritance tax, insisting that the hike “will not impact the majority of farmers”. Sharing a post on X titled “The truth about Labour’s budget and farmers”, the party said: “Estates worth up to £3 million could still be passed on by a couple completely free of inheritance tax.” Labour also reiterated that when inheritance tax does apply, “farmers will still pay 50 per cent less inheritance tax than everyone else”. We will reverse this cruel tax, says BadenochKemi Badenoch told farmers that the Conservatives “have your backs” and vowed to reverse the inheritance tax change for farmers. Johnson labelled the inheritance tax changes as “Labour’s demented family farm tax”.

Source: The Times November 19, 2024 14:27 UTC