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9th November, 2024.
MPs Kevin Hollinrake and Sir Alec Shelbrooke have warned that the future of family farms is at risk following tax changes announced in the recent budget.
The loss of Agricultural Property Relief (APR), which has been a long-standing components of the tax code, was met with anger from the National Farmers’ Union last week.
Now both MPs representing areas of Easingwold and surrounding countryside have teamed up to fight what they describe as “existential for Yorkshire farming”.
Thirsk & Malton MP Kevin Hollinrake said: “When in Opposition, the Secretary of State for Environment, Food and Rural Affairs stated that he had no plans to change inheritance tax. However, in last week’s budget the government announced that, while there would continue to be no inheritance tax on combined business and agricultural assets worth less than £1 million, above that there would be a 50 per cent relief, at an effective rate of 20 per cent, from April 2026. I met local farmers last week in Bedale and they are rightly feeling betrayed and angry at the Labour Government".
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