Farmers Challenge Inheritance Tax Hike: Implications for Family-Owned Businesses

Ever wondered how a significant tax reform might affect your family-owned business or farm? Well, a group of concerned farmers and owners of family businesses are currently fighting back against a major change to the Inheritance Tax law. Their weapon of choice? A good old-fashioned court case. Family farmers and business owners are challenging the Treasury and Reeves on the revisions to Inheritance Tax applicable to family farms and businesses. They argue a proper consultation was not conducted before these reforms were introduced. Even Defra, an authoritative body, admitted there hadn’t been an impact assessment done on the family farm tax. The leading law firm, Collyer Bristow, is representing the group, emphasizing that the government should be accountable to its public law obligations on tax policy matters. Their claim does not aim to reverse the changes but to ensure that affected individuals and groups have a voice in a proper consultation process. This is an essential step to make sure the government has the best possible evidence when developing tax policies that could significantly impact the UK’s farms and businesses. So, what does this mean for you? If you own a family business or farm, it’s crucial to stay informed about these types of changes. This case highlights the importance of a fair consultation process before implementing major tax reforms. It’s about making sure your voice is heard and your interests are considered. Stay informed, stay involved.

Source: order-order.com