STORY: Farmers' protest sweeps across Britain over inheritance tax changes
SHOOTING TIME: Dec. 11, 2024
DATELINE: Dec. 13, 2024
LENGTH: 00:01:30
LOCATION: London
CATEGORY: ECONOMY

SHOTLIST:
1. various of protesters in central London

STORYLINE:

British farmers have rallied with their tractors across the country, continuing their protest against the Labour government's planned changes to inheritance tax for agricultural families.

Descending on London on Wednesday, hundreds of tractor drivers ran through Westminster and lined up their agricultural vehicles outside Whitehall and the Houses of Parliament. Tractors also took to the streets of York, West Midlands, Derbyshire and other cities and towns.

This was the second major farmers' protest since the Autumn Budget in October which planned to alter the rules for Agricultural Property Relief (APR) and Business Property Relief (BPR).

Currently, the APR and BPR allow for 100 or 50 percent inheritance tax relief, depending on eligibility, with no cap on the total amount of relief.

But as announced in the Budget, from April 2026, inheritance tax relief for agricultural assets would be capped at 1 million British pounds, with a reduced rate of 20 percent being charged above that (the standard inheritance tax rate is 40 percent).

Farmers argue that these changes will disproportionately affect family-owned farms, forcing them to sell assets or land to meet tax obligations. And the added tax burden could also lead to food price rises.

Critics also warn the policy could lead to reduced domestic food production and increased reliance on imports.

Xinhua News Agency correspondents reporting from London.
(XHTV)