James Wild MP has kept up pressure on ministers over Labour’s plans to cut inheritance tax relief for farms, dubbed the ‘Family Farm Tax’.
In his role as Shadow Treasury Minister, James warned that the policy will have damaging consequences for family run farms and called on ministers to scrap the plans.
He pressed the government to clarify whether the Chancellor has actually met with farmers, the National Farmers Union, or other farming organisations to understand the real-world impact of the policy.
Speaking in the House of Commons, James Wild MP said:
"This morning the Chancellor failed to take responsibility for her poor choices in a Budget that whacked up taxes, borrowing and spending, and made it clear that she would once again break her promises on tax. The farmers whom I have met have been in tears about the family farm tax, not because they are worried about losing their jobs but because the Chancellor is putting generations of farming at risk. Can the Minister tell the House whether the Chancellor has actually met any farmers, the NFU or other farming organisations to understand the impact of her policy and why she should scrap the family farm tax?"
In response, Exchequer Secretary Dan Tomlinson MP said:
"The Government have assessed the impact of this policy. According to the estimates that we issued at the time of last year's Budget, about 500 farms would pay additional tax as a result of the changes; those numbers were contested by all Opposition Members, but the CenTax report - which the hon. Member has said that he and others are interested in reading - backs them up and confirms the Government's estimates."
James has consistently opposed the Family Farm Tax since the government announced it in the Autumn Budget, backing calls from the NFU and other farming organisations for the policy to be scrapped.
