The Chancellor has been warned of farmers committing suicide as they are paying the price over her “dreadful” inheritance tax which has led to “economic illiteracy.”
The Tories have said that farmers who do commit suicide over her tax announcements must be measured to “understand the human cost” of her controversial Autumn Budget.
The Shadow Environment Secretary Victoria Atkins has warned that farmers face the risk of mental health problems as they work long hours and tend to work alone, now they have fears of their livelihoods because of the inheritance tax.
Atkins is urging Labour to undertake a “full and proper review” over the Chancellor’s “dreadful policy.”
Atkins told MPs in the House of Commons, “Growth flatlining, business confidence plummeting and job freezes – and who has Labour chosen to pay the price for their economic literacy? Pensioners, family businesses and farmers.”
She added, “Will the minister now commit to a full and proper review of this dreadful policy?
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“As worrying reports of suicides amongst farmers begin to emerge, will he please do as the Defra (Department for Environment Food and Rural Affairs) Secretary (Steve Reed) has failed to do, which is measure the number of suicides over the next 12 months so that we can understand the human cost of this policy?”
Treasury minister James Murray said that under the Chancellor’s plans there will be a 20% levy imposed on inheritance tax for farms valued at more than £1 million including agricultural assets.
Most farms in the UK are valued at more than £1 million, but most farmers make so little money they cannot afford to pay themselves properly and Labour’s tax is “heavily skewed toward the wealthiest estates” according to Murray.
He said, “I think that one of the confusions on the benches opposite is to confuse the value of farms with the value of claims under inheritance tax.
“And the only way to truly understand the impact of changes to inheritance tax policy on inheritance tax claims is to look at the claims data itself.”
The Prime Minister’s official spokesman said: “We’ve set out our reforms. It means that the majority of those who claim that relief will not be affected.
“They’ll be able to pass the family farm down to their children, just as previous generations have always done.
“We’ve taken a fair and balanced approach that protects the family farm whilst also continuing to invest in the farming budget, as I say, £5 billion over two years.
“The Secretary of State continues to engage with the sector … to deliver our new deal for farmers and he’ll continue to do so.”
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