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"Inheritance Tax allowances for farms and businesses are currently very generous, but for good public policy reasons - ensuring food security and so that farms and businesses are not forced to close with ensuing loss of jobs and tax revenue because assets had to be sold to meet tax when the owner has died."
Hudda Morgan is a partner solicitor at legal firm Spencer West LLP. She writes about Inheritance Tax for farmers and some of the changes which Chancellor Rachel Reeves could adopt in the next Budget
Currently, agricultural assets qualify for 100% relief against Inheritance Tax and business assets 50% or 100% relief, whatever their overall value. The changes proposed in the Autumn Budget mean that...
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