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Wed 19 February 2020
RH & RW Clutton, which manages many farms and estates, comments on the January report of the Inheritance Tax proposals made by the All Party Parliamentary Group (APPG)
“We were astonished to read the report” said Oliver Harwood, Partner “which pays no account to the role of reliefs like Agricultural Property Relief (APR) and Business Property Relief (BPR) - which have been a major factor in helping family farms and estates remain in business”.
APR and BPR were introduced to avoid farms having to be split up and sold when passed down the generations – and these reliefs continue to work well.
With significant reforms to agricultural support under the Agriculture Bill now in Parliament, our view is that now is not the right time to undo the good work these reliefs have delivered.
The structure of British farming remains in good shape, particularly compared to our European neighbours, largely because Government have recognised that introducing taxes that force sound businesses to fold is not good policy.
The Reform Of Inheritance Tax report is available here : www.step.org/sites/default/files/Policy/Reform%20of%20inheritance%20tax%20report%20Jan%202020%20final%20ALT.pdf
For more information, please contact Oliver Harwood www.rhrwclutton.com/staff/oliver--harwood
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