Data commissioned by the NFU has shown Labour is not trusted by its 2024 voters on issues surrounding the impact of the Budget on farmers. The polling, carried out by Portland this week, shows that changes to inheritance taxation on family farms are unpopular, and that perceptions that Labour does not value rural voters as highly as urban ones are building.
The data shows that two thirds (65%) of the public do not think that the Government has fully considered the impact of its planned changes on family farms. In the days since the Budget, the NFU has repeatedly said to Treasury and government that its figures justifying the Family Farm Tax are wrong and will devastate family farms, putting many out of business.
Government suggests 27% of farms will be affected by changes to Inheritance Tax (IHT), namely Agriculture Property Relief (APR). In sharp contrast, the NFU has demonstrated more farms will be impacted and has released data showing 75% of farms stand to be above the £1m Family Farm Tax threshold.
New polling, released today, shows the British public agree with the NFU, with only 27% supporting the Family Farm Tax.
NFU President Tom Bradshaw said: “I am not surprised by this data. It shows the level of support for British farmers from people across the country. This is echoed with the 255,000 people that have so far signed our petition to Stop the Family Farm tax. Unfortunately for this new government, it also shows that, on the issue of changes to Inheritance Tax to working family farms, the majority of people are with us and believe this an unfair move.
“From the work we have done with financial experts formerly of the Treasury and Office for Budget Responsibility (OBR), we know 75% of farms could be impacted by changes to APR and Business Property Relief (BPR). While the two go hand in hand, for many working farms, the Treasury has chosen not to count this as part of its planned Inheritance Tax changes, therefore skewing the impact the changes will have, resulting in the confusion and uncertainty which has played out in the media in recent days.
“But I am certain, as are the 1,800 NFU members that joined me on Tuesday for our mass lobby, with more than 10,000 farmers on the streets of Westminster, calling on their MPs to back our demands to halt the current budget madness, to carry out an urgent and full review of the correct data and draw better conclusions.”
