Farming union urges changes on inheritance tax plans
Mr Jones said he felt "compelled" to write to the prime minister after being contacted by "hundreds of Welsh farming families" he said were impacted by the proposed changes.The UK government has said the changes will only affect the wealthiest 500 farms each year, but Mr Jones said he was concerned that the number of farms impacted "will be far greater than Treasury predictions".Farming unions have estimated that up to 70,000 farmers could be affected overall.
Mr Jones said he was particularly concerned about the impact on older farmers, who are "tormented with the continual worry that their passing will create an unmanageable financial burden for their loved ones"."I know that no government would want to place anyone in the difficult and invidious position that many elderly farmers now find themselves in," the letter said."My view remains that an opportunity still exists for your government to mitigate very many of the human impacts of these policy proposals, whilst meeting the government's aim of raising revenue."The UK government has maintained that, under its changes, three quarters of estates would continue to pay no inheritance tax at all, while the remaining quarter would pay half the inheritance tax that most people pay.
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