Latest news with #GrahamMiles
Yahoo
30-07-2025
- Business
- Yahoo
Farmer's dad 'feels he has to die' before new tax
A farmer says his dad feels he has to die before April so the family avoids changes to inheritance tax. Russell Abbott from Cragg Pitt Farm in Tattingstone, Suffolk, says his father, who is in his early 80s, is troubled by the upcoming changes to the tax. From April, inherited agricultural assets worth more than £1m will be taxed at a rate of 20%, which the government said was "vital to fix public services we all rely on". Graham Miles, a rural and agricultural Anglican chaplain for Suffolk, said those at the top must listen to farmers' concerns. "He now feels he's got to go before next April," Mr Abbott told BBC Radio 4's Farming Today programme. "He just says he'd be better off if he wasn't here. "I understand my father and I don't think he's in that state of mind. "I don't think he'll do anything silly not for one second, but I do understand what he is saying. "I suppose in some ways what he said to me is, 'If I take my last breath before next April, I'll die happy'. "That's awful to hear... I'd never wish that upon my father. "I'm just so thankful for every day that I have had with my dad." How are the inheritance tax rules changing? For the general population, inheritance tax is charged at 40% on the property, possessions and money of somebody who has died, above a £325,000 threshold. The tax has not applied to inherited agricultural assets, such as small family farms and farm buildings. But from April 2026, for the first time, a tax of 20% will be imposed on these assets worth more than £1m. The government says the changes will only affect the wealthiest 500 farms each year. However, the National Farmers Union and the Country Land and Business Association estimate that up to 70,000 farms could be affected overall. Many farmers have said they feel betrayed by the changes, with protests taking place. Mr Miles's role is to support farmers through difficult times, offering them pastoral care. He says it is not the first time he has heard similar concerns from farmers. "Unfortunately I'm getting this nearly every day of the week - farmers coming up to me and saying, 'Graham my family would be better off if I wasn't here'," he explained. "The closer we get to next April the more I'm going to get of this." The Department for Environment, Food and Rural Affairs said three quarters of estates would continue to pay no inheritance tax at all. It pointed out that these inheritance payments could be spread over 10 years, interest-free. Follow Suffolk news on BBC Sounds, Facebook, Instagram and X. More on this story Tax row will put young people off farming, M&S boss says Inheritance tax plans tormenting farmers, union tells Starmer How are the inheritance tax rules changing? Related internet links Defra
BBC News
30-07-2025
- Business
- BBC News
Suffolk farmer's dad 'feels he has to die' before new tax
A farmer says his dad feels he has to die before April so the family avoids changes to inheritance Abbott from Cragg Pitt Farm in Tattingstone, Suffolk, says his father, who is in his early 80s, is troubled by the upcoming changes to the April, inherited agricultural assets worth more than £1m will be taxed at a rate of 20%, which the government said was "vital to fix public services we all rely on".Graham Miles, a rural and agricultural Anglican chaplain for Suffolk, said those at the top must listen to farmers' concerns. "He now feels he's got to go before next April," Mr Abbott told BBC Radio 4's Farming Today programme."He just says he'd be better off if he wasn't here."I understand my father and I don't think he's in that state of mind. "I don't think he'll do anything silly not for one second, but I do understand what he is saying."I suppose in some ways what he said to me is, 'If I take my last breath before next April, I'll die happy'."That's awful to hear... I'd never wish that upon my father."I'm just so thankful for every day that I have had with my dad." For the general population, inheritance tax is charged at 40% on the property, possessions and money of somebody who has died, above a £325,000 tax has not applied to inherited agricultural assets, such as small family farms and farm from April 2026, for the first time, a tax of 20% will be imposed on these assets worth more than £ government says the changes will only affect the wealthiest 500 farms each the National Farmers Union and the Country Land and Business Association estimate that up to 70,000 farms could be affected farmers have said they feel betrayed by the changes, with protests taking place. Mr Miles's role is to support farmers through difficult times, offering them pastoral says it is not the first time he has heard similar concerns from farmers."Unfortunately I'm getting this nearly every day of the week - farmers coming up to me and saying, 'Graham my family would be better off if I wasn't here'," he explained."The closer we get to next April the more I'm going to get of this."The Department for Environment, Food and Rural Affairs said three quarters of estates would continue to pay no inheritance tax at pointed out that these inheritance payments could be spread over 10 years, interest-free. Follow Suffolk news on BBC Sounds, Facebook, Instagram and X.
