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How badly will Labour's inheritance tax raid hit family farms - and what can they do?

The article from MSN discusses the potential impact of Labour's proposed changes to inheritance tax on family farms in the UK. Labour has suggested removing certain tax reliefs, including Agricultural Property Relief (APR), which currently allows farms to be passed down tax-free. This change could significantly increase the tax burden on family farms, potentially forcing many to sell land or assets to cover the tax bill. The article outlines the concerns of farmers who fear that without APR, the financial viability of passing down farms to the next generation could be compromised. It also mentions possible strategies for farmers to mitigate the impact, such as gifting assets before death or exploring other tax planning options. However, these alternatives come with their own complexities and potential costs. The piece concludes by noting that while Labour has not finalized its policy, the mere threat of such changes has already caused uncertainty and concern within the farming community.

Read the Full MSN Article at:
[ https://www.msn.com/en-gb/money/economy/how-badly-will-labour-s-inheritance-tax-raid-hit-family-farms-and-what-can-they-do/ar-AA1vth8s ]