Reeves Defends Inheritance Tax Rise After Backlash From Farmers

Chancellor of the Exchequer Rachel Reeves defended her move to levy inheritance tax on UK landowners who pass down agricultural property to their children, after critics said the move would hurt the sector and lead to the breakup of family farms.

Agricultural estates were previously exempt from inheritance tax in Britain, but under plans in Reeves’ budget on Wednesday, farmers will have to pay a 20% levy on bequeathed assets over £1 million ($1.3 million). In a round of media interviews on Thursday, Reeves said the change would continue to protect smaller farms, and that three-quarters of cases would be ...