British farmers erupted in protest earlier this week after the left-wing Labour government introduced new inheritance taxes.
Currently, “agricultural assets” — such as farms and fields — are not taxed as part of Britain’s inheritance tax system. But now, under the proposed changes, assets valued at over 1 million pounds (about $1,260,000) would be taxed at a 20 percent rate.
Farmers are particularly concerned, as while their assets may be valuable, they often do not have significant cash reserves. So, their heirs — likely their sons and daughters — would be forced to sell off some of their assets to pay the tax or be stuck with massive bills.
The anger sparked by the proposed tax has currently amounted to a massive march in London, with some farmers threatening “militant action;” They believe that the tax could be a death knell for small farmers and would force the United Kingdom to rely on food imported from abroad.
Popular television presenter Jeremy Clarkson was also at the march, calling the proposed tax a “hammer blow” for British farms. Thousands of Brits joined Clarkson in standing up for the farmers — a bad sign for the struggling Labour government.
The British Conservative Party’s new leader, Kemi Badenoch, called the proposed tax “cruel” and said she would repeal it if her party returns to power at the next elections.
