Reevesâ tractor tax plan in disarray as supermarket giants hit out at chancellor
Some of Britainâ??s biggest retailers, Tesco and Lidl, join calls for halt to inheritance tax raid as Labour chancellor tries to drum up business investment in the UK at World Economic Forum in Davos
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Rachel Reeves plans for a âfamily farm taxâ have suffered a major blow after the supermarket giant Tesco called on her to halt the policy.
In a highly unusual move, the retailer backed farmers in their fight against the inheritance tax raid, with its chief commercial officer warning the âUKâs future food security is at stakeâ.
In a double blow to the chancellor as she seeks to woo business investment to the UK at the World Economic Forum in Davos another huge supermarket, Lidl, also called on her to pause the policy.
Their calls mean Tesco, British agricultureâs biggest customer, and Lidl have now joined other major supermarket chains Sainsburyâs, Asda and Morrisons in backing farmers.
Farmers protest in London against inheritance tax changes and Budget impacts on farming (Andrew Matthews/PA) (PA Wire )Tescoâs chief commercial officer Ashwin Prasad said that ensuring farms remained economically sustainable was âessentialâ not just to food security but so customers âcan continue to get the great quality food they want, at a price they can affordâ.
The calls will increase pressure on Ms Reeves to U-turn on her controversial tax raid. The chancellor has faced a furious backlash to her Budget decision to extend inheritance tax to family farms, which critics warn could sound the death knell for family farms in England.
The changes mean that farms valued at £1m or more would be liable for 20 per cent inheritance tax.
The Treasury says that, with tax allowances, in reality only farms worth £3m would be affected, just 28 per cent of family farms. But official Defra figures appear to suggest as many as 66 per cent could be hit.
Thousands of farmers brought Westminster to a standstill in November when they descended on the capital to voice their opposition to the change.
Tesco warned âthe UKâs future food security is at stakeâ (PA Wire )Mr Prasad said: âOne message is loud and clear: farmers desperately need more certainty. After years of policy change, it has been harder than ever for them to plan ahead or to invest in their farms.
âOne current area of uncertainty is the proposed change to inheritance tax relief. With many smaller farms relying on APR (agricultural property relief) and BPR (business property relief) we fully understand their concerns.
âItâs why weâll be supporting the NFUâs calls for a pause in the implementation of the policy, while a full consultation is carried out.â
Lidl said in a statement: âProviding security and long-term investment for British agriculture is key to helping ensure that farmers can continue to produce affordable and increasingly sustainable food for generations to come.
âWe are concerned that the recent changes to the inheritance tax regime will impact farmer and grower confidence and hold back the investment needed to build a resilient, productive and sustainable British food system.
âWe, therefore, support the call by the farming community to pause the implementation of those changes and to consult with industry to achieve a mutually beneficial outcome. We will be raising our concerns with Government at any opportunity we get.â
On Friday, Asda also offered their public support for farmers by backing the NFUâs demand for a âpauseâ in implementing the changes. And earlier this month, Morrisons told farmers âweâre with youâ in the fight.
Environment Secretary Steve Reed recently offered an apology for having âshockedâ farmers with the Budget measures.
But he, and other cabinet minister, blame the tax raid on a £22billion âblack holeâ in the public finances left by the previous Tory government.
Separately, a new report by the Office for Budget Responsibility (OBR) casts doubt on how much money the raid will raise. The expected revenue, £500m a year by 2029, has been given a âhighâ uncertainty rating by the spending watchdog. Shadow environment secretary Victoria Atkins MP said ministers âstill canât tell us how many businesses will be affected.
âThey have chosen to destroy British family farming for little return. The OBR is clear that it will be near impossible for older farmers to restructure their affairs quickly in response to this vindictive tax.
"Farmers up and down the country are worried sick about their familiesâ futures and Labourâs tax bills.â
Liberal Democrat rural affairs spokesperson Tim Farron said the report âconfirms that the governmentâs misguided family farm tax is mired in problems and will penalise British farmers for practically no benefit.
âIt is deeply concerning that older farmers will be hit hardest from this tax, with the rug pulled from under them before they can change their plans. And with tax revenue expected to be highly uncertain and unstable for two decades, the Chancellorâs excuses simply donât stack up. The government must do the right thing and scrap the family farm tax before itâs too late.â
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