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With the highly-anticipated budget from the new government just weeks away, many are wondering what changes may be in store. It will mark the first time in 15 years that a Labour chancellor will present the budget, as well as the first time a female Chancellor will take the reins. While tax rises may be inevitable given the country’s debt and various challenges, it’s important to consider who will bear the brunt of these changes.
As farmers, we understand the need to adapt to challenging financial situations. However, government decisions impact a much larger scale and can have significant consequences. While HMRC has been lenient towards farmers in the past, there is growing scrutiny on tax-free land transfers and other wealth-related tax breaks. The government’s more progressive stance on taxing assets may signal a shift in tax policies that could affect the farming industry.
It’s crucial for any changes in asset taxation to be implemented gradually to prevent destabilizing the farming sector. The focus should be on discouraging the misuse of farmland for tax avoidance while supporting hard-working farmers who contribute to the economy and provide essential resources. Let’s hope that the upcoming budget addresses these issues thoughtfully and fairly.
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Maria Sanchez completed her Bachelor’s degree in Plant Sciences from the University of California, Davis, in the USA. Her studies focused on plant genetics and biotechnology, with an emphasis on developing disease-resistant crop varieties. Maria has contributed to several research projects aimed at improving crop resilience to climate change and is now pursuing her Master’s degree in Plant Breeding.
