Here is a description for your video about the UK Government Taxing farmers 20% inheritance tax based on the 30th November 2024 budget:
The UK government has announced a new tax on farm inheritance, which will come into effect in April 2026. The tax will be levied at a rate of 20% on the value of any farm or agricultural land that is passed on to heirs. This is a significant increase from the current rate of 12%.
The government says that the new tax is necessary to raise revenue and to help fund public services. However, farmers are concerned that it will make it difficult for them to pass on their businesses to the next generation. They also argue that the tax will discourage investment in agriculture and lead to a decline in food production.
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