Photo: Mayor David Skaith on a recent farm visit near York.
Mayor David Skaith has welcomed the decision to raise the threshold where farmers will have to pay inheritance tax.
Read more on the news here: Inheritance tax reliefs threshold to rise to £2.5m for farmers and businesses – GOV.UK
David Skaith, Mayor of York and North Yorkshire: “This is a welcome decision and will end months of anxiety experienced by many farmers across York and North Yorkshire. I have made clear the impacts, identified in our farm finance review, would have on farmers and rural businesses in our region. Today’s announcement and the increase in the threshold is a huge step towards addressing those concerns.
“Our farmers are a vital foundation to our communities in York and North Yorkshire, and Great Britain. I’ll continue working with partners and the Government to best support our farming communities and our nation’s food security.”
“Our farmers are a vital foundation to our communities in York and North Yorkshire, and Great Britain. I’ll continue working with partners and the Government to best support our farming communities and our nation’s food security.”
Earlier this year the Mayor commissioned a study into farm finances in York and North Yorkshire, which found that more than half of farms in the region were not profitable.
Read more on that report here: https://yorknorthyorks-ca.gov.uk/half-of-regions-farms-not-profitable-finds-new-report/