UK Government Raises Inheritance Tax Threshold for Farmland, Easing Fears in Farming CommunityThe UK government has raised the inheritance tax threshold for farmland from one million pounds to two million five hundred thousand pounds, providing an early Christmas gift for farmers in Northern Ireland. This change scraps the original plan to scrap a key relief for family farms, easing immediate fears in the sector. However, with land prices reaching up to thirty-five thousand pounds per acre, many worry that even a modest farm could exceed the new limit. Reactions from the farming community have been mixed, with some praising the move as progress and others calling for more lobbying to protect family farms from unfair targeting for revenue. Personal stories highlight the relief, with one retired bank manager whose husband built a dairy farm before passing away in 2021 saying the news lifted a huge weight. Politicians have also welcomed the change, crediting pressure and calling it vital amid other woes like disease outbreaks. While uncertainty lingers for larger holdings, this U-turn brings welcome breathing room to family farms just in time for the holidays, with calls growing for full exemption down the line.

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