North Shropshire MP Helen Morgan has said inheritance tax plans are a “cruel blow” for local farms.

Ms Morgan made the comments as she greeted farmers who had come to protest the implementation of an inheritance tax on farms worth £1 million or more.

15 local farmers came to visit Ms Morgan to discuss their concerns about the proposal which she has said could have a devastating effect on the area.

“They are really angry and upset about the changes to inheritance tax for farmers,” said Ms Morgan.

“They think the government have got their number wrong and that two thirds of farms will be affected by it."

OTHER NEWS:

Ms Morgan said the move was an especially harsh after tow years where farmers have been hit by the effects of inflation and the removal of subsidies.

“This is a real cruel blow for farms that have seen their income plummet over the last few years,” she added.

“I meet with farming groups pretty regularly because they are the backbone of our economy in North Shropshire. They support a huge number of other businesses that are involved in the agriculture industry.

“They are concerned they have made very little money over the last few years. Supermarkets and food producers have been putting huge pressures on farm gate prices.

“They have lost their basic farm payment and they haven’t been able to access the sustainable farming incentive which is the replacement for that.”

“When they are now looking at inheritance tax, although they have a lot of land valued quite highly, that’s not real wealth it’s just on paper. So, when they have to pay that tax even over 10 years that is going to wipe out their income.”

Help support trusted local news

Sign up for a digital subscription now: www.bordercountiesadvertizer.co.uk/subscribe/

As a digital subscriber you will get

  • Unlimited access to the Oswestry Advertizer website
  • Advert-light access
  • Reader rewards

Ms Morgan said she hoped that the government would rethink their plans but said that the early indications are that they are “doubling down” on them however she vowed to keep the pressure up.

“I think it exposes us to being bought out by huge landowners who don’t care about the environment, who aren’t interested in those subsidies and who make their money through intensifying farming,” added Ms Morgan.

“It’s bad for local families, bad for the local economy and bad for communities. Many of our farms are third, fourth and fifth generation and we want them to continue.”

Government ministers have said farmers are “wrong” to think that thousands of farm businesses will be affected by the changes, insisting only around 500 of the wealthiest estates will have to pay tax under the move.

The Government has also said they had put a record £5 billion aside over two years for sustainable farming.