Young farmers will vote on a motion regarding inheritance tax at the National Federation of Young Farmers’ Clubs’ (NFYFC) annual meeting of clubs.
The motion calls for a debate on Labour's proposed inheritance tax changes and their potential impact on the next generation of farmers.
NFYFC, the UK’s largest rural youth organisation with over 23,000 members, will host the meeting at the Assembly Rooms in Leamington Spa on 13 April.
The motion states: “This house believes that the proposed changes to inheritance tax will have a detrimental impact on the next generation of farmers, and threaten the security of family farms.”
In the autumn budget last October, the government announced several reforms to agricultural property relief from inheritance tax.
This includes a £1m allowance which will apply to the combined value of property that qualifies for 100% APR.
After the £1m allowance has been exhausted, relief will apply at a lower rate of 50% to the combined value of qualifying agricultural and business property.
YFC member Luke Cox, who proposed the motion, said the impact of the controversial proposals are "well documented".
"I feel there needs to be more understanding and empathy for British farmers," Mr Cox, a member of Wiltshire Federation of Young Farmers’ Clubs, said.
“A concern for the next generation is the impact this has on investment, because throughout the period of the ‘7 year rule’ a choice will have to be made between investing in the future of the farm or saving every penny to pay off a potential tax bill."
The vote will take place at The Assembly Rooms in Leamington Spa on 13 April at 10.30am.
Votes can be cast online and all clubs, counties and council will receive voting details in advance of the meeting.
