A Labour MP has been suspended after voting against the government’s plan to tax inherited farmland from April next year.Markus Campbell-Savours, who represents the rural Cumbrian seat of Penrith and Solway, rebelled in an initial vote on the plans on Tuesday evening.Dozens of the party’s backbenchers are said to have abstained, as MPs in rural areas expressed concerns about the proposals. Treasury minister James Murray insisted that taxing farm estates was a fair way to raise money to fund public services. Labour wants to start charging tax on inherited agricultural assets worth more than £1m, reversing a tax relief that has existed in its modern form since the 1980s.Above this threshold, inherited farmland would be taxed at 20%, half the standard inheritance tax rate, in a move initially estimated to raise £520m annually by 2029.The plans, first announced at last year’s Budget, led to protests around the UK from farmers who argue they will lead to the break-up of family farms.But ministers avoided a legislative skirmish over the proposals last year, as they were not included in the law to rubber-stamp the 2024 Budget.However, MPs were given an initial vote on the proposals on Tuesday evening, before a full vote on legislation to deliver this year’s Budget in the coming months.Explaining his decision to rebel, Campbell-Savours said he had promised local voters before the election that Labour would not touch the relief, adding it would leave many farmers “devastated at the impact on …
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[mwai_chat context=”Let’s have a discussion about this article:nnA Labour MP has been suspended after voting against the government’s plan to tax inherited farmland from April next year.Markus Campbell-Savours, who represents the rural Cumbrian seat of Penrith and Solway, rebelled in an initial vote on the plans on Tuesday evening.Dozens of the party’s backbenchers are said to have abstained, as MPs in rural areas expressed concerns about the proposals. Treasury minister James Murray insisted that taxing farm estates was a fair way to raise money to fund public services. Labour wants to start charging tax on inherited agricultural assets worth more than £1m, reversing a tax relief that has existed in its modern form since the 1980s.Above this threshold, inherited farmland would be taxed at 20%, half the standard inheritance tax rate, in a move initially estimated to raise £520m annually by 2029.The plans, first announced at last year’s Budget, led to protests around the UK from farmers who argue they will lead to the break-up of family farms.But ministers avoided a legislative skirmish over the proposals last year, as they were not included in the law to rubber-stamp the 2024 Budget.However, MPs were given an initial vote on the proposals on Tuesday evening, before a full vote on legislation to deliver this year’s Budget in the coming months.Explaining his decision to rebel, Campbell-Savours said he had promised local voters before the election that Labour would not touch the relief, adding it would leave many farmers “devastated at the impact on …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
