Cornwall Council has agreed to call on the Government to reconsider its changes to inheritance tax rules.
Council leader Linda Taylor will write to environment secretary Steve Reed and the six Cornwall MPs to highlight the authority’s ‘dismay’ at the decision in the Budget to subject agricultural assets worth more than £1m to inheritance tax at 20%.
The local authority also agreed to find out how many farms in Cornwall would be affected by the changes and engage with farmers about what support it could provide.
Cllr Taylor said: ‘I was pleased to see such widespread support across the chamber for the motion supporting our farmers.
‘As I said in the debate, our farmers play a central role in our daily life in Cornwall, and it is vital we do all we can to stand up for them and to ask our MPs to pressure the Government to change this policy, which would be disastrous for the industry.’
A government spokesperson said: ‘Our reform to Agricultural and Business Property Relief will impact around 500 estates a year.
‘For these estates, inheritance tax will be at half the rate paid by others, with 10 years to pay the liability back interest free.
‘This is a fair and balanced approach which fixes the public services we all rely on.’
