Sarah Smith

Sarah Smith

Labour — Hyndburn

Speaking in the House of Commons on 4 December 2024

Debate

Future of Farming

Contribution

A farming survey shows that the farmers we are speaking about make an average profit of £96,000 per year, which means that even those who are impacted will not be subject to the same level of inheritance tax as many people on similar incomes. They face half the rate of inheritance tax, and through gifting they can avoid that if they undertake the necessary planning. They can of course still protect their farmhouse—that concern is sometimes raised—through the way the system operates. We have to keep coming back to the point that at least 75% of farmers will not be impacted by the measure. Our Government have an ambitious plan for our farmers. They will invest £2.4 billion in farming next year to focus on sustainable food production and protecting nature. They are getting £60 million out the door through the farming recovery fund and have committed to providing a further £208 million to prevent the collapse of our defences against disease threats—

More from Sarah Smith

Other recent Hansard contributions by the same speaker.

About Hansard

Hansard is the official verbatim record of proceedings in the UK Parliament. Every word spoken in the Commons and Lords is recorded and published — this page is a single contribution from that record.

For Sarah Smith's full parliamentary record including voting history, expenses and all other contributions, see the Sarah Smith report card.