One of the world’s most recognisable rural brands has thrown its support behind farmers who have been left furious at the new changes to inheritance tax rules, saying it’s essential that we “look after the people who feed us.”
Ahead of a huge farmer protest expected in London tomorrow in what is already being dubbed “rural England’s revolution,” French-based tractor producer Massey Ferguson, a subsidiary of US-based AGCO, has become the first international manufacturing firm to weigh into the debate that kicked off in the wake of Labour’s first Budget where Rachel Reeves imposed a new tax on family farms.
The chancellor has provoked outrage with the “tractor tax” by extending death duties to farms worth £1m or more at a rate of 20 per cent. Farmers have warned it will be the death of their sector unless Ms Reeves performs a U-turn.
Massey Ferguson’s UK, Ireland, and Middle East sales promotion manager Lindsay Haddon agreed the company “of course” held concerns about the impact of the new tax on farmers.
This story is from the November 18, 2024 edition of The Independent.
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This story is from the November 18, 2024 edition of The Independent.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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