Steve Reed has defended the government's decision to introduce inheritance tax on farms worth over £1 million. The environment secretary said Labour's Inheritance Tax plans became necessary because of the '£22 billion black hole' in the public finances they allegedly inherited from the previous government.
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00:00You said only the richest estates will be asked to pay, not small family farms.
00:06What's your definition of a small family farm?
00:09The Treasury have run projections based on that
00:13that take into account the different factors that were at play in looking at those figures.
00:18So that's APR, business property relief, capital rollover allowances,
00:23the nil-rated allowances that people are permitted
00:27when they're making transfers of assets through inheritance after death.
00:32And their projections showed that around 500 and probably less estates
00:40would be affected by these changes in any year,
00:44and the rest of the sector would not be.