Oral Answers to Questions
Debate between Nia Griffith and Mims Davies(1 month, 1 week ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mims Davies (East Grinstead and Uckfield) (Con)
The Government have said that they are concerned, as we all are, about our future security, so why is food security expendable in Wales and beyond? That is the message from farmer Stella Owen of the National Farmers Union Cymru, who has said that the Government’s actions are “destructive” and
“threaten the future of family farms”
across Wales. How many of those family farms is the Minister prepared to see go under before she and the Secretary of State step up and act in the interests of that key sector by helping the men and women who are livid, worried and fearing for their livelihoods?
Dame Nia Griffith
As I am sure the shadow Secretary of State has been reminded many times, difficult decisions had to be made to fund our public services, but the changes still leave a significant amount of relief in place. Farming parents will typically be able to pass on up to £3 million to their children without paying any inheritance tax at all, and above that amount inheritance tax will be paid at a reduced effective rate of up to 20%, rather than the standard 40%. Estates have up to 10 years to pay any tax due, and it will be interest-free. Those terms are not available to others. That fair and balanced approach maintains support for family farms while also fixing the public services on which we, including farmers, rely.