Labour MP’s household avoids Rachel Reeves’ farming tax with transfer simply days earlier than Budget | Politics | News | EUROtoday

In a transfer that would save them tens of millions, the household of a Labour MP transferred their farmland simply 20 days earlier than Chancellor Rachel Reeves introduced adjustments to inheritance tax for farmers.

The switch was carried out by the dad and mom of Henry Tuffnell, the newly-elected 32-year-old MP for Mid and South Pembrokeshire.

Mark and Jane Tuffnell personal the Calmsden property within the Cotswolds, which holds 2,200 acres of land – however now a few of the land has been transferred to an in depth member of the family, the Daily Mail reviews.

The transfer may increase questions on whether or not the household had prior information concerning the adjustments to inheritance tax as they may now save tens of millions.

Farmers had been beforehand exempt from inheritance tax, however will now solely be exempt up till a threshold of £3million for a married couple passing down property.

The Daily Mail reviews that the couple transferred Upper Colne Farm and Stud on to Henry’s brother Albermarle, 22

Mr and Mrs Tuffnell’s property additionally boasts an tennis court docket, spring-fed swimming pool and decorative gardens.

They additionally personal properties which can be positioned inside the property in addition to a £4.4million home.

With £10,000 the tough worth of an acre, the property may have resulted in a tax legal responsibility of greater than £4million.

Upper Colne is reportedly a farming enterprise that controls round 1 / 4 of the Calmsden Estate’s holdings. This represents £2,017,081 price of property.

Just every week earlier than the Budget, Mark arrange the “Tufnell 2024 Settlement” belief.

This may enable property to be handed all the way down to grandchildren with minimal duties.

The Tufnell’s tax planning is authorized, nevertheless it has sparked anger from opponents to Labour’s ‘tractor tax’.

Shadow Welsh Secretary Mims Davies referred to as the scenario “hypocrisy of the highest order.”

He added: “Hard-working farmers and their families who are facing a real threat to their family farm will rightly feel very hard done by when it appears one of Labour’s own has managed, it seems, to be saved from this cruel tax hike,”

A supply near the household denied having any prior information concerning the inheritance tax adjustments introduced within the Budget.

They added: “My family is like many farming families, and you could say they are doing the exact thing that every farmer in Pembrokeshire should be doing, which is to take advice from an adviser and act on it.”

A spokesperson for Henry advised The Pembrokeshire Herald: “As has been widely reported, it would seem that even Steve Reed, the Secretary of State for DEFRA, was not aware of the specific changes to APR and Business Property Relief (BPR) before the Budget was announced.

“It would, due to this fact, be implausible to recommend that Henry…would have this sort of information previous to the Chancellor’s Budget bulletins earlier than they had been made public.”

The Express has contacted Henry Tuffnell’s workplace for additional remark.