The son of a farmer who took his own life has described the Government's inheritance tax climbdown as 'the best Christmas present for a lot of farmers'. John Charlesworth, 78, was found dead in a barn on his farm in Silkstone, Barnsley, on October 29 last year, the day before the Budget.
An inquest heard he had been growing anxious about inheritance tax changes. His son Jonathan said his father wanted to 'beat' the proposals and 'save the farm for future generations'. Reacting to the Government's decision to raise the relief threshold from £1 million to £2.5 million, Jonathan Charlesworth said pressure from the industry had paid off.
He said: 'It is a step in the right direction – more farms will sleep better this Christmas without the threat of inheritance tax looming over them.' However, he warned that larger family farms would still need to plan for potential costs and called for a further window to do so.
Jonathan Charlesworth added that the change 'should have been researched and put out to review before any announcement was made', but celebrated a 'well-fought-for victory for our precious countryside'. The Department for Environment, Food and Rural Affairs said ministers had listened to concerns from the farming community and businesses.
The new threshold, effective from April, will allow spouses or civil partners to pass on up to £5 million in qualifying assets before paying inheritance tax. Above that, farmers will get 50% relief and pay a reduced rate of up to 20%. The Government estimates the number of estates affected will fall from around 2,000 to up to 1,100.
