It’s possible that I shall make an ass of myself. But in that case one can always get out of it with a little dialectic. I have, of course, so worded my proposition as to be right either way (K.Marx, Letter to F.Engels on the Indian Mutiny)
Wednesday, November 27, 2024
Protesting farmer profiled by The Times is retired stockbroker who chaired London Stock Exchange
John Kemp-Welch, who owns 5,000 acres of farmland in Scotland, says it will take all his children's lives to pay off the inheritance tax bill.
A sheep farmer profiled by The Times during recent protests in London is in fact a retired stockbroker who was chair of the London Stock Exchange for six years.
Sir John Kemp-Welch was among the campaigners who took streets during the farmers’ protests, saying inheritance tax rules set to be implemented by the new Labour government could deliver a “possibly fatal” blow to his business.
From 2026, inherited agricultural assets worth more than £1 million – which were previously exempt – will have to pay inheritance tax at 20 per cent, which is half the usual rate.
However, as Dan Neidle – founder of the independent Tax Policy Associates – points out, like for the rest of the population, there is no inheritance tax to be paid on the value of property up to £325,000, bringing the untaxed total to £1.325 million.
If a farmer is married, his or her spouse would be able to pass on another £1.325 million tax-free, taking the total untaxed amount to £2.65 million.
Kemp-Welch, who owns 5,000 acres of farmland in Scotland, told The Times it’s “no easy” farming the hilly land, but he is determined to go on.
He said an inheritance tax bill would be “very expensive and possibly fatal. It will all go to my children and they will suffer.
“It would probably take all my children’s lives to pay off the inheritance tax bill.”
Responding to the comment on X, Labour MP for Swansea West, Torsten Bell, said the article gave the impression that Kemp-Welch was a man who had “given their life to farming”, when in fact he spent most of his professional career as a stockbroker.
“Our ‘paper of record’ might want to at least consider the fact that stockbroker, banker, or businessmen would be better labels, at least to sit alongside that of ‘farmer’”, he added.
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