§ Sir Peter Millsasked the Minister of Agriculture, Fisheries and Food what measures the Government have taken since 1979 to reduce the burden of taxes on capital on farmers.
§ Mr. Jopling[pursuant to his reply, 8 May 1987]: Taxation matters are dealt with by my right hon. Friend the Chancellor of the Exchequer.
Since 1979 the Government have reduced the capital tax burden as it affects farmers in several different ways. These include improved reliefs against inheritance tax (formerly capital transfer tax), reductions in the rates of this tax, including the introduction of a 30 per cent. relief for agricultural landlords, and the abolition of the charge on outright gifts; in the case of capital gains tax, the lowering of the qualifying age for full retirement relief, an increase in the level at which such relief applies and an increase in the percentage of land which may be disposed of without charge from an agricultural holding from 5 per cent. to 20 per cent.