Rachel Reeves, the chancellor, announced in her budget last month that farmers who have a business worth more than £1m could be subject to 20% inheritance tax, prompting a tractor protest outside parliament.
The Labour party had previously said no changes would be made to agricultural property relief, which granted farmers an exemption from inheritance tax.
A new analysis by the IFS economic thinktank concluded that it was largely fair to treat agricultural assets such as land the same as other assets that are subject to inheritance tax. But it said mitigations may be required to protect food security and to prevent elderly farmers being caught out by the change.
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