The farmers argue the changes will destroy family farms, while the government says it will make no difference to food security. But who is right?
What are the tax changes?
Since 1992, agricultural property relief (APR) has meant family farms have been passed down free of tax in a policy intended to bolster food security. This tax exemption was made because farming is often not a lucrative business, so people do it because it is the family business. If farmers sell up, this affects food security. The UK produces less than 60% ofthe food it consumes.
The budget changed this: from 6 April 2026, the full 100% relief from inheritance tax will be restricted to the first £1m of combined agricultural and business property. Above this amount, landowners will pay inheritance tax at a reduced rate of 20% rather than the standard 40%. This tax can be paid in instalments over 10 years interest-free rather than immediately, as with other types of inheritance tax.
Why does the government say they are needed?
This story is from the November 19, 2024 edition of The Guardian.
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This story is from the November 19, 2024 edition of The Guardian.
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