"Just before Christmas I attended a farmers' conference near Penrith, which included a presentation on the inheritance tax rules for agricultural land. An accountant worked through an example of a typical hill farm like ours: the bill worked out as 59,000 every year for 10 years. Between the farm and our offfarm jobs, we can't generate that kind of profit, so this terrified me we didn't know what would happen to the farm if we had to pay that bill."
"We sought advice from a solicitor, but, thank goodness, there was a surprise announcement from the government on 23 December that the threshold on land and assets was raised from 1m to 2.5m. This is such a relief. I feel I can breathe again as I go about my jobs. Small hill businesses are vital to the local community here in Cumbria, and don't generate huge profits despite being very desirable properties. Farmhouses are often valued at high prices because of their commercial potential, not for farming,"
A farmers' conference included an example showing inheritance tax could create annual bills of £59,000 for a typical hill farm, unaffordable on farm and off‑farm incomes. Owners feared the risk of losing farms and breaking multi‑generation stewardship. A government announcement raised the land and assets threshold from £1m to £2.5m, relieving that immediate threat and allowing family farms to continue. Small hill businesses provide local community value but often show low profits while attracting high property prices for commercial uses. Higher thresholds help keep land managed for nature, biodiversity, and community continuity.
Read at www.theguardian.com
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