"Environment secretary Emma Reynolds said, "Farmers are at the heart of our food security and environmental stewardship, and I am determined to work with them to secure a profitable future for British farming. "We have listened closely to farmers across the country and we are making changes today to protect more ordinary family farms. "We are increasing the individual threshold from £1m to £2.5m which means couples with estates of up to £5m will now pay no inheritance tax on their estates.""
"Tory shadow environment secretary Victoria Atkins said Starmer's U-turn is "too little, too late." She wrote on X, "At long last, Labour has sneaked out a partial U-turn on their vindictive Family Farm Tax. It is too late for some, however. Businesses and lives have been lost. Rural communities will not forget the distress, pain and panic this government has caused them.""
Labour altered its farm inheritance tax plan, increasing the individual threshold from £1 million to £2.5 million so couples with estates up to £5 million will pay no inheritance tax. The original proposal would have applied a 20% charge on agricultural assets over £1 million from April 2026, which triggered more than a year of protests by farmers and campaign groups. The change aims to protect ordinary family farms while still asking larger estates to contribute. Opposition figures condemned the move as insufficient and too late. Campaign groups and farming organisations welcomed the concession after sustained campaigning.
Read at London Business News | Londonlovesbusiness.com
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