Farming leaders expressed extreme frustration after a Treasury meeting regarding the new 20% inheritance tax on farms and businesses exceeding £1 million. Many farmers, who are asset-rich yet cash-poor, fear they will have to sell their farms under the new tax structure, set to take effect in April 2026. NFU president Tom Bradshaw criticized the government for its indifference to the toll this tax will take on farmers and future generations. The proposed measures that would mitigate tax charges for farmers were rejected, leaving the farming community in distress over the impending policy changes.
They don't care about the human impact. They don't care about the intergenerational impact. They don't care about the impact on tenant farmers and the geopolitical situation that the world faces today.
The door is shut from the Treasury, adding, The reaction from our members is going to be one of fury, one of real anger, one of desperation that we've seen over recent months and it's what we all feel here today.
I looked around the room and thought, 'I'm not sure that there is anybody in this room who really understood when Tom was talking about what a balance sheet looks like'.
MPs have stood firm and will continue to introduce the 20% inheritance tax rate on agricultural and businesses worth more than £1 million.
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