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Draft Finance Bill Confirms 20% Tax on Inherited Farm Assets Above £1 Million From April

Fresh polling alongside high-profile farm visits highlights deep rural unease over the overhaul.

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A poll for The Times found that 0 per cent of farmers would vote for Labour if an election were held tomorrow
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Overview

  • The draft Finance Bill 2025–26 confirms that agricultural and business property above £1 million will face a 20% inheritance tax from April next year, with the policy projected to raise £520 million a year by 2029.
  • A Country Land and Business Association poll reports that almost 80% of farmers fear their businesses may not survive the next decade and that 0% of respondents would vote Labour, with 38% backing the Conservatives and 36% Reform UK.
  • The same survey finds more than 30% have seriously considered leaving farming within five years, 69% expect to sell land or take loans to cover liabilities, and about 90% have delayed investment since last October’s announcement.
  • The al FarmerFarmers’ Union says many medium-sized farms would not be safeguarded by a ten-year payment window because incomes are too low to cover the potential liability without selling assets.
  • Political pressure is intensifying as Priti Patel visited Essex farms to hear concerns, while the Commons environment, food and rural affairs committee urged a one-year delay and criticized the lack of adequate consultation and impact assessment.