Labour's Inheritance Tax Reforms Spark Uproar Among UK Farmers and Family Businesses

The new tax changes, set to take effect in April 2026, limit tax relief on agricultural and business assets, raising concerns about economic impacts and family succession.

Labour's Budget introduces a 20% inheritance tax on agricultural and business assets over £1 million, effective April 2026, affecting family farms and businesses.
Farmers and business owners warn that the changes could force sales of assets or entire businesses to cover tax liabilities, threatening economic stability and family legacies.
Critics, including Elon Musk and former Labour shadow chancellor Ed Balls, argue the policy could undermine Britain's food security and harm rural communities.
The National Farmers Union disputes government figures, claiming the tax will affect more farms than estimated, and is organizing a protest in Westminster later this month.
Supporters of the reform argue it targets only the wealthiest estates and will raise £2 billion annually, while opponents see it as a cultural and economic threat.