UK Farmers Warn of Crisis Over New Inheritance Tax Plan
Chancellor Rachel Reeves's proposal to tax farming assets over £1m could jeopardize family farms and domestic food security.
- The new inheritance tax on farming assets exceeding £1m is set to take effect in April 2026, imposing a 20% tax rate.
- Farmers and industry leaders fear the tax will force family farms to sell land, threatening the UK's food security and increasing reliance on imports.
- The policy has sparked significant mental health concerns among farmers, with reports of increased stress and even a suicide linked to the tax announcement.
- Critics argue the tax change contradicts Labour's previous promises to support farmers and could dismantle generational farming legacies.
- The National Farmers Union has called for urgent discussions with government leaders to address the potential impacts on the farming community.
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