'New tax is putting young people off farming'
From April 2026, inherited agricultural assets worth more than £1m, which were previously exempt, will be liable to inheritance tax at 20%, half the usual rate, the Labour government announced in The Budget last autumn.
Liz Godsell, who farms in Frocester in Gloucestershire, said her daughter is "very interested" in farming but more needs to be done to encourage younger people into the industry following the announcement.
The government said most estates claiming Agricultural and Business Property Reliefs will be "unaffected" by the tax change.
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Ms Godsell of Godsell's Cheese said her family were "quite alarmed" following the tax announcement.
She said farmers, who are "asset rich, cash poor" produce "the most important thing you need to live", food, but do not feel valued by the government.
"It's a long day, not very good pay, but we've got passion and we need to be rewarded with some profit," she said.
"I think what the farm inheritance tax hasn't taken into consideration is land is very expensive but that is one of our tools.
"It's going to mean a lot of family farms are going to go."
Ellie Isaac, a senior surveyor at property experts Bruton Knowles, said it is "really important" for farmers to speak to their families and mitigate inheritance circumstances ahead of time.
"Keep your records as up to date as possible," she said.
"No one wants to talk about when husband, wife, mum, dad passes away but [people should] talk about it so you know what the plan is, make sure wills are up to date, and people are aware of who is being passed what."
Mr Day from the NFU said the news of the inheritance tax had left its members "devastated".
"Farmers aren't earning a lot of money because commodity prices are so low," he said.
"Inflation is so high... this is an additional tax now that we've suddenly got to go and find the money for at a time when agriculture is at its lowest ebb."
The government said most estates claiming Agricultural and Business Property Reliefs will be "unaffected" by the changes.
"The latest data shows that 40% of Agricultural Property Relief - worth £219m - was directed to just 117 estates," A HM Treasury spokesperson said.
"The money raised will go towards public services we all rely on every day instead.
"We're investing billions of pounds in sustainable food production and nature's recovery, slashing costs for food producers to export to the EU and have appointed former NFU president Baroness Minette Batters to advise on reforms to boost farmers' profits."
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