NFU Warns of Inheritance Tax Impact on Farms

The National Farmers’ Union (NFU) has raised concerns with Defra and Treasury officials regarding the impact of proposed changes to Inheritance Tax (IHT), asserting that the government has miscalculated how these changes will affect family farms. NFU President Tom Bradshaw highlighted distress among farmers, noting stories of elderly parents feeling burdensome to their children and families fearing the loss of their businesses. The Treasury claims that 73% of Agricultural Property Relief (APR) claims are below £1 million and thus unaffected, but NFU data suggests otherwise, indicating that only 34% of farms fall under this threshold. Bradshaw argued that the Treasury's figures do not accurately reflect the true value and viability of family farms, which often exceed this amount. He called for the new rules to be withdrawn and reconsidered with input from the agricultural community. Prominent figures in the farming sector have also expressed their opposition to the changes, emphasizing the need for a solution that protects family farms.