Farmers Oppose New Inheritance Tax in UK

The recent UK government budget has introduced a new 20% inheritance tax on farming assets valued over £1 million, set to take effect in April 2026, but with implications already applicable from October 2024. Farmers are expressing significant concerns and anger over this move, fearing it could jeopardize family farms and food security in the UK. Critics argue that the government's lack of transparency regarding the tax's immediate applicability has left farmers scrambling to respond. While the government insists that only a small percentage of farms will be affected, many in the farming community feel betrayed, citing the financial strain from increased costs and other economic pressures. Opposition parties and farming unions are vocal in their criticism, emphasizing the potential negative impact on rural economies. The backlash has prompted protests and calls for reconsideration of the inheritance tax policy as farmers navigate these new challenges.