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“Government proposals to tax inherited farmland have been watered down, with the planned threshold increasing from £1m to £2.5m,” says the BBC.
“The climbdown follows months of protests by farmers and concern from some Labour backbenchers.
“At last year’s Budget, ministers said they would start imposing a 20% tax on inherited agricultural assets worth more than £1m from April 2026, ending the 100% tax relief that had been in place since the 1980s.”
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In fact, the tax would have only kicked in above £3 million in total assets, thanks to retained allowances.
The new announcement means a single farming estate can now pass on roughly £3 million tax-free before the new tax bites at all.
A married couple or civil partnership, with normal estate planning, can pass on more than £5 million, and potentially closer to £6 million, before any 20 per cent charge applies to agricultural assets.
Only values above that level would be caught.
That is a very significant shift towards confirmation of what I suspected all along.
To find out what I suspected all along, head over to The Whip Line.
A paid subscription unlocks all my analysis and helps keep independent UK political journalism going.
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Does the farm inheritance tax U-turn confirm this theory about its purpose?
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I think it does.
“Government proposals to tax inherited farmland have been watered down, with the planned threshold increasing from £1m to £2.5m,” says the BBC.
“The climbdown follows months of protests by farmers and concern from some Labour backbenchers.
“At last year’s Budget, ministers said they would start imposing a 20% tax on inherited agricultural assets worth more than £1m from April 2026, ending the 100% tax relief that had been in place since the 1980s.”
In fact, the tax would have only kicked in above £3 million in total assets, thanks to retained allowances.
The new announcement means a single farming estate can now pass on roughly £3 million tax-free before the new tax bites at all.
A married couple or civil partnership, with normal estate planning, can pass on more than £5 million, and potentially closer to £6 million, before any 20 per cent charge applies to agricultural assets.
Only values above that level would be caught.
That is a very significant shift towards confirmation of what I suspected all along.
To find out what I suspected all along, head over to The Whip Line.
A paid subscription unlocks all my analysis and helps keep independent UK political journalism going.
Share this post:
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