Inheritance Tax Revisions Could Threaten Family Farms, Says Cornwall Farmer

A young farmer from Cornwall has stated that the government’s modifications to inheritance tax regulations could render family agricultural enterprises “no longer viable.” Maria Warne-Elston, 22, is participating in a protest in Westminster, reflecting increasing discontent regarding the measure revealed in the October Budget. Commencing April 2026, individuals inheriting agricultural assets valued over £1 million, which were formerly exempt, will be subject to an inheritance tax of 20% – half the standard rate. The government commented: “We understand concerns about changes to Agricultural Property Relief but the majority of those claiming relief will not be affected by these changes.” Ms Warne-Elston, a fifth-generation beef, sheep, and arable farmer, characterized the policy as unjust. She stated: “We’re already not earning enough in agriculture,” adding: “We’d have to sell off fields to pay the inheritance tax. “Selling of a field on a small farm could mean that the business is no longer viable. “Long term we’re going to be losing so much money.” The National Farmers Union indicated that the revisions to inheritance tax might “destroy” family farms. Farmers and cultivators are anticipated to convene with their Members of Parliament to press them to request the chancellor to re-evaluate the policy. The government stated that approximately 500 claims annually would be impacted by the alterations, and farm-owning couples could transfer up to £3 million without incurring any inheritance tax. It affirmed that its “commitment to our farmers remains steadfast.” A spokesperson elaborated: “It’s why we have committed £5bn to the farming budget over two years – more money than ever for sustainable food production.” The spokesperson concluded: “This is a fair and balanced approach that protects the family farm while also fixing the public services that we all rely on.” BBC Cornwall can be followed on X, Facebook, and Instagram. Story submissions can be sent to spotlight@bbc.co.uk. Copyright 2024 BBC. All rights reserved. The BBC does not assume responsibility for the content of external sites. Details on our approach to external linking are available.