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LOYALTY CODE:
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Protesters drive tractors through Westminster during the farmers community demonstration against the Labour government's new agricultural policy, which includes a budget measure expected to increase inheritance tax liabilities for some farmers, in London, Britain, November 19, 2024. REUTERS/Hollie Adams TPX IMAGES OF THE DAY
Westminster’s Environment, Food and Rural Affairs (EFRA) committee has published a report calling on the UK Government to delay changes to inheritance tax (IHT).
The current plan is that a new £1m threshold will apply to agricultural property relief (APR) and business property relief (BPR) from April 2026.
The committee has suggested delaying this until October 2026, to come into effect in April 2027, allowing more time for farming businesses undertake succession planning and seek appropriate professional advice.
The EFRA committee supports the UK Government’s objective in reforming APR and BPR to close the loophole that encourages wealthy investors to buy agricultural land to avoid IHT.
However, their report raised concerns that the changes announced in the autumn budget were made without conducting an adequate consultation, impact assessment or an affordability assessment.
Proposals
The report also notes that stakeholders and experts have proposed several alternative ways to reform IHT so as to close any loopholes without harming small family farms.
It has asked the government to consult on these potential alternatives before publishing its Finance Bill in 2026.
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Westminster’s Environment, Food and Rural Affairs (EFRA) committee has published a report calling on the UK Government to delay changes to inheritance tax (IHT).
The current plan is that a new £1m threshold will apply to agricultural property relief (APR) and business property relief (BPR) from April 2026.
The committee has suggested delaying this until October 2026, to come into effect in April 2027, allowing more time for farming businesses undertake succession planning and seek appropriate professional advice.
The EFRA committee supports the UK Government’s objective in reforming APR and BPR to close the loophole that encourages wealthy investors to buy agricultural land to avoid IHT.
However, their report raised concerns that the changes announced in the autumn budget were made without conducting an adequate consultation, impact assessment or an affordability assessment.
Proposals
The report also notes that stakeholders and experts have proposed several alternative ways to reform IHT so as to close any loopholes without harming small family farms.
It has asked the government to consult on these potential alternatives before publishing its Finance Bill in 2026.
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