Farming families face tax terrors

Last October’s Budget was a blow to farming families. In a bid to generate more public finances, the Labour government announced that Agricultural Property Relief (APR) will be reduced so that only 50% IHT relief would be available from April 2026. Consequently, landowners and farmers will face a 20% IHT hit on their land and assets worth over £1m. With these changes less than a year away, it is vital that farmers review their circumstances and plan for these proposals. Rewriting wills, gifting and utilising life insurance are all ways farmers can cushion IHT hits. Take a closer look at the...