Budget is blow to British farming says NFU
The Budget was a blow to British farmers and could lead to food price rises, the NFU warned.
Watch more of our videos on ShotsTV.com
and on Freeview 262 or Freely 565
Among the plans confirmed by chancellor Rachel Reeves was changes to inheritance tax, and reducing reliefs for agricultural and business property.
The NFU said changes to Agricultural Property Relief (APR) and Business Property Relief (BPR) put the futures of many family farms and the people who farm them at risk.
The chancellor said from April 2026, the first £1 million of combined business and agricultural assets will continue to attract no inheritance tax.
But for assets over £1 million, inheritance tax will apply with 50 per cent relief, at an effective rate of 20 per cent.
