Summary
An independent report has found that farmers are worried about proposed changes to inheritance tax, which could impact the future of their farms. The report offers 57 recommendations to improve farming productivity and resilience but highlights the inheritance tax as a primary concern. The government plans to work closely with the farming sector to address these issues.
Key Facts
- Farmers are concerned about changes to inheritance tax that could affect businesses worth more than £1 million at a 20% tax rate starting April 2026.
- The report includes 57 recommendations to boost farming productivity and resilience.
- Baroness Minette Batters, the author of the report, emphasized that there's no simple solution to making farms profitable.
- A new farming and food partnership board will be created to improve productivity and profitability.
- The report suggests that costs will be 30% higher in 2026 compared to 2020 for the farming sector.
- Farmers are dealing with high input costs, low commodity prices, and extreme weather conditions.
- The government's farming budget has remained nearly the same since 2007, despite increasing demands.
