Tax row will put young people off farming, M&S boss says
Summary
A top executive from Marks and Spencer has criticized changes to inheritance tax for agricultural assets, saying they could discourage young people from joining farming. Starting in April 2026, assets worth over £1 million will be taxed at 20%. The UK government argues these tax changes are needed to fund public services.Key Facts
- From April 2026, inherited agricultural assets over £1 million will face a 20% tax.
- This tax rate is half of what is normally charged on other types of inheritance.
- A Marks and Spencer executive believes this change will discourage young people from farming.
- The UK government says tax reforms are needed to support public services.
- Most estates, about three-quarters, will not pay any inheritance tax.
- The remaining estates will pay a lower tax rate, with payments spread over ten years, without interest.
- A farming union expressed concern that these changes have caused "turmoil" for Welsh family farms.
- The UK government has committed £11.8 billion to sustainable farming and food production.
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