Olly Harrison launches petition to delay inheritance tax changes

Mr Harrison explained that the 12-month amnesty would allow for the transfer of land and chattels of agricultural businesses to a named person before changes to Agricultural Property Relief (APR) and Business Property Relief (BPR) are made. 

The Merseyside farmer added: “We think it would remove what is, in our view, the negative human impact of the policy changes in the Autumn Budget 2024.  

“We believe the tax change proposals within the Budget could be creating torment for farming families and that some ageing farmers could be feeling a burden to their successors. 
 
“We believe introducing this limited protection would help those affected arrange their affairs and provide an opportunity for government to address what is, in our view, a devastating policy proposal.” 

READ MORE: Food industry urges Treasury to rethink changes to inheritance tax 

READ MORE: Pensions to be included in the inheritance tax calculation

‘Sign the petition’

The proposed 20% tax on inherited farms is expected to place severe financial strain on multi-generational businesses, with some families facing tax bills exceeding £300,000. 

While the £1 million threshold may sound high, most commercial farms in England, Scotland, and Wales already exceed this value, making the tax an unavoidable burden for thousands. 

According to the Savills Farming Report, 27% of family sales in the UK in 2024 were due to debt and financial restructuring as politics influenced landowners to put their properties on the market, with 44% more farmland marketed than the previous five-year average. 

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READ MORE: Even more farmers will be affected by changes to inheritance tax 

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