A third of farmers affected by inheritance tax change, says Muir

After the meeting Muir said the tax changes, coupled with the announcement that agriculture and fisheries funding will no longer be ringfenced, had caused “real concern” among local farmers.

“I urged him [Benn} to reconsider these policies and engage with the farming community to respond to the concerns being raised,” he added.

The secretary of state had previously defended Labour’s first Budget in 14 years and its impact on farming.

Chancellor Rachel Reeves announced that, while there would continue to be no inheritance tax due on combined business and agricultural assets worth less than £1m, above that assets would be taxed at 20%, from April 2026 – half the general rate of inheritance tax.