Suffolk farmer ‘lost confidence’ over inheritance tax changes

The Labour government proposed in its recent Budget that from April 2026, inherited agricultural assets worth more than £1m, which were previously exempt, will be subject to inheritance tax at 20% – half the usual rate.

Mr Hitchcock helps run Hitchcock Farms Ringshall and his family have been farming in the area since 1762.

“We’re in a situation where we don’t really know what the next few months, let alone years, have got in store for us,” he said.

“There seems to be a huge lack of incentive from the government to support homegrown produce, which is critical.

“The confidence in the industry has dropped off a cliff and quickly the government need to do something otherwise the future of homegrown produce is at stake.”