Oxfordshire farmer warns inheritance tax ‘will put us out of business’
An Oxfordshire farmer says “we can't afford to pay the inheritance tax”
A farmer from Oxfordshire is urging the Government to realise “we can't survive without food”, warning that farms are already struggling to make ends meet before inheritance tax hits next year.
From April 2026, a 20% inheritance tax will apply to agricultural assets over £1million.
"It's like a financial noose around your neck"
Anthony Henman is a fifth-generation arable farmer in Islip, he said: “It's going to put us out of business. We can't afford to pay the inheritance tax over 10 years.
“Farming is absolutely on its knees.”
Mr Henman also told us that the farm is currently struggling with mounting debt and only made a profit of £14,000 last year, which is used to feed his family including three children.
In contrast, someone aged 21 and over, working full-time on minimum wage can earn just above £25,000 based on a 40-hour working week.
Anthony says, “we're asset rich, but we're cash poor. The bank balance keeps going backwards.
“You keep begging to the bank, and they keep putting more and more and more pressure on you.
“It's like a financial noose around your neck. It's horrible to wake up to every morning thinking this is just horrendous, I can't do this anymore - but you pick yourself up off the ground, have a cup of tea, and carry on.”
Mr Henman also says the government should realise that “food should be of the utmost importance because we can't survive without food”.
A Government spokesperson said: “This is a fair and balanced approach which helps fix the public services we all rely on.”
They added: “Our commitment to farmers remains steadfast and we’re clear food security is national security. That’s why we are investing £5 billion into farming and helping to boost profits for farmers by backing British produce.
“Our Agricultural Property Relief reforms mean three quarters of estates will continue to pay no tax at all, while the remaining quarter will pay half what most people would pay, and payments can be spread over 10 years, interest-free.”