Norfolk MP backs rethink of inheritance tax changes on farmers
From next April families will have to pay a 50% tax on farm and business assets worth over a million pounds, when they're passed on
A local MP is backing new plans from a think-tank to change the amount of inheritance tax that farmers pay
Centax wants to give full relief from this levy to majority farming assets, that are worth up to £5 million, per person.
The research group are proposing a “minimum share rule”. For £5m-10m per person there would be 50% relief. After £10m, no relief.
In last year's Autumn budget Rachel Reeves announced that, from April 2026, families will have to pay a 50% tax on farm and business assets worth over a million pounds, when they're passed on to the next generation.
"Here is an option and an opportunity to work with farmers"
Ben Goldsborough represents South Norfolk in Parliament:
"I'm going to arguing and speaking politely with my colleagues in the cabinet and the frontbenches on this.
"Here is an option and an opportunity to work with farmers to get the best possible outcome. That's reform, better income for the taxman and stronger protections for the family farm.
What's the Government said on this?
The Treasury says any changes to tax will be made in the Autumn budget- on November the 26th.