Farmers urged to mitigate against IHT changes as protests hit Westminster

Advice and accountancy business Old Mill said farmers were rightly "up in arms" about the changes announced by chancellor Rachel Reeves which removed valuable IHT tax reliefs for agricultural and business assets. It explained that from April 5 2026, agricultural and business assets will only qualify for 100% relief up to a cap of £1m per person, over and above the nil-rate band, which is tax-free up to £325,000 per person, or up to £500,000 where eligible for the residence nil rate band as well. Above the £1m cap, relief on eligible assets will apply at a rate of 50%, meaning effectiv...