Today (October 30) the Labour Government revealed its plans for the Autumn Budget.
Chancellor Rachel Reeves delivered the much anticipated news regarding Agricultural Property Relief, which will apply up to £1m, above that will get a 50% relief from April 2026.
She said only 6% of estates will pay inheritance tax this year.
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With huge tax hikes on the agenda, Conservative leader Rishi Sunak opposed the Chancellor's plans and said the party had broken its manifesto promises and it is 'the working people of this country that will pay the price.'
He also said: "To the family wanting to pass on their farm or their business to their children, your taxes are going up."
Mr Sunak said such increases will also halt business growth.
