Rachel Reeves

The Government published draft Inheritance Tax legislation this week. Law firm Birketts digests the major takeaways

A Government analyst has been recognised for his work which could see Inheritance Tax reliefs taken away from family farms businesses next year. However, farmers said they feel the award was an insult to rural communities

Defra Secretary Steve Reed said British farming has a bright future, but can Labour overcome IHT's burden on generational family farms?

Law firm Wedlake Bell said Inheritance Tax changes could also penalise vulnerable families and those without the means to undertake complex estate planning

Knight Frank said it is 'disheartening' that APR and BPR, which were Labour-originated reliefs introduced during periods of national economic stress to help family businesses, could now be taken away from farmers

The Government said changes to Inheritance Tax is not expected to have a 'material impact' on food security, contradicting the concerns raised by farmers and the wider industry

Financial advisory firm TBA Wealth Management said there has been a surge in business owners seeking whole of life insurance policies to protect their property or business assets from being sold due to IHT

Further headaches await Sir Keir Starmer and Chancellor Rachel Reeves over the next few months if they do not listen to farmers on IHT

How long will it take for Gov to reconsider, rethink and consult on reforming Inheritance Tax?

Rural Labour MPs could face the prospect of being voted out by their farming constituents at the next General Election if they do not listen to their concerns on Inheritance Tax changes