Previous policy would have led to inheritance tax being levied on farms valued at over £1m Announcing the inheritance tax change (or U-turn – although she is not calling it that), Emma Reynolds , the environment secretary, says: Farmers are at the heart of our food security and environmental stewardship, and I am determined to work with them to secure a profitable future for British farming. We have listened closely to farmers across the country and we are making changes today to protect more ordinary family farms. We are increasing the individual threshold from £1m to £2.5m which means couples with estates of up to £5m will now pay no inheritance tax on their estates. -The number of estates claiming agricultural property relief (including those also claiming business property relief) affected by the reforms in 2026-27 halves from 375 to 185. -Most estates will benefit, with inheritance tax cut by hundreds of thousands of pounds for many families. Continue reading...