After more than a year of advocating hard for change, I’m very pleased to see that the Government has listened and is making a big change to Inheritance Tax thresholds (IHT).

The core change, announced today and welcomed by the NFU, means that the tax-free agricultural and business property relief threshold will rise to £5million for a couple and £2.5million for individuals.

I am deeply appreciative to all the farmers in North Northumberland who have talked with me over the last year and a half; you have given me the information and support to make representations on your behalf.

Though this change will not cover every farm estate; I believe it will make a huge difference to the long-term viability of most farms, and so I am pleased to support this move.

This comes on the back of the adjustment that has already been made to enable retrospective transfer of couples IHT allowance for widowers, the Baroness Batters’ report on Sustainable Farming, and the largest ever budget for sustainable farming, over 25/26 and 26/27.

In terms of next steps, I will be continuing my work with the Labour Rural Research Group and seeking the best possible outcomes for our local farmers, who play such a vital part in local and national food quality and security.

Tom Bradshaw, President of the NFU said:

“I want to thank the backbench Labour MPs who stood by their constituents, especially those who refused to support Budget Resolution 50, and those who raised concerns during the Budget debate. 

“While small in number, it was a significant and brave move for many.  I would also like to thank all opposition parties for continuously raising the impacts of this proposed policy.”