MAKING farmers pay inheritance tax when passing farmland on to the next generation is “yet another example of broken promises” by the government, MP Mel Stride has said.

The Conservative MP for Central Devon, who is also Shadow Chancellor, has thrown his “full support” behind the National Farmers’ Union (NFU)’s campaign to reverse the changes announced at the end of October.

Farmers and landowners inheriting agricultural assets worth more than £1 million, which were previously exempt, must now pay inheritance tax from April 2026.

The tax will be 20 per cent, half the normal rate of 40 per cent, and can be paid over 10 years interest free.

There are also other exemptions, such as two people being able to pass on farmland worth up to £3 million without paying any inheritance tax.

The changes have caused an uproar in the farming community, with protests taking place across the country.

The NFU led a mass lobby of MPs in London on Tuesday, November 19. Closer to home, children at Cheriton Fitzpaine Primary School wore wellington boots to school on the same day as a token of thanks to farmers.

NFU President Tom Bradshaw described farmers as being “down to the bone and gristle”.

“This budget not only threatens family farms but will also make producing food more expensive,” he said.

“It’s clear the government does not understand that family farms are not only small farms, and that just because a farm is an asset it doesn’t mean those who work it are wealthy.

“Every penny the Chancellor saves from this will come directly from the next generation having to break up their family farm.

“It simply mustn’t happen.”

MP Mel Stride, whose constituency includes Crediton, Okehampton and Ashburton, added: “During the general election Keir Starmer told farmers that Labour would protect their livelihoods.

“Labour have made a political choice to target family farms, and the consequences will be felt by many in my own constituency, and thousands across the country.”

Defending the changes, a government spokesperson said the reforms are only expected to “affect the wealthiest 500 estates each year with smaller farms not affected”.

This figure is disputed, however, with the Country Land and Business Association saying 70,000 farm businesses across the UK, and many other multigenerational businesses, will be pulled into paying inheritance tax.

“The government is committed to supporting farmers and rural communities, including helping families to pass their land on to the next generation,” the government spokesperson continued.

“The government is better targeting these [inheritance tax] reliefs to make them fairer, protecting small family farms.

“Most estates will not be affected by the changes. Full exemptions for transfers between spouses and civil partners continue to apply. This means that any agricultural and business assets left to a spouse or civil partner will be tax free.

“At the budget, the Chancellor also announced £5 billion to help farmers produce food over the next 2 years – this is the largest amount ever allocated for sustainable food production.”