Answer from Hansard

The Minister for Food Security and Rural Affairs (Daniel Zeichner)

Around 500 claims each year will be impacted. Our reforms will mean that farmers will pay a reduced inheritance tax rate of 20%, rather than the standard 40%, and payments can be spread over 10 years interest free. Farm-owning couples can pass on up to £3 million without paying inheritance tax. In our view, this is a fair and balanced approach, and should be seen against the backdrop of the Government committing £5 billion for farming over two years—the largest budget directed at sustainable food production and nature’s recovery in our country’s history.