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Horley farmer amongst local people at London protest against inheritance tax changes
19/11/2024
Emma Hamer says her children will have to sell land making the farm less viable to pay the tax bill
A number of farmers from the Banbury FM area are in London today taking part in a protest against the Labour government’s proposed change to inheritance tax rules for farms.
From April 2026 Chancellor Rachael Reeves plans to remove an exemption on inherited agricultural assets worth more than £1m, introducing a 20 percent tax rate.
Emma Hamer from Meadowsweet Farm in Horley is amongst those who have travelled to the capital urging the government to change its plans.
“If this change to inheritance tax comes in, [our children] will have to find 20 percent of the value of not just our house and our land, but all our machinery, equipment and our barns and buildings,” said Emma.
“Over the years we’ve invested in our farm to try and make it more efficient – to try to store our grain better and to make the welfare of our cattle better. But because we’ve increased the value of our farm we’re now going to be punished for that, which will mean my children will have to sell some of the land to pay the tax bill. That will also make the farm itself less profitable and less viable.”
Meadowsweet Farm on the Hornton Road has been in the hands of Emma’s husband’s family for several hundred years and their children are hoping to become the sixth generation to tend the land.
Both Emma and her husband have other jobs due to the financial position of the farm. She describes farmers as cash poor but asset rich and feels the government don’t understand the impact that tax change will have on those who work to provide food for the country.
She said: “It’s estimated there’ll be about 20,000 people at the mass lobbying event in London today. A lot of farmers feel so passionately that that they are travelling to London to lobby because I don’t think the politicians understand.
“I also think they feel betrayed because Sir Keir Starmer came to the National Farmers Union annual conference last year and stood up and said how much he valued food and farming and he valued working farmers, so it feels like a betrayal that this tax is absolutely going to affect working family farms.”
Whilst it’s only a small farm of 150 acres, of which the family owns 100 acres, land prices locally are high, with people keen to buy land for horse paddocks or housing. Emma believes under Labour’s plans this will lead to a liability to pay the 20 percent inheritance tax when they die.
“I think the policy was well intended,” she said. “They were trying to prevent wealthy businessmen buying land as a tax dodge and so I can see why they tried to bring this in. However, I don’t think they realised how many small family farms would be affected.”
In a joint statement Chancellor of the Exchequer Rachel Reeves and Secretary of State for Environment, Food and Rural Affairs, Steve Reed said: “Farmers are the backbone of Britain, and we recognise the strength of feeling expressed by farming and rural communities in recent weeks. We are steadfast in our commitment to Britain’s farming industry because food security is national security.
“It’s why we are investing £5 billion into farming over the next two years – the largest amount ever directed towards sustainable food production, rural economic growth and nature’s recovery in our country’s history.
“But with public services crumbling and a £22 billion fiscal hole that this Government inherited, we have taken difficult decisions.
“The reforms to Agricultural Property Relief ensure that wealthier estates and the most valuable farms pay their fair share to invest in our schools and health services that farmers and families in rural communities rely on.”
Published: by Banbury FM Newsteam