Disappointingly, in the final stages of the Finance Bill in the House of Commons on Wednesday 18 March, the Government refused to accept amendments to the operation of Inheritance Tax reliefs that would have benefited the tenanted sector of agriculture. The TFA had drafted amendments that would have protected the inherited share of joint tenancies from tax and would have encouraged the letting of longer-term tenancies.

However, the TFA was grateful to both the Conservatives and Liberal Democrats for tabling those amendments for debate at Report and Third Reading stages of the Bill. Shadow Farming Minister, Robbie Moore MP, made a particularly valuable contribution to the debate in which he praised the important work of the TFA.  Part of his contribution can be viewed by clicking here.

TFA Chief Executive, George Dunn, said: “it is ironic that at the same time the Government is issuing guidance through the Farm Tenancy Forum about the benefit of long-term tenancies that it is refusing to create the very incentives that are required to ensure that these become a reality. We must get the Government to think again about these sensible changes, and we will press them again in advance of the autumn Budget”.