The TFA has expressed its thanks to Conservative and Liberal Democrat MPs who have tabled amendments to the current Finance Bill progressing through Parliament and which will implement the Inheritance Tax (IHT) changes first announced by the Chancellor of the Exchequer in October 2024.

The amendments crafted by the TFA seek to remove from IHT the inherited value of a joint tenancy and the value of land let by private estates on secure agricultural tenancies, including farm business tenancies let for 10 years or more. TFA Chief Executive, George Dunn, said: “The changes to the inheritance tax zero rate threshold, and the introduction of spousal transfers, came straight from the list of refinements offered to the Government by the TFA. However, the Government needs to go further to protect hard-working tenant farming families, particularly those whose farm tenancies are held jointly and who are looking for long-term security of tenure to grow their businesses and their care for the environment. It is unfair that individuals have to pay tax on an inherited share of a joint tenancy. Whilst there might be a transfer of value on paper, there is no way in which that can be realised in any meaningful way to pay the tax that will be levied. In addition, we need landlords to have the confidence to let for the longest terms and an easy way to do that would be to provide those long-term landlords with a less onerous tax position than those who are persisting with providing short-term agreements only.”

In advance of report stage on the Finance Bill, which takes place today (Wednesday 11 March), the TFA has written to the Chancellor of the Exchequer, the Prime Minister and the DEFRA Secretary of State, urging the Government to accept the amendments that have been tabled. The TFA has also written to every MP asking them to support the amendments when they come up for a vote in the House of Commons. To read the full TFA brief for Report Stage on the Finance Bill, click here.