NFU secures key meeting with Treasury to discuss IHT

Prominent farm leaders are set to meet with Treasury officials on Tuesday 18 February, to discuss the government’s controversial plans to introduce a 20% inheritance tax (IHT) on farm assets worth over £1m.

Exchequer secretary James Murray will lead the talks with NFU president Tom Bradshaw, though chancellor Rachel Reeves is not expected to attend.

The presidents of NFU Cymru, NFU Scotland (NFUS), and the Ulster Farmers’ Union will also join the meeting, alongside representatives from the Country Land and Business Association (CLA), Tenant Farmers Association (TFA), and the Central Association of Agricultural Valuers (CAAV). 

See also: London rally: Farm leaders vow to continue IHT fight

The meeting follows mass farmer protests, including a record-breaking 1,400 tractor rally in London on 10 February, which saw 35,000 farmers demand a rethink on the policy.

The UK government has claimed that 520 farms will be affected across the UK in 2026/27. But analysis from the NFU, CLA and the CAAV forecasts a much bigger impact on the sector.

Speaking ahead of the talks, NFUS president Andrew Connon said: “The UK government and Treasury officials have grossly underestimated the number of hard-working family farms and crofts that will be undermined by its damaging taxation proposals.

“Without change, its proposals for inheritance tax reforms will put growth and employment in the agricultural sector into reverse; Scotland’s wider rural economy will stall and fail and the contribution of farmers and crofters to the nation’s food security will be placed in jeopardy.”

The changes, set to come into effect in April 2026, have sparked widespread concern among farmers, with the NFU warning that they could threaten the future of family-run farms.

The NFU has launched a “Stop the family farm tax” campaign, which includes urging its members to donate pre-loved farming-themed toys as a symbol of the farms and families at risk.

The toys will be displayed at the NFU’s annual conference at the QEII Centre in London on 25 February, further highlighting the potential consequences of the government’s plans.

The NFU’s concerns are echoed by the broader farming community, with more than 150,000 signatures collected by an online petition to reverse the IHT changes.

During a recent parliamentary debate on the issue, Labour MPs called for a higher threshold and more detailed modelling to better support family farmers while targeting land bankers.

‘Farming top of the agenda’ – Starmer

During prime minister’s questions this week, Sir Keir Starmer responded to a claim by Defra farming minister Daniel Zeichner at the Norfolk Farming Conference that farming wasn’t a government priority.

Sir Keir said: “Farming is top of the agenda as far as I’m concerned,” adding: “They [the Conservatives] failed to spend £300m on their watch on farming and we’ve set out our roadmap which has been welcomed by the NFU.”