Farmers issued inheritance tax update after being left furious by Budget

Farmers have been issued a fresh update after being left furious over inheritance tax in the Labour Party government Budget. Farmers have been reassured only the richest estate owners will be affected, as experts speak out over the planned changes.

George Dunn, the chief executive of the Tenant Farmers’ Association, argued that some of his members could also be affected indirectly if large estates sold up to pay inheritance tax bills. “We are fearful that we will see a bit of a kneejerk reaction from estates,” he said.

“Tenants might find themselves unseated from their farms.” Robert Palmer, executive director of Tax Justice UK, said: “I can understand why some farmers are nervous but the truth is that the vast majority of APR goes to the wealthiest families, many of which don’t have much to do with farming.

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“It’s important to understand the wider context. The country is in a mess and public services need a lot more money.” Ed Davey, the Liberal Democrat leader, said: “I think it shows a huge lack of understanding of rural communities and farmers, on a number of levels.

"Farms tend to go down from generation to generation. That’s how they kind of work, and it’s really important for rural communities that they do.” BBC Top Gear and ITV Who Wants to be a Millionaire star Jeremy Clarkson said: “I know that you have been shafted today. But please don’t despair.

"Just look after yourselves for five short years and this shower will be gone.” And Greg Smith, the Conservative MP for Mid-Buckinghamshire, told parliament that the budget was a “a full-frontal financial attack on our farmers”.

Victoria Vyvyan, president of the Country Land and Business Association, said it was a “betrayal”. “If this is a government of growth and investment, they have failed the rural economy,” she said.