Petition calls for 12-month amnesty on inheritance tax reforms

The call is the focus of a new petition on the UK Parliament’s website
The call is the focus of a new petition on the UK Parliament’s website

A new petition calls for a 12-month amnesty on upcoming changes to agricultural property relief, aimed at giving farmers time to adjust before the reforms roll out.

The proposal seeks to allow land and business assets to be transferred to named individuals without immediate tax penalties.

This would help agricultural businesses prepare for what rural campaigners warn could be financially and emotionally damaging changes.

The call is the focus of a new petition on the UK Parliament’s website, started by Merseyside farmer and industry campaigner Olly Harrison.

It follows concerns over inheritance tax changes announced in the autumn budget last October, which include a new £1m allowance on assets qualifying for 100% APR.

Once that threshold is reached, relief will drop to 50% on the remaining value of eligible agricultural and business property.

"We think it would remove what is, in our view, the negative human impact of the policy changes in the autumn budget 2024," the petition states.

"We believe the tax change proposals could be creating torment for farming families and that some ageing farmers could be feeling a burden to their successors.

It argues that a one-year grace period would allow those impacted to organise their affairs and give ministers time to reflect on what they describe as a “devastating policy proposal”.

Supporters say the amnesty would offer clarity and a fairer transition for farmers currently grappling with uncertainty, as well as protect the future viability of family-run agricultural businesses.

The petition is now open for signatures, with rural communities across the UK urging the government to support a responsible path forward.