Plans to scrap an inheritance tax exemption for farms worth more the £1m will not be reversed, even though "some farmers in Wales won't be happy", the Welsh secretary said. Jo Stevens defended the new tax on combined business and agricultural assets at an effective rate of 20% from April 2026.

Farmers are getting increasingly angry about the controversial plan to impose inheritance tax on many family farms

Rachel Reeves claimed that ‘only a very small number of agricultural properties’ will be affected by the changes to inheritance tax, but ex-NFU boss Minette Batters said farmers are furious