Farming families in Worcestershire have been urged to seek advice following "disastrous" changes to inheritance tax.
They are being encouraged to get professional help in the wake of government tax changes announced in the budget, which are feared to severely impact family farms, preventing them from being passed down to future generations.
Chancellor Rachel Reeves' proposed changes will significantly reduce inheritance tax reliefs from April 2026.
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The new rules mean the tax will be charged at a rate of 20 per cent on the value of business and agricultural assets over £1 million.
This includes livestock, farmhouses, sheds, and machinery, and is part of a controversial revamp of agricultural property relief.
The decision has sparked outrage and fears that it could lead to the end of long-standing family farms and threaten national food security.
Law experts from mfg Solicitors said it was essential for farming families to seek professional advice on succession planning.
Alex Phillips, partner and head of the agriculture and rural affairs division at mfg, said: "Farming families are feeling particularly let down following the Chancellor’s Budget.
"You can feel the mood and despair just by looking at social media, with one farmer claiming that he can no longer afford to die, and the National Farms Union (NFU) President, Tom Bradshaw, scathingly referring to the Budget as disastrous for the future of family farms and a threat to the resilience of our food production."
Many have said that the Labour Government has broken pre-election promises after footage emerged of Prime Minister Sir Keir Starmer - then the leader of the Opposition - assuring farmers in 2023 that he understood the existential risk to British farming and the huge implications of losing working farms.
Sally Smith, mfg partner and head of the tax and estate planning team, said: "We would urge farming families to seek professional advice about their inheritance tax and succession planning.
"Given the significant changes to agricultural property relief and business property relief for inheritance tax announced in the autumn budget, all farming families’ wills and partnership agreements should be reviewed and updated where necessary."
Mfg Solicitors has offices in Kidderminster, Worcester, Bromsgrove, Birmingham, Ludlow, and Telford.
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