Inheritance tax for farmers to kick in at £2.5m in government U-turn – UK politics live

Previous policy would have led to inheritance tax being levied on farms valued at over £1mThe Treasury has published this explainer setting out in detail how the inheritance tax rules will apply to farms after today’s announcement.When the government first announced its plan to extend inheritance tax to farms, it said that this would raise around £520m a year from 2028-29.The changes we are implementing reflects the concerns that have been raised while preserving the majority of the revenue from reform to help cut debt and borrowing and fund public services. The costings for today’s announcement will be incorporated into the next OBR forecast. Continue reading…