Environment, Food and Rural Affairs Secretary Emma Reynolds has announced that the inheritance tax threshold will rise to £2.5million for farmers and businesses.
Ms Reynolds said: “So we’ve listened to farmers and businesses across the country, and we want to protect more family farms and businesses. So we’re announcing today that we’re increasing the inheritance tax threshold for individuals from £1million to £2.5million.
“So that means a couple with an estate worth up to £5million will pay no inheritance tax when they pass on their estate to the next generation.
“It’s important that as a Government, we listen to those farmers and businesses who will be affected by changes in policy and as a result of the announcement that I’m making today, 85 per cent of farming estates who claim agricultural property relief will now pay no inheritance tax.”
WATCH ABOVE.