There has been extensive discussion about the changes to Agricultural Property Relief, announced in the Budget on 30 October.
The government inherited a £22 billion hole in the public finances, and we had to make difficult decisions at the Budget to fund the public services that farmers and families in rural communities rely on.
The changes we made are balanced and proportionate and around 500 claims a year are expected to be affected. These figures are based on the latest available information from HMRC on actual claims for Agricultural Property Relief.
A detailed explainer has been published by the Treasury.
In a joint statement issued, Chancellor of the Exchequer Rachel Reeves and Secretary of State for Environment, Food and Rural Affairs, Steve Reed said:
Farmers are the backbone of Britain, and we recognise the strength of feeling expressed by farming and rural communities in recent weeks. We are steadfast in our commitment to Britain's farming industry because food security is national security.
It's why we are investing £5 billion into farming over the next two years - the largest amount ever directed towards sustainable food production, rural economic growth and nature's recovery in our country's history.
But with public services crumbling and a £22 billion fiscal hole that this Government inherited, we have taken difficult decisions.
The reforms to Agricultural Property Relief ensure that wealthier estates and the most valuable farms pay their fair share to invest in our schools and health services that farmers and families in rural communities rely on