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![\"BBC](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2025\/08\/7b4bcac0-72e4-11f0-9eb3-2b71669c0257.jpg.webp.webp\")
BBC<\/p>\nMaisie Lillywhite & Jon Smith<\/p>\n
BBC News, Gloucestershire<\/p>\n
BBC<\/p>\n
Liz Godsell of Godsell’s Cheese said farmers’ passion needs to be rewarded with profit<\/p>\n
A farmer who has been making cheese for 25 years says her daughter and future successor is “disillusioned” by tax inheritance proposals.<\/p>\n
From April 2026, inherited agricultural assets worth more than \u00a31m, which were previously exempt, will be liable to inheritance tax at 20%, half the usual rate, the Labour government announced in The Budget last autumn<\/a>.<\/p>\n Liz Godsell, who farms in Frocester in Gloucestershire, said her daughter is “very interested” in farming but more needs to be done to encourage younger people into the industry following the announcement.<\/p>\n The government said most estates claiming Agricultural and Business Property Reliefs will be “unaffected” by the tax change. <\/p>\n Ms Godsell of Godsell’s Cheese said her family were “quite alarmed” following the tax announcement.<\/p>\n She said farmers, who are “asset rich, cash poor” produce “the most important thing you need to live”, food, but do not feel valued by the government.<\/p>\n “It’s a long day, not very good pay, but we’ve got passion and we need to be rewarded with some profit,” she said.<\/p>\n “I think what the farm inheritance tax hasn’t taken into consideration is land is very expensive but that is one of our tools.<\/p>\n “It’s going to mean a lot of family farms are going to go.”<\/p>\n Ellie Isaac said farmers should keep their records as up to date as possible to make the inheritance process easier<\/p>\n Ellie Isaac, a senior surveyor at property experts Bruton Knowles, said it is “really important” for farmers to speak to their families and mitigate inheritance circumstances ahead of time.<\/p>\n “Keep your records as up to date as possible,” she said.<\/p>\n “No one wants to talk about when husband, wife, mum, dad passes away but [people should] talk about it so you know what the plan is, make sure wills are up to date, and people are aware of who is being passed what.”<\/p>\n How could changes to inheritance tax affect Gloucestershire’s farmers?<\/p>\n![\"A](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2025\/08\/d121d250-72e4-11f0-9eb3-2b71669c0257.jpg.webp.webp\")
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