Mr Willis said the change was a “step in the right direction” but that he could still face a £650,000 inheritance tax bill on his 2,000-acre farm on the death of his mother, who co-owns it. The farm has been in his family for five generations.
“I think [the family has] more than bought and paid for the land and we’ve certainly worked the land. It just seems wrong,” he said.
“Yes [the change] is a help but on 2,000 acres we made £18,000 last year. If you look at it like that, with a tax bill of circa £65,000 a year to pay for 10 years on the passing of my mother, I can’t do it.
“We’re price takers; we can’t put the prices up to increase our profits.”
At last year’s Budget, ministers said they would start imposing a 20% tax on inherited agricultural assets worth more than £1m from April 2026, ending the 100% tax relief that had been in place since the 1980s.