Farmers: Income
The question
To ask the Secretary of State for Environment, Food and Rural Affairs, if he will make an estimate of what the median income of farmers was in the 2023-24 financial year who will be affected by the changes to Agricultural Property Relief and Business Property Relief.
Answered by Daniel Zeichner
Assessing the impact of the new Inheritance Tax policy, which comes into force from 6 April 2026, relies on a number of factors such as ownership structure and debt levels. The Government is aware that each farm is different, and so we encourage farmers to speak to their tax advisors and agents to understand how these changes may impact their specific situation and how to plan for the future.
Published data for all farms in the Farm Business Survey population in England are based on mean average incomes and are available at: Farm business income - GOV.UK.
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