Defend IHT reliefs: write to your MP

Ahead of the 2024 Budget this autumn, the Prime Minister and the Chancellor of the Exchequer have both made it clear that unpopular tax changes are on the way.

During the election campaign, the now DEFRA Secretary Steve Reed made it clear that a Labour Government would not scrap either agricultural or business property relief.

Nevertheless, rumours continue to circulate that inheritance tax reliefs are in the firing line afterall.

On this basis, we are asking members to consider copying and pasting the below, and emailing it to their MP. Members should feel free to tweak the email to highlight their own circumstances.

Dear <insert name of MP>,

I  am writing to you as a constituent at <insert name and address of farm or business> to ask that you do not support any changes to Agricultural Property Relief (APR) or Business Property Relief (BPR) in this year's Autumn Budget.   These reliefs provide a lifeline to multi-generational family businesses like mine.  Without them, both food security and the local economy will be harmed severely.

APR ensures that on the death of the farmer, inheritance tax is not charged on the farmland. This ensures that the next generation can carry on producing food and delivering environmental benefits. Without it, it is highly likely that farms would need to be split up and sold, almost certainly to the detriment of our national food security. Indeed, in a recent poll of Country Land and Business Association members, 86% said they expected some or all of their land to be sold upon their death, if APR was abolished. Over 90% said they believed it would harm food security.

BPR fulfils the same objective for other types of rural businesses, this includes diversified farms (which may include renewable energy production, wedding businesses, holiday lets and other business activity).  69% of all farming businesses are diversified. These tax reliefs ensure that family businesses have the confidence to make long-term decisions, thus creating good jobs and growing the economy.  Without it, these businesses are highly unlikely to succeed in the long term.

As your constituent I strongly encourage you to contact the Chancellor of the Exchequer to ask that she protects our food security and supports the rural economy by maintaining Agricultural Property Relief and Business Property Relief in future Budgets. 

I would be happy to speak to you about this in more detail. 

Best wishes

<insert name>