On the 30th October 2024, The Chancellor of the Exchequer announced the new inheritance tax reforms for family farms at the Autumn Budget. The reforms will take effect from 6th April 2026.
Although not seen as a shock to many of the farming community this does not minimise the stress this enforcement will bring.
As a community that is typically asset-rich and cash-poor, the planned taxation brings worry to the majority of farmers, as they will need to have conversations about passing on their farm earlier than expected and adopting more business-led methods to mitigate costs.
As proud members of the National Farm Park Association and Farm Retail Association, we have always been committed to supporting the agricultural community through creative and effective marketing solutions. Over the years, we’ve built strong, lasting relationships with family farms, and we value the trust they place in us.
It is with this understanding and respect that we acknowledge the recent changes in family farm tax regulations. While these changes were anticipated, they have come sooner than expected. We recognise that this brings significant challenges to the farming community, and we want to express our sympathy to all family farmers navigating this difficult transition.
Martin, Commercial Director, explains ”At Talking Tortoise, we’ve had multiple conversations with our clients in the agricultural sector, and we know how important it is to address these challenges head-on. We will continue to support our existing relationships and look forward to supporting others in the future”.
As we all move forward through this uncertain period, Talking Tortoise remains dedicated to providing our marketing expertise to help family farms adapt, mitigate costs, and connect with their audiences during these challenging times.
Written by Natasha Burton.
