On 19th November, hundreds of farmers descended on Whitehall to protest against changes to agricultural property relief with the National Farmers Union declaring 1,800 members had registered for the event.

In the Autumn Budget chancellor Rachel Reeves announced changes to agricultural property relief with this capped at £1m for farmers.

Above this amount, from 2026, farmers will pay a reduced rate of 20% inheritance tax. The same changes are being made to business property relief.

A dispute has since risen about the tax change and how many farm estates this will impact.

In a statement, the NFB has voiced its support for the farmers’ protest and highlighted that construction companies are also often generational businesses operating under tight margins.

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Richard Beresford, CEO at the NFB, has called the budget decision a “growth-hindering, anti-business tax”.

“With so many construction companies being generational, struggling with regulatory burdens and a fifth of workers being over fifty years old, early conversations with members have highlighted that some will consider closing their businesses, changing operations, or cutting back the size of their operations,” said Richard.

Here, Richard revealed that some members have told the NFB they will prefer to sell rather than pass on their businesses to future generations.

The CEO added: “This government is at risk of being remembered as the one which closed the businesses who keep us fed and build the homes, roads, rail, commercial premises, renewable energy, transport hubs, schools, hospitals, utility connections, drainage systems, and climate solutions.

“A rethink is desperately needed.”