Country diary: A wave of relief on the farm with the inheritance tax change | Andrea Meanwell

Tebay, Cumbria: Small farms like ours contribute to society, but we need help to survive. A huge cloud has lifted over our futureJust before Christmas I attended a farmers' conference near Penrith, which included a presentation on the inheritance tax rules for agricultural land. An accountant worked through an example of a typical hill farm like ours: the bill worked out as ?59,000 every year for 10 years.Between the farm and our off?farm jobs, we can't generate that kind of profit, so this terrified me - we didn't know what would happen to the farm if we had to pay that bill. We sought advice from a solicitor, but, thank goodness, there was a surprise announcement from the government on 23 December that the threshold on land and assets was raised from ?1m to ?2.5m. Continue reading...