Farmer says inheritance tax hike threatens to destroy his legacy: ‘This could wipe us out!’

A Hertfordshire farmer has warned that new inheritance tax changes threaten to destroy his family’s agricultural legacy, forcing the sale of their Much Hadham farm.

Richard Munday, who inherited the farm from his father and hopes to pass it to his son, says the tax changes will make it “physically impossible” to keep the farm in the family.

The stark warning comes as hundreds of farmers descend on Westminster today to protest against the Government’s new inheritance tax policy.

“I think effectively it’s going to wipe us out,” Munday told GB News, emphasising the devastating impact on his farm, which he noted is smaller than the national average.

He explained: “My parents worked incredibly hard to be able to hand on this farm to my brother and myself. We both have sons.

“The price of farmland is such that it couldn’t be done. It’s one of the ironies about what the government is claiming. Our farm is actually smaller than the national average, it is physically impossible to pay this inheritance tax. So the only way it can be done is by selling it.

“What happens then is farms are broken down to size, but they’re no longer economic. It will destroy them, you can’t unmake and remake farms on the political whim.

“Once they’d gone, they are gone. That’s what Stalin found. You’re in it because actually, you value the wildlife, you value what you do and you value the country.”

The new policy will apply a 20 per cent tax rate on combined agricultural and business property worth more than £1million, compared to the standard 40 per cent rate for other land and property. Labour insists that only the wealthiest 500 estates each year will be affected by the changes, which aim to raise £520million.

However, farming organisations paint a different picture, with the National Farmers Union and Country Land and Business Association estimating up to 70,000 farms could be impacted.

He added: “What we’re talking about is actually preserving the farming industry.

“What the government is doing within a generation family farms will be wiped out. When my brother and I die, what will happen is that the land will have to be sold.

“The amount of land that we have left will not be big enough to be viable to run a farm business. End of story.”

The farmer also blasted Labour’s understanding of rural issues, stating: “This certainly shows they have lack of awareness of what goes on in the countryside. It’s fairly amazing that they have such a lack of awareness.”

The farmer cautioned that the changes could incentivise big businesses outside family farming to acquire agricultural land.

“It has to be reversed or within a generation working farms in this country will just disappear,” he added.

Downing Street has been firm on maintaining the tax hike, with a spokesman stating: “We have been very clear we are not going to change course on this policy.”