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These initiatives were driven by Lord Taylor of Holbeach, and are more likely to reflect personal policy preferences.
Lord Taylor of Holbeach has not introduced any legislation before Parliament
Lord Taylor of Holbeach has not co-sponsored any Bills in the current parliamentary sitting
As with all businesses impacted by a change in tax, we can expect there to be some changes. However, for most farm businesses where there remains a strong rationale to invest and grow, changes to inheritance tax are unlikely to overwhelm that rationale.
We are continuing to support the farm sector as it moves to a more self-reliant and sustainable sector. That is why we secured the largest budget in this country's history for sustainable food production - £1.8 billion in 2025/26 a part of a total budget of £2.4 billion
The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.
The Government expects that these reforms will result in up to 520 estates claiming APR in 2026-27 being affected. This means almost three-quarters of estates claiming agricultural property relief (including those claiming agricultural property relief and business property relief together) each year are expected to be unaffected by these reforms.
In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.
Through the Farming Innovation Programme the Government has committed over £127 million towards research and development funding to farmers, growers and foresters who want to develop and use new, innovative methods and technologies. The Government is also supporting farmers in adopting new productivity improving technologies directly on their farms through the Farming Investment Fund. Since 2021, Defra has paid over £99 million in grant funding to farmers to buy and install modern equipment.