Could inheritance tax changes spell positive change for farmers who need land?

A tenant farmer in Somerset has called on the government to protect farming families while also helping new people to enter the industry.
Holly Purdey was brought up on a family farm alongside her six siblings. She and her husband are now tenant farmers at Horner Farm, near Minehead in Somerset.
Holly spoke to ITV News West Country as thousands of farmers marched in Westminster to protest plans to impose a 20% inheritance tax rate on farms worth more than £1million. Many fear farms will close and many will have to sell off parts of their land to pay the tax.
Holly urged the government to protect the interests of family farms – but says she hopes legislation changes will also provide opportunities for people like her to buy land.
“I think there is a possibility that something positive could come out of it, if it was managed correctly,” she told ITV News.
In England, more than 45% of farms in England are rented out and often tenant farmers are priced out of buying land of their own.
An acre of farmland in the West Country currently costs around £11,000 – making it unachievable for tenant farmers like Holly to pay for using their income.
“The opportunity to own our own land and be able to pass that onto our sons would be incredibly special,” Holly said.
But she added it is “really important” that the interests of family farms are protected alongside the opportunities for new entrants if the price of land does drop.
Holly acknowledged the “huge worry” being felt by many farming families due to the tax changes.
“That’s not helped by some of the noises coming from social media,” she said. “It has been quite alarmist.
“We have a mental health crisis in farming and it’s really important that people take the time to look into this themselves, seek advice from the correct people and then we’d be able to make more forward decisions going on from that.”
Chancellor Rachel Reeves and the Environment Secretary Steve Reed have both defended changes in inheritance tax.
In a joint statement they said: “Farmers are the backbone of Britain, and we recognise the strength of feeling expressed by farming and rural communities in recent weeks.
“It’s why we are investing £5billion into farming over the next two years – the largest amount ever directed towards sustainable food production, rural economic growth and nature’s recovery in our country’s history.”
The Government has said that changes ensure “wealthier estates and the most valuable farms pay their fair share to invest in our schools and health services that farmers and families in rural communities rely on”.
However, farmers across the West Country have criticised the proposed tax with some fearing that large family farms in the region will close as a result and that farmers will have to sell off parts of their land to pay the bills.