Agricultural Property Relief (No. 2)

That this House objects to the Government's recent changes to inheritance tax as announced in the Budget, which limit agricultural property relief to the first £1 million of a farm's value and apply a 20% tax rate on assets exceeding this threshold; notes with concern that family-run farms, often passed down through generations, could be forced to sell portions of their land or assets to meet this tax obligation, threatening the continuity of family agricultural businesses; further notes that these reforms could significantly impact fair competition within the agri-food sector, affect food production capacity, potentially increasing food prices and destabilising rural economies; recognises with concern that this policy may have a detrimental impact on wider rural entrepreneurship and the sustainability of mulit-generation family enterprises; also recognises the unequal impact this will have across the UK among nations and regions which have significant rural communites, such as Northern Ireland, impacting the agricultural sector in these areas disproportionately; believes that the Government's inheritance tax policy will negatively affect family farms, with the cost to rural communities outweighing potential revenue gains; and calls on the Government to reconsider these reforms to support the preservation of family-owned farms, safeguard the UK’s agricultural sector, and ensure the stability of rural communities across the country.