Yahoo News Farmers protest Inheritance Tax with tractor rally at Humber Bridge
Around 75 tractors owned by family farmers gathered for a rally across the Humber Bridge on Saturday.
In what was described as a “day of unity”, the Humber Bridge Tractor Run was the latest demonstration by farmers in the region against the government’s proposed changes to inheritance tax. Chancellor Rachel Reeves said farms worth more than £1m will pay 20 per cent inheritance tax from April 2026, having previously been exempt.
Many family farmers argue they should remain exempt from inheritance tax because although their land, livestock, and equipment is worth a lot of money, they do not make enough profit to pay the tax with cash. Some fear they will have to sell off their land to pay the tax.
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Stephen Ridsdale, 51, was one of the tractor run organisers. He is a third-generation farmer at Bielby, near Pocklington, East Yorkshire, raising cattle and growing cereals, and worries greatly about the future of family-run farms.
He said: "It was very strange because there was a great atmosphere - but equally a sombre atmosphere as well - because some farms think they are not going to be viable and will have to sell.
"It was a beautiful day, the sky was blue and we couldn't have had a better day in January. The public were fantastic; we got to the roundabout approaching the Humber Bridge and the cars had the right of way, but they just stopped and let us out."
As well as raising awareness of the family farmers' cause, the event was charitable and raised £647.93 for two food banks in the region and donations of fresh produce. Stephen said this was because if family farms close down, food prices will go up further.
"There are a lot of people who struggle with their weekly or monthly budget and struggle to afford food," he said. "If supply chains are disrupted, it could lead to food price rises and make it more difficult for people."
Stephen added: "Farmers are not saying we are special, we are saying we are different. There is no other industry like us that has such a massive asset value and it is so expensive to require all the things you need to produce food.
"Tractors cost £250,000 for example, but our income is so low. The two things are out of kilter with each other and the chancellor has given us a £1 million personal allowance, which just isn't enough.
"A herd of cows is £500,000, a slurry store is £250,000, a combine harvester is £400,000. Just the equipment you need to run the farm is a couple of million pounds, never mind the farm itself.
"The real crux of the matter is, they have introduced this tax suddenly. Anybody over 60 years old can gift away property and if they live seven years they don't pay inheritance tax.
"They [the government] have suddenly introduced it for farmers, so anybody in their eighties is unlikely to live seven years if they gift the farm to the next generation. The one ask is they need to give an exemption to the elderly, because it is not fair. They have not been given time to plan."
On the proposed changes, a Government spokesperson told the BBC: "This Government will invest £5 billion into farming over the next two years, the largest budget for sustainable food production in our country's history.
"We are going further with reforms to boost profits for farmers by backing British produce and reforming planning rules on farms to support food production.
"Our reform to Agricultural and Business Property Relief will mean estates will pay a reduced effective inheritance tax rate of 20 per cent, rather than standard 40 per cent, and payments can be spread over 10 years, interest-free."
