Just before Christmas I attended a farmers’ conference near Penrith, which included a presentation on the inheritance tax rules for agricultural land. An accountant worked through an example of a typical hill farm like ours: the bill worked out as £59,000 every year for 10 years.
Between the farm and our off‑farm jobs, we can’t generate that kind of profit, so this terrified me – we didn’t know what would happen to the farm if we had to pay that bill. We sought advice from a solicitor, but, thank goodness, there was a surprise announcement from the government on 23 December that the threshold on land and assets was raised from £1m to £2.5m.
