'We cannot sit on our hands' - breeders set to join 40,000-strong farmers' protest against government's tax plan

Breeders are expected to be among the thousands of protesters marching in London on Tuesday against the government’s plans to extend inheritance tax on agricultural assets.

Up to 40,000 protesters are forecast to attend a demonstration in Whitehall, while the National Farmers Union (NFU) has organised for 1,800 of its members to meet their local MPs in Westminster to voice their anger at the tax change announced in last month’s budget.

Under plans revealed by chancellor Rachel Reeves, those inheriting farms worth more than £1 million will be required to pay tax at a rate of 20 per cent of the asset’s value from April 2026. Such properties had previously been exempt from taxation.

Significant concerns about the impact of the inheritance tax changes, combined with a rise in National Insurance contributions from next April, on breeders have been voiced since the budget by the likes of Tattersalls chairman Edmond Mahony and David Redvers, owner of Tweenhills stud and farm in Gloucestershire.

Philip Newton, chairman of the Thoroughbred Breeders Association (TBA), also highlighted the dangers of a change to inheritance tax before the budget, saying it would “accelerate the disappearance of those smaller studs, via estate planning or sale because of death”.

'United we stand'

Since last month’s budget the TBA has been cooperating with the NFU and the Country Land and Business Association (CLA) on the impact of the inheritance tax and potential lobbying efforts, with Newton insisting "we cannot sit on our hands".

Newton said: “Before the ink was even dry on the budget, the TBA realised that swift engagement with the NFU and the CLA was important for our members as united we can present a better case. We’ve continued to be involved with the NFU, with our executives attending meetings on this subject. 

“Racing and breeding can sometimes find it tougher to make overtures to government, while the farmers’ lobby has always been stronger, so it’s a case of united we stand.

“We are really concerned about this, particularly for our under-pressure owner-breeders as far as this is concerned for smaller family studs, but there is pressure throughout. We have been updating our membership about this on a weekly basis as best we can and we fully expect our members to be on the ground in London. We cannot sit on our hands.”

Read more:

Bookmakers will have breathed a sigh of relief after the budget - but it may only be a temporary reprieve 

Tattersalls chairman warns of 'far-reaching effects' from budget despite Autumn Sale ending on a high

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