I might not have children due to inheritance tax change

A farmer has said he may face a choice between staying in the industry and having children due to changes to inheritance tax in the Budget.

Beef and sheep farmer Liam Price, from Swansea, said he feared for farmers' mental health and called the UK government's changes "the final nail in the coffin".

Chancellor Rachel Reeves announced inheritance tax would be payable on agricultural assets from April 2026.

Prime Minister Sir Keir Starmer said he was not putting farmers' concerns to one side, but believed they had been offered a "reasonable package".

The Farmers' Union of Wales (FUW) expressed "grave concerns" after the chancellor's announcement, which will see relief on business and agriculture assets capped at £1m.

This is in addition to a personal allowance worth up to £500,000 per person.

Anything above this would be taxed at 20%, payable over 10 years.

Previously, agricultural property relief has enabled small family farms to be handed down through the generations.

But Mr Price said he thought the announcement was the "final nail in the coffin" for Welsh farmers.

"It would definitely make me reconsider if we had kids," said the 28-year old, who farms with his partner.

"It makes you think 'should you stay in the industry if you want a family'?"

Mr Price said he believed farmers' mental health will be impacted in the long run if their financial concerns continue.

"It's bad enough, struggling as it is, wondering how we're gonna pay your bills, where your money is going to come from."

Father and son farming duo Tony and Hopkin Evans, who run a dairy farm in Llantwit Major, Vale of Glamorgan, said they were "very concerned" by the announcement.

Tony, 71, said the family had farmed on the site for more than 100 years and he would like his son, Hopkin, to take over.

"Agricultural tax relief was part of our plans in order that I can hand over to Hopkin a viable busy.

"He's put his heart and soul into the farm."

The prime minister said: "I do listen very hard to farmers have to say to us because they are a very important part of our economy.

"For farmland there's an additional £1m, so that takes it to £2m.

"Over that the inheritance tax that farmers will have to pay... is 20% and it's payable over 10 years."

He added he was "not putting to one side their concerns" but believed the government had offered farmers a "reasonable package".