Wed, 23 Jul 2025

Wed, 23 Jul 2025 Tax row will put young people off farming, M&S boss says

A senior executive warns the UK government's planned changes will put young people off farming.
A senior executive at Marks and Spencer, Steve McLean, has expressed concerns that planned changes to inheritance tax will deter young people from working in farming. The policy, set to come into effect in April 2026, will tax inherited agricultural assets worth over £1m at a rate of 20%, half the usual rate. McLean warned that this change "will definitely be a deterrent" for those considering a career in agriculture and will impact confidence in the industry. He argued that the current system was designed to account for the unique challenges faced by farmers, who often have lower profit margins than other industries. The UK government has defended the changes, stating that three-quarters of estates will continue to pay no inheritance tax at all, while the remaining quarter will pay half the usual rate with payments spread over 10 years, interest-free. A spokesperson also highlighted the record £11.8bn allocated to sustainable farming and food production. However, McLean reiterated M&S's stance that agriculture should be treated differently by the government, citing concerns about the impact on young people and the industry's viability.
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