Following the Budget debate, Monmouthshire MP Catherine Fookes addressed local farmers' concerns about proposed changes to Agricultural Property Relief (APR) in the Autumn Budget 2024. Speaking in the House of Commons, Fookes aimed to reassure farmers in her constituency, where 80% percent of the land is used for agriculture.

She acknowledged the anxieties surrounding APR in her speech, noting, “It’s unsurprising that farmers are worried, given that many journalists have unfortunately been selectively focusing on a £1m figure that does not actually reflect the reality of the policy.”

She said, “I’ve been actively listening to Monmouthshire farmers and as a farmer’s daughter I understand the strength of feeling on this. I have been feeding their concerns directly to the Department of Farming and Rural Affairs,” and added, “I am in regular dialogue with the local NFU and am meeting with them. I am also seeking the exact number of farms that could be affected in Monmouthshire from the Treasury, as the latest figures are from 2021.”

Ms. Fookes also clarified that the total value of a farm should not be confused with the value being transferred upon death and that for farms owned by a couple, estates valued up to £3 million are likely to be exempt from inheritance tax.

The reforms to APR means that farmers can access 100% relief on the first £1 million and 50% thereafter, meaning a 20% tax rate. There is an additional £500,000 allowance for each partner, which could enable farms valued at up to £3 million to pass on assets free of inheritance tax if there is a residential property included in the estate.

In Monmouthshire in 2021-2022—the latest year with available statistics—only 58 individuals out of 1,388, both farmers and non-farmers, paid inheritance tax, amounting to just 4.18%. Ms. Fookes is currently seeking clarification on how many of those estates were farmers in her constituency.

Catherine Fookes, the Member of Parliament for Monmouthshire, added, “As Co-Chair of the All-Party Parliamentary Group on Farming, I want to pay tribute to the crucial role farmers play in producing our food and protecting our countryside here in Monmouthshire.”