A spokesperson said the government’s commitment to farmers remained steadfast, and said it had committed £5bn to the farming budget over two years.”Our reform to Agricultural and Business Property Relief will impact around 500 estates a year,” they said.”For these estates, inheritance tax will be at half the rate paid by others, with 10 years to pay the liability back interest free.”This is a fair and balanced approach which fixes the public services we all rely on.”From April 2026, inherited agricultural assets worth more than £1m, which were previously exempt, will be liable to the tax at 20% – half the usual inheritance tax rate.Many farmers argue that while they are asset rich – for example, in terms of their land and livestock – they are cash poor and the changes would mean they would have to sell up to be able to pay the tax.Reed said he was apologising for having “to take decisions that are very difficult for the sector because of what we inherited”.