CATHERINE Fookes, MP for Monmouthshire, has strongly welcomed the Government’s announcement that the inheritance tax threshold for agricultural property will be increased, allowing family farms to pass on up to £5 million tax-free.

The charge follows months of engagement with farmers across Monmouthshire, including meetings with local farmers, the NFU and FUW, and a farmer support surgery held earlier this year at Monmouth Livestock Centre.

During this time, Catherine raised farmers’ concerns and figures directly with the Treasury, highlighting the potential impact the original proposals could have had on family farms already operating on tight margins.

Commenting on the announcement, Catherine Fookes, said: “I strongly welcome the announcement that the inheritance tax threshold for agricultural property will be increased.

Over recent months, I’ve been listening carefully to farmers, meeting with them and the NFU and FUW, and hosting a farmer support surgery at Monmouth Livestock Centre earlier in the year. Through this work, I have been raising their concerns with the Treasury to highlight the potential impact this change could have had on family farms.

I know how anxious many farmers and rural families have been about the original proposals, and raising the threshold was the clear ask from many of those I’ve spoken to across Monmouthshire. I’m very glad the Government has listened and made this change, which means small family farms will be protected.”

Catherine Fookes MP added that she will continue to work closely with farmers across Monmouthshire to ensure their voices are heard at the highest levels of Government.