AN Exmoor farmer is urging the farming community to sign a petition entitled 'Stop The Farm Tax'. 

The petition follows the latest government budget that was released last Wednesday (October 30). 

Chancellor, Rachel Reeves, announced significant changes to the inheritance tax (IHT) across the UK. Under the new guidelines, APR will continue to apply to the first £1 million of combined business and agricultural assets, ensuring these remain exempt from IHT.

However, assets exceeding this threshold will be subject to IHT, with a 50% relief in place starting in April 2026.

READ MORE: NFU organise mass protest at Westminster over budget disdain

READ MORE: NFU urges the government to reverse 'family farm tax'

James Wright, South West chairman of the Conservative Rural Forum, has voiced concerns about the changes, stating that this will 'threaten the livelihoods of more than 70,000 farming families'. 

He explains that many of the families affected will be in Devon, and warns that it will affect 'the largest, most productive farms', therefore 'punishing those who've invested to feed the nation'. 

James said: "Labour’s tax change announced last week in the budget will mean that farming families will face an inheritance tax bill on land and assets passed down to the next generation.

"This bill will be in the hundreds of thousands or even millions for larger family farms—strikes at the very heart of British agriculture, compromising our ability to produce food domestically, sustain rural economies, and continue vital environmental stewardship.

"As family farms face potential closure or forced sales, the repercussions will extend to the country’s food security. At a time when Labour should be carrying on the work of the Conservative’s to bolster domestic food production, by investing in productivity this tax will undermine these efforts, risking reliance on imported produce that lacks the high standards of sustainability and quality upheld by British farmers.

"Labour's new tax threatens the heart of rural communities, where family farms fuel local jobs, schools, and community life. This new burden risks farm closures, undermining both livelihoods and vital environmental stewardship—jeopardising the very landscapes we depend on. This is something that Kier Starmer’s Labour simply just don’t understand."

As part of his campaign to help reverse these changes, James is urging farmers to sign the petition - whatlaboursaid.com/stop-the-family-farm-tax.

The HMRC press office has been contacted for comment.