Rachel Reeves has ‘shafted’ and ‘f****d all farmers’ with the brutal inheritance tax change, says Clarkson and Allsopp

The former Top Gear host Jeremy Clackson has blasted the Chancellor Rachel Reeves accusing her of “shafting” farmers with the inheritance tax change at the Budget.

The IHT change applies to family owned and run farms and from April 2026, £1 million of agricultural and business assets will not be taxed.

However, most farms are worth a fair few million, therefore the IHT will then apply for farmers of a 50% relief, that will be an effective rate of 20%.

Many farms will ultimately end up going bust by being forced to pay extortionate tax bills.

The Amazon Prime Clarkson Farm owner, Jeremy Clackson wrote on X, “Farmers. I know that you have been shafted today. But please don’t despair.

“Just look after yourselves for five short years and this shower will be gone,” meaning he is hoping Labour will be voted out.

Kirstie Allsopp who is the Location, Location, Location presenter blasted the Chancellor accusing her of having “f****d” farmers.

She said, “Rachel Reeves had f****d all farmers, she has destroyed their ability to pass farms on to their children, and broken the future of all our great estates, it is an appalling decision which shows the government has ZERO understanding of what matters to rural voters.

Sky News reported that the Northern Ireland, Londonderry representative Allister Kyle warned that “many farmers will be forced to sell ground to clear this new tax bill.”

Kyle said, “£1 million sounds like a lot of money, and it is, but with the Northern Ireland average farm size being 41 hectares (101 acres), if ground was valued at £12,000 per acre and a farmyard and house valued at £400,000, this would leave a tax bill of around £100,000, on top of the livestock and equipment values,” he said.

Many farmers will be forced to sell ground to clear this new tax bill which will then also trigger possible capital gains tax to be paid on the level that ground may have increased in value since the time it was bought.

“The agricultural sector isn’t generally a cash-rich business, most profits are usually reinvested in ground, yards or equipment to have a lasting legacy for future generations to keep on stewarding the land, caring for livestock and keeping us fed.”