Our farm makes £26k profit. Selling it is only way to pay £1m IHT bill

A FOURTH-generation farmer who fears losing his family's century-old farm because of Rachel Reeves' inheritance tax raid has accused the Chancellor of "betrayal".

- By Steph Spyro Deputy Political Editor

Expectant dad Tom Walton says it is his dream to eventually pass his £5million holding on to his son or daughter.

He makes an annual profit of at least £26,000 farming beef cattle, cereal crops and sheep.

But Tom, 35, and pregnant wife Gabrielle would have to sell Church Farm in Aylesbury, Bucks, to pay the inheritance tax bill of £800,000 or as much as £1million when his dad, now in his mid-60s, dies.

He said: "With my fifth generation coming through, if they take an interest in farming - and I would be very proud if they did - I obviously want to be able to hand a healthy business on to them.

"If I spend the majority of my working life paying off the debt, which I don't see as fair, then how can I in good faith encourage them into the business?