Farm tax changes could cost 2,200 jobs in Cornwall, new report warns

THE South West is set to lose more than 7,000 jobs, including more than 2,200 in Cornwall, and see hundreds of millions of pounds wiped from its economy due to the Government's inheritance tax changes set to come in next April, according to a new study.

- by ATHWENNA IRONS

The Country Land and Business Association (CLA) says the survey into the impacts of the controversial reforms, announced in the Autumn Budget in October, paints "a bleak picture of job losses and cancelled investment".

The organisation, which has funded the research as part of its wider lobbying efforts, claims the data also shows cutting reliefs for farmers and family businesses will hit the Treasury's own revenue, at odds with the Government's desire to raise extra funds.

Despite a widespread backlash from the farming industry, including multiple tractor protests in London, the Government has so far stood firm on its plans to tax inherited agricultural assets worth more than £1 million at a rate of 20% - half the usual rate from April 2026.