The impact summary and draft legislation has been issued for the #FamilyFarmTax, and it is paper thin. There are no improvements to the proposal, and it appears to be being introduced as expected. The statement suggests 2,000 deceased estates every year will pay more tax. Over a 30 year generation, without additional work to reorganise your estate, that's 60,000 people who will be impacted directly with higher inheritance tax bills (although behavioural change is likely to reduce both the people paying higher inheritance tax, and the amount of tax this will raise). The statement recognises that "The measure will have an impact on families going through bereavement and those planning for succession, where the estate has an increased Inheritance Tax liability as a result of this measure." However it goes on dismissively to say "How individuals structure their business and agricultural assets in response to this measure, including succession planning, will depend on their personal circumstances." There is no recognition of the impact on businesses previously seeking to invest for growth, their desire to continue in farming (or business), or the affordability of the measures. For those families put in the situation where they will lose their livelihood across generations due to the unaffordability of the charges, the best the Treasury can muster is "The policy is not expected to have a significant impact on family formation, family stability or family breakdown." On Food Security, it states that any impact will be minimal and changes to IHT don't impact the UK's ability to source imports from international markets. I will need to review the technical legislation more carefully, but as it stands this is the pre-existing proposal being brought in unaltered.

Omitting the impact on mental health and family cohesiveness from the Treasury’s assessment of this policy is a critical failure in the legislative process. Ignoring those aspects when the risks have been repeatedly stressed by professionals, industry bodies and politicians makes a mockery of the system.