What are you doing to avoid Labour’s tax-grabbing policies? Please email: money@telegraph.co.uk

Jeremy Clarkson has hit out at Rachel Reeves’s inheritance tax raid on farmers in the Budget on Wednesday.

Family farms will be hit with the tax after the Chancellor unveiled plans to scale back agricultural relief on land valued at more than £1m.

Posting on X, formerly Twitter, in the wake of the announcement, the Grand Tour presenter wrote:

Clarkson – whose Cotswolds farm is the subject of the Amazon Prime series Clarkson’s Farm – was one of many in the farming community who condemned the Chancellor’s decision to cut back the valuable inheritance tax relief.

In Ms Reeves’s maiden Budget, she closed three “inheritance tax loopholes”, including limiting how much business owners and farmers can leave to their families tax-free.

Tens of thousands more families will pay the divisive 40pc levy because of Ms Reeves’ decision to end pension tax relief while also slashing tax breaks for farmers and business owners.

Under the current rules, families can inherit business and farmland assets of any value without paying inheritance tax. But from April 2026, only assets up to £1m will be tax-free, with assets above this threshold qualifying for 50pc tax relief, resulting in an effective 20pc tax charge.

Announcing the measures, Ms Reeves said the 50pc tax relief “will ensure we continue to protect small family farms and three-quarters of claims will be unaffected by these changes”.

But the move was condemned by farmers’ associations, who warned it could threaten the future of family farms and therefore food supply chains.

Tom Bradshaw, of the National Farmers’ Union, said: “This Budget not only threatens family farms but also makes producing food more expensive, which means more cost for farmers who simply cannot absorb it and it will have to be passed up the supply chain or risk the resilience of our food production.”

Sean McCann, of the insurer NFU Mutual, said: “Agricultural property relief is in place to protect British agriculture and ensure family farms are not broken up when they’re passed on to the next generation.

“These changes mean in many cases we could see land and buildings being sold on the farmer’s death to pay the tax bill, with the next generation of farmers inheriting smaller, less efficient farms as a result.”