Rachel Reeves has warned farmers preparing to take part in a mass anti-government protest that there will be no U-turn on controversial changes to inheritance tax rules. The chancellor announced in last month’s Budget that farms worth more than £1 million which are handed down to a family member after the owner dies will be subject to 20% inheritance tax rather than zero,

The government wants farmers to pay the tax on assets above £1m apiece at a reduced rate of 20 per cent. The allowance comes on top of the £500,000 a typical homeowner gets if they leave their home to their children or grandchildren, so a married couple can shelter up to £3m from HMRC, a sum which will exclude most farms.

Farmers are protesting against restrictions on agricultural property relief – here is how the changes affect rural communities and land investors