This would be achieved by raising the proposed £1m inheritance tax (IHT) threshold for agricultural property relief per individual, and £2m per married and civil partnership couples, and increasing this significantly.  

Suggestions are that the Treasury is reviewing options for a higher £5m threshold, which could equate to more once the nil rate band and married/civil partnership status are taken into account as well as the regular IHT allowance.

Officials are understood to be considering a minimum share rule, one of the alternatives put forward to the Treasury in various consultations and lobbying efforts over the months since Rachel Reeves first announced the plans at the Budget in autumn 2024.