In a field in southwest England where his dairy cows graze, Adam Stanbury said he feared the government's new farm tax, coupled with existing economic headwinds, will ruin his family business and many others.

The 55-year-old, the third generation to farm this land near Barnstaple in Devon, last month joined hundreds of other farmers in driving their tractors to London for an unprecedented protest in front of Downing Street.

"They were looking like a duck out of water, it's not their natural habitat, but they've got to do something," he told AFP.

Last year, Prime Minister Keir Starmer's Labour government announced that in order to find vital new revenue, some farms would no longer be exempt from inheritance tax, a long-standing measure designed to facilitate the family handover of farms.

From April 2026, the exemption will be capped at GBP1 million ($1.23 million). Beyond that, a 20 percent tax will apply, half the normal rate.

For Stanbury, the calculations were straight forward.

He said that when he adds up the value of his 750 cows, his equipment, his 240 hectares of land and his modest house, he exceeds the threshold by a large margin.

His three daughters........

© International Business Times