Miller partners with the CLA to launch product addressing critical need for small and medium sized farmers

Miller, the leading independent specialist (re)insurance broker, is pleased to announce the launch of a flagship new life insurance product to help farmers mitigate the impact of recent changes to inheritance tax for agricultural assets, announced in the autumn budget.

The new inheritance tax changes have created major barriers for farmers seeking a family succession for their business, placing significant pressures and stress on the agricultural industry, and creating a very real threat to both food security and the future of family-owned agricultural holdings.

Recent estimates indicate that the government’s cap on inheritance tax relief could affect up to 70,000 UK farms, costing over 200,000 jobs and producing a loss of £1.9bn in revenue for the Treasury.

In response to the clear concerns expressed by the industry and the broader impact farming and job losses could have on the wider economy, the new product, Succession Insurance, will deliver a unique offering for farmers in the UK, providing them with ease of access to life cover which is on average 1/3^rd cheaper than standard products.

The product will be launched in partnership with The Country Land and Business Association (CLA), and will be distributed to the CLA’s network of 26,000 landowners, rural business owners and professionals.

Steven Rance, Head of Strategy and Innovation at Miller, said: “We are proud of the role insurance can play in supporting British farmers and addressing some of the financial concerns faced by the farming community, helping protect both rural jobs and support farm succession.

The CLA has been a leading voice in the debate on Inheritance Tax and championing the rural economy. By partnering with them in the launch of Succession Insurance, we hope to be able to reach as many landowners and businesses across England and Wales as possible, who can benefit from a dedicated life insurance product that will alleviate some of the pressures faced by rising IHT.”

Victoria Vyvyan, CLA President, said: “The CLA continues its fight against these proposals, but considers it prudent for landowners to prepare for the future whatever it may bring. Members can already access a wide variety of advice from the CLA wherever they are in their succession-planning journey. 

Now, we are delighted to partner with Miller to offer this first class insurance product that will provide landowners with a further opportunity to protect their families from this damaging government policy.”