Claims one of Pembrokeshire’s MPs may have had insider knowledge of changes to Agricultural Property Relief recently announced by the Chancellor, with inferences it led to his wealthy landowner parents shielding their estate, have been denied.

At the Budget, Chancellor Rachel Reeves announced farmers would have to pay inheritance tax on agricultural property and land worth more than £1 million at a rate of 20 per cent, with a £3m threshold for couples passing on their farms.

This compares to a 40 per cent rate on other estates.

As has been widely reported in the national press over the weekend, claims have been made that financial measures were taken by Mid and South Pembrokeshire MP Henry Tufnell’s parents to protect their 2,000-acre Cotswolds estate some three weeks before the budget announcement.

While those measures are said to be perfectly legal, questions have been asked about any sharing of insider information by Mr Tufnell, the first MP elected to the new seat of Mid and South Pembrokeshire in 2024 after defeating Conservative candidate – and long-term MP for the now defunct Preseli Pembrokeshire seat - Stephen Crabb.

Any inference that the MP was able to forewarn his parents to place them in a special position has been denied.

A spokesman for the Mid and South Pembrokeshire Labour MP said: “As has been widely reported, it would seem that even Steve Reed, the Secretary of State for DEFRA, was not aware of the specific changes to Agricultural Property Relief (APR) and Business Property Relief (BPR) before the Budget was announced.

“It would therefore be implausible to suggest that Henry - a backbench MP - would have this kind of knowledge prior to the Chancellor’s Budget announcements before they were made public.

“The actions taken by Henry’s parents were based on professional advice from qualified financial advisers, reflecting prudent and responsible management of their family affairs.

"This is something that every farmer in Pembrokeshire should consider in light of the Chancellor’s recent announcements, to ensure they are prepared for the evolving landscape of farming taxation.”