January has wasted little time in delivering wintry weather, with snow arriving across large parts of Wales. It has transformed familiar landscapes and in many cases, caused significant disruption. Yet, as is so often the case, for farmers it has very much been business as usual.

Livestock still need tending and essential work on farms often cannot be paused because of the weather. Whatever the conditions, farmers are up early and out late, making sure animals are cared for and the farm keeps running. Many farmers have also been helping out beyond their own farm gates - gritting roads or assisting vehicles in difficulty - and showing the practical role farming families continue to play within our rural communities.

This week also marks Westminster's return following the Christmas recess. With Parliament back in session, attention will inevitably return to policy and politics. One issue that will remain firmly in focus is the Treasury’s pre-Christmas statement on inheritance tax reform, which was both unexpected and significant, particularly the decision to raise the tax-free threshold.

The FUW have taken the opportunity over the past fortnight to do some detailed number crunching to see what these changes could mean for Welsh farming businesses. Under the original proposals, up to half (48%) of Basic Payment Scheme recipients in Wales could have been affected. That would have had a serious impact on farming businesses, family succession, and the wider rural economy. It is no wonder the plans caused anger and frustration and led to a significant lobbying effort from the FUW and the wider industry.

The revised proposals present a different picture. With the government increasing the threshold to £2.5 million, our calculations suggest that between around 5% and 20% of Welsh BPS recipients may now be affected, depending on farm ownership structures, marital status and succession plans.

While these revised proposals represent a significant positive change, the FUW remains frustrated with the UK Government’s approach to IHT reform, which has caused needless anxiety and seriously knocked confidence across the industry. The UK Government must learn its lesson by recognising the importance of careful, evidence-based policy that reflects the realities of family farming.

With the UK Government’s Finance Bill still making its way through Parliament, the FUW will continue to scrutinise these proposals and press for policies that recognise the unique structure of family farms and the vital role they play in sustaining rural Wales, whatever the weather.