The ‘destructive’ inheritance tax rules recently introduced by the government have forced a family farm shop near Newton Abbot to announce its closure.

Old Quarry Farm shop and aquaponic grow house on Aller Brake Road, which sells fresh produce, local meat, vegetable boxes and traditional baked goods, will permanently close its doors before Christmas.

The owners cited soaring costs and the impact of the government’s ‘unaffordable’ new inheritance tax rules as reasons for the closure.

Bruce Reed, who owns the business, said the ‘surprise, destructive’ introduction of inheritance tax rules ‘impacts our ability to keep Old Quarry Farm running in the family and influences our decision to cease operations and seek a new direction in life after countless generations have farmed and worked land throughout Devon’.

‘Under these changes, family farms and all other family-owned businesses passed on to the next generation intact will now face substantial, often unaffordable, tax sums payable upon inheritance, forcing their sale, multiple job losses and likely destruction,’ Bruce warned.

‘For long-standing family enterprises like ours, where assets are primarily productively tied up in business operations without a significant cash reserve sitting idle, these measures make continuity unsustainable,’ he added.

The new inheritance tax regime has exacerbated other business challenges such as the rising costs of raw materials, energy and wages, which have ‘made it impossible to sustain operations’.

‘We are immensely grateful to our wonderful customers and the community for their support throughout the years,’ the family said, urging customers to pay them one more visit before they stop trading.

‘Your loyalty has been a source of inspiration, and it with deep sadness that we announce this closure after four generations have been on the land in Newton Abbot and with a history of farming stretching back as far as we can find in our family history in Devon,’ Bruce said.