The Farmers’ Union of Wales (FUW) expressed “grave concerns” after the chancellor’s announcement, which will see relief on business and agriculture assets capped at £1m.
This is in addition to a personal allowance worth up to £500,000 per person.
Anything above this would be taxed at 20%, payable over 10 years.
Previously, agricultural property relief has enabled small family farms to be handed down through the generations.
But Mr Price said he thought the announcement was the “final nail in the coffin” for Welsh farmers.
“It would definitely make me reconsider if we had kids,” said the 28-year old, who farms with his partner.
“It makes you think ‘should you stay in the industry if you want a family’?”
Mr Price said he believed farmers’ mental health will be impacted in the long run if their financial concerns continue.
“It’s bad enough, struggling as it is, wondering how we’re gonna pay your bills, where your money is going to come from.”
