Inheritance tax cut ‘bad for farmers’ as politicians hit out

Inheritance tax cut ‘bad for farmers’ as politicians hit out

27 November 2024

THE British government’s plan to cut inheritance tax relief for farmers should be reversed, according to South Down MP Chris Hazzard and local MLA Andy McMurray.

His comments came after thousands of farmers came together in Lisburn last week to oppose the proposed changes.

Mr Hazzard said the decision to announce changes to inheritance tax for farmers has caused a great deal of concern about what this will mean for the future viability of their farms.

And he was pleased First Minister Michelle O’Neill and other Assembly ministers stood shoulder-to-shoulder with thousands of farmers in opposition to the government’s plan at last week’s event the Eikon Centre.

“Family farms are the backbone of our agriculture sector and rural economies in the North.

The ability to pass down a family farm from one generation to the next must be protected,” said the MP.

“Sinn Féin will continue to press the government to reverse this decision and to ensure family farms can continue to play their role in our thriving farming industry.”

Condemning the changes to inheritance tax rules for farmers, Mr McMurray said farming families must be protected.

He was at the Eikon Centre last week and heard at first hand the concerns of farmers which he shares.

“The new inheritance tax rules and changes to farm support budgets will impact on farming Farmers are the custodians of our countryside and family farming is the cornerstone of our agricultural sector,” said Mr McMurray.

“The new tax rules are bad for farmers everywhere in the UK, but farmers in Northern Ireland will be particularly badly affected due to the comparatively high value of agricultural land.

“The Chancellor says that only one out of four farms will be affected by the new rules, but DAERA estimates that the percentage in Northern Ireland will be higher than that – one in three being a more realistic estimate across different types of farms. For dairy farms, the number could even be as high as three out of four.”

Mr McMurray said the agri-food sector is extremely important to the province’s economy as a whole, but especially so to rural economies.

“Farmers also play a key role as we transform into a greener and more environmentally-friendly society and they take great pride in their role as custodians of the countryside,” he continued.

Mr McMurray added: “Older farmers put in place measures that they will not see the benefit of, but will come to maturity for their children. Many are now worried that they will not be able to pass this on. To farm in a sustainable way, first of all you have to be farming.”