Agricultural property relief essential to NI farming heritage says Shannon
DUP MP for Strangford, Jim Shannon, has urged the Chancellor of the Exchequer, Rachel Reeves, to maintain current rules on agricultural property relief.
Speculation has mounted in recent months that the Government is looking to raise revenue by changing current rules on inheritance tax.
Jim Shannon said: “Agri-food is the backbone of the Northern Ireland economy and the importance of productive, profitable farms moving through the generations cannot be understated.
“This being the case, I strongly urge the Chancellor of the Exchequer not to amend the inheritance tax rules surrounding agricultural relief on farmland.
“This relief is absolutely essential for farmers in Northern Ireland, many of whom manage small, family-run farms that have been passed down through generations.
“Any alteration to this relief would place a tremendous financial burden on these families.
“It is quite possible that it would force some to sell their land simply to meet tax obligations.
“Without this relief, we risk seeing the breakup of family farms, loss of rural jobs, and the erosion of Northern Ireland’s agricultural heritage.:
Jim Shannon added: “I urge the Chancellor to consider the devastating impact this could have on Northern Ireland’s farming industry and to maintain the current rules on agricultural relief to protect our farmers and safeguard the future of rural livelihoods across the country.”
