The Farmers For Action Say They Won’t Roll Over on Inheritance Tax Changes
Farmers For Action’s Steering Committee have repeated their message to family farmers in Northern Ireland that they have no intention of rolling over on the dreaded inheritance tax issue as new information on options for farmers caught in the position of wishing to hand over their property to the next generation is coming forward.
William Taylor, FFA chairman, said: “Farms with historic buildings, outstanding landscapes, in fact there are 6 qualifying criteria including even land which is of scenic, historic or scientific interest all of which are rarely registered by farmers with HMRC and Department of Communities Historic Environment Division NI.
“It would appear to be the case that all the above are criteria worthy of enquiry by farmers to claim exemption from Inheritance Tax and capital gains tax when they pass to a new owner either as the result of a death or as a gift.
“Should any farmer qualify for any of the above and wish to register them please seek good legal and accountancy advice on your particular circumstances as this may help quite a few farmers with the current debacle of facing 20% inheritance tax.
“It would also appear that the 7 -ear rule handover still applies, however, this is of little use in a case of sudden death, illness or accident.
“In a year where a record number of farms across the UK were forced to close ahead of the Chancellors tax raid, totalling 6,365, the battle must and is continuing.”
William Taylor added: “The FFA are fully involved in on-going efforts within Fairness for Farmers in Europe and Save British Farming, in supporting the case put to Chancellor Reeves in December 2024 to set aside the Inheritance Tax and replace it with a UK-wide Farm Welfare Bill.
“The scope of this proposed bill now being widened out to other UK politicians.
“Meanwhile, there is a strong case that due to Northern Ireland still coming under some EU rules that the IHT may not be legal.
“This in turn could have implications for UK family farmers as well as Northern Ireland family farmers.
“The work is ongoing and legal advice is ongoing… we have no intention of rolling over on IHT!”
