McMurray Backs Farmers Over Labour’s Inheritance Tax Autumn Budget Hike
Andrew McMurray MLA (Alliance) has condemned the changes to inheritance tax rules for farmers, which were introduced as part of the UK Government’s autumn budget.
The South Down MLA was speaking in support of an Assembly motion on Protecting Farming Families Following the Autumn Budget 2024, last Tuesday.
It comes as thousands of farmers gathered at the Eikon Exhibition Centre in Lisburn on Monday to protest against the planned changes. Protests from farmers across the UK also took place in Westminster on Tuesday.
Mr McMurray said: “I attended the Eikon Centre protest event and was glad that I did. I was able to hear at first hand the concerns of Ulster’s farmers. They were able to give context as to how this issue affects them.
“I share the concerns over the impact the new inheritance tax rules and the changes to farm support budgets will have on farming families in Northern Ireland.
“Farmers are the custodians of our countryside and family farming is the cornerstone of our agricultural sector.”
Mr McMurray added: “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.
“The agri-food sector is of course extremely important to the NI economy as a whole, but especially so to our rural economies – last year, 39% of rural businesses belonged to the agriculture, forestry and fishing sectors.
“Farmers also play a key role as we transform into a greener and more environmentally-friendly society.
“Farmers take great pride in their role as custodians of the countryside. 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.
“I know that Minister Muir agrees with me that this is a bad budget for farmers, and he has met with the Secretary of State for NI to express his concern and urge the UK Government to reconsider the changes.
“He has also been making the case to Executive colleagues for ring-fencing agricultural funding locally to ensure we can continue to tackle the major environmental challenges we are facing together while protecting rural economies and food security in Northern Ireland.
“I welcome all of these efforts”.
Mr McMurray also drew attention to actions farmers can take to mitigate the impact of the new rules.
e said: “Some of the impact of the new tax rules can be mitigated by succession planning, and I want to highlight the Minister’s efforts to help farming families with this through DAERA’s ‘Farming for the Generations Pilot Scheme’.
“I would also echo the sentiments expressed from the UFU President yesterday evening in encouraging all those who are potentially affected to seek professional tax and legal advice on this matter.”
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