Shannon Meets with Ulster Farmers Union President William Irvine and the UFU’s Alex Kinnear along with Carla Lockhart MP at Westminster
Strangford MP Jim Shannon has met with the Ulster Farmer’s Union Representatives at Westminster to discuss the urgent changes needed to enable family farms to allow them continue to exist.
Jim Shannon said: “I met with Carla and Willie and Alexander to discuss how to press government using the latest information from the Centre for Analysis of Taxation review of the new inheritance tax implications.
“The centre found that from April 2026, estates will get 100% relief on the first £1 million of farm/business assets and 50% thereafter (20% marginal tax).
“This means that 480-600 estates in the UK will be affected per year (30% of farm-estate deaths) with the vast majority of new tax coming from estates over £5 million.
“Owner-occupiers are disproportionately affected (37% of those impacted, despite being only 17% of farm estates), while landowners and tenants are less likely to face higher tax.”
He added: “This shows this targeted tax is less targeted and more scatter gun and the CENTAX report highlighted different approaches that government must consider including Transferability of the allowance which would be a practical, low-cost improvement to make the tax system fairer.
“Carla Lockhart MP and I will be ensuring that government is made aware of this latest documentation and that consideration is given to ensure that we keep small family farms able to feed our families throughout Northern Ireland and indeed the entirety of the UK.”
