UFU issues urgent request for Chancellor meeting on inheritance tax (IHT)
The Ulster Farmers’ Union has issued a new letter to Chancellor Rachel Reeves, urgently requesting a meeting to discuss how inheritance tax would disproportionately impact local family farms.
This follows her recent visit to Northern Ireland, where the farming community did not get the opportunity to engage with her directly on the matter.
UFU president William Irvine said: “We understand that during the Chancellor’s visit to Belfast, deputy First Minister Emma Little-Pengelly and Finance Minister John O’Dowd, raised concerns about how inheritance tax would disproportionately impact local family farms.
“Yes, it’s positive that these concerns were passed directly from our NI leaders to the Chancellor, but it’s extremely disappointing and frustrating that she did not give the farming community the opportunity to engage with her on the matter when she was here.
“As a matter of urgency, we are now asking the Chancellor again to meet with us, to ensure the unique circumstances of NI agriculture are fully considered.
“Political support on inheritance tax has been crucial. However, hearing it from the horse’s mouth is essential for every discussion and debate.
“We farming families are the ones facing the horrendous prospect of a hefty tax bill. A tax bill that NI family farms will never be able to generate out of the money they make from farming.
“The family members coming behind them will be forced to sell some of the land their parents and ancestors worked hard for, long hours, often seven days a week, to pay and build up the business over the years.
“Now, NI farmers feel like they’re on the brink of losing the only life they know and love, the land that keeps them close to their ancestors. No one can explain that heartbreaking reality more sincerely than our farmers.”
The knock-on effect of farmers being unable to sustain their businesses due to inheritance tax, will have serious consequences for local food production, rural jobs and communities, and the UK’s overall food security.
“The very least the Chancellor can do is give the farming community the time and opportunity to explain why these changes would be so deeply damaging for local family farms.
“The ripple effect of which would be catastrophic. It would create a massive drop in local food production and as a nation that imports a large percentage of its food, we can’t afford for this to happen.
“Why? Because if local food production drops, prices will go up and every family in the UK would suffer as a result.
“While we now await the Chancellor’s response, we urge the Treasury to pause and fully assess the consequences for NI and the rest of the UK.
“To proceed with these changes without a full impact assessment would be reckless,” said Mr Irvine.
