Statement, following the Budget, by TUV MP Jim Allister:-
“The Labour Government proved, what I suspected, it has no feel or empathy with farmers. Else, it would not have dealt such a brutal blow to the future of family farming through its inheritance tax extinction policy.
“Farmers are asset rich, because of their land, but, often, cash poor, with it being a struggle to meet the constant monthly bills from fluctuating income. The fact they own 50 or 100 acres isn’t something they can draw on for day-to-day needs. Yet, retaining that 50 or 100 acres for farming into the future is key to the generational survival of the farm.
“Hence, the reason and logic for the historic agricultural exemption from inheritance tax.
“Now, alas, this Government is set to raid farming assets by a whacking on inheritance tax upon the death of the current farmer. With limited cash reserves, most family farms, when that point comes, will have no alternative but to sell off land and thereby diminish the viability and productivity of the farm. Food production and security will suffer knock-on effects.
“The threshold of £1m is of little help at today’s land prices. Acreage as low as 50 or 60 will frequently be caught for inheritance tax.
“The farmers in North Antrim, as elsewhere, have devoted their lives to building up their farms with the driving motivation to see the land handed on to the next generation. Now this kick in the teeth from uncaring government has rightly left many angry and betrayed.
“I will, of course, vote against this madness and join vigorously in the campaign to rescue the situation.”