Around a third of farmers in Northern Ireland are set to be affected by new measures announced in the autumn Budget, the Stormont Agriculture Minister has said.
Last week, Chancellor Rachel Reeves outlined plans to impose inheritance tax on farms worth more than £1 million.
Speaking during questions for his department at the Assembly, Andrew Muir said it had been a “bad budget for farmers”.
He said while it is impossible to determine precisely the number of farms affected, but added he believes around one third would be.these decisions in terms of inheritance tax and agricultural property are bad, it is a bad budget for farmers
These decisions in terms of inheritance tax and agricultural property are bad, it is a bad budget for farmers
He said in the dairy sector, there could be around 75% affected.
“Northern Ireland will be disproportionately affected … I’m meeting the Secretary of State today and asking for a rethink in relation to this,” he told MLAs.
“We need to provide succession planning for farming in Northern Ireland so we can encourage young people into farming, but also ensure the future success of family farms in Northern Ireland.
“This move in terms of inheritance tax has severe impacts in terms of inhibiting that generational renewal, and it’s actually causing quite a lot of angst and concern within the farm community of Northern Ireland today.”
He added: “I’m very keen to see the success of family farms in Northern Ireland. They’re the bedrock of our countryside, it’s important that we support them.
“The Executive needs to come together with me in terms of ring-fencing the future budget around farming, fisheries and rural development. That’s one key measure that we can hopefully take a decision on shortly, which will give an element of reassurance.
“But these decisions in terms of inheritance tax and agricultural property are bad, it is a bad budget for farmers. We need to do what we can together to try to address those concerns.”
