'Behind each bit of food on our shelves is a farming family worried about the future': End tax stress hitting industry, says union
Farm tax hikes have plunged families into crisis talks, an industry body says, forcing “difficult conversations about inheritance, financial security and whether businesses built over generations can be passed on”.
Earlier this week the Ulster Farmers’ Union (UFU) revealed that changes to inheritance tax are taking a devastating emotional toll on families in agriculture across Northern Ireland, a recent survey by the body showing almost nine in 10 report more stress as a direct result.
With next week’s UK-wide budget looming, the UFU is calling for Westminster to east the tax burden on farmers, its president John McLenaghan stating: “Behind every locally-produced food item on our shelves is a farming family worried about its future.
“These are parents who have spent their lives working to build a business for their children, now questioning whether they will be able to pass it on without leaving them with an enormous financial burden.”
This year, tax changes created under Sir Keir Starmer’s time came into effect. The reworked system has cut back relief on inheritance tax for farms with land and buildings valued at more than a combined £2.5m; the UFU argues this doesn’t take into account the difference between the value of a farm as property and the amount of income it can realistically generate.
“No farming family should have to lie awake at night worrying that a lifetime of hard work could leave their children facing an impossible financial decision,” said Mr McLenaghan, “particularly when they have been told for decades that they will not have a liability to pay.”