Debate contribution: Inheritance Tax Changes: Impact on Family Farms

Debate contribution by Mr Timothy Gaston on 11 February 2025.

MLA

Mr Timothy Gaston

Party at the time

Traditional Unionist Voice

Date

11 February 2025

Type

Debate contribution

Business

Private Members' Business

Heading

Inheritance Tax Changes: Impact on Family Farms

Assembly identifier

Official Report component 4793756

Read the official Assembly record

Text

Thank you, Madam Principal Deputy Speaker. The Labour Government have proved once again that they have no empathy with the farmer. If they did, they would not have dealt such a brutal blow to the future of family farming through their inheritance tax extension policy. In Northern Ireland, land prices are, in some cases, twice as high as they are in other parts of this United Kingdom. As a consequence, the farm tax threshold will be reached more quickly in Northern Ireland than in GB. Farmers are asset rich because of their land but are cash poor and struggling to meet the constant monthly bills from a fluctuating income. Importantly, when someone in one generation takes over a farm, they naturally want to grow, expand and improve their productivity. During a lifetime, extra land will be bought. That extra land is bought with money on which tax has already been paid. Therefore, it is a double taxation. People buy land with the profits that they have made and on which they have paid their taxes. When they die, the Government come once again looking for more money. Although a farmer may own 50 or 100 acres, they cannot be drawn on for his day-to-day needs. Yet retaining the 50 or 100 acres for farming in the future is key to the generational survival of any farm. There is reason and logic for the historical agriculture exemption from inheritance tax. With limited cash reserves, many family farmers will have no alternative but to sell off land and, consequently, diminish the viability of the farm. Food production and security will suffer the knock-on effects as a result. Currently, 36% of farmers in Northern Ireland are aged 65 and over. Farmers in North Antrim and elsewhere have devoted their life to building up their farms with the driving motivation of seeing the land handed on to the next generation. Now, this kick in the teeth from an uncaring Government has rightly left many feeling angry and betrayed. When will the nation and its politicians start to respect those who put food on our tables? With all that having been said, there is an irony in the motion. I do not expect that anyone in the Chamber will oppose it. Yet, if this place votes on inheritance tax, that does not really matter. As has been said, where were the parties with seats in the Commons when the issue was voted on and when it really mattered? Just half of Northern Ireland's MPs bothered to vote when the issue came to the Commons, which is where the real power lies. As has been said, the Agriculture Minister's party colleague was not there. Half the SDLP did not bother to show up, and the half that did voted with their sister party's Budget. Although Sinn Féin tabled today's motion, its republican ideology matters a lot more than the farmer. It is about time that the parties in the Chamber stopped their play-acting and got serious about representing farmers' interests. It is all well and good to say the right things in the House, but those words need to be followed up with actions in Westminster, where the real power is. Members, farmers see you, farmers are watching and farmers will judge you accordingly. I sat in on an Ulster Farmers' Union meeting in Ballymoney just before Christmas. The worry and stress in the room were palpable. Many questions remain unanswered from that night. I fear that the inheritance tax, if imposed by Labour, will devastate our agri-industry and, in years to come, lead to food shortages on our doorstep. If imposed, it has the potential to wreck the backbone of Northern Ireland's economy. It has to be resisted at every level. However, once again, resisting it in this House is all fine and good, but it is at Westminster, where there are those who do not take up their seats or do not bother to attend, that the real power lies, and that is where you can make the difference.

675 words. Text as published by the Northern Ireland Assembly.

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