UFU president William Irvine on his County Armagh farm. Picture: Cliff Donaldson
The four UK farming unions presidents have urged the Chancellor today (25 October), to maintain Inheritance Tax Reliefs for farm businesses.
UFU president William Irvine said, “We have written a joint letter to the Chancellor expressing deep concerns over speculation about potential changes to Inheritance Tax reliefs, that are vital to farm businesses. The unions have urged Chancellor Rachel Reeves to reconsider any plans that could weaken or eliminate Agricultural Property Relief (APR) and Business Property Relief (BPR) in the upcoming budget. We have warned of the severe, long-term impact on the viability of our family farms, food security, and the rural economy.
“For generations, these sensible reliefs have allowed families to pass down farming businesses. Changing these would mean many family farms will no longer be sustainable. This would erode the foundation of our agricultural sector.”
The unions have urged the Chancellor to carefully consider the far-reaching consequences of any such policy changes and even at this stage say they stand ready to discuss these concerns before the budget is finalised.
