‘Exempt all farming businesses' from UK inheritance tax
This was the clear views expressed by Co. Down-based financial planning specialist, David Hanna, who spoke at the official launch of Newry Show 2025.
Hanna said: 'It's obvious that the current Westminster government does not understand farming.'
According to Hanna, the expanded inheritance tax changes, referenced by the chancellor last October, are 'the most talked-about Revenue-related measures to have had an impact on farming over the past 40 years'.
'All agricultural businesses are asset-rich and cash-poor. As a consequence, many farming families are worried about their ability to actually pay the tax should they ever be faced with the need to so.
'And there is a ripple effect to be considered within all of this. Many farm businesses will not have the confidence to invest in the future of their businesses.
'We may also see a change in the way that banks deal with their farming clients.'
The Newry-based financial consultant believes there is a very clear and concise way for the UK government to amend the new tax measures.
'There is an obvious option for the chancellor to exempt all faming businesses with a clear commitment to maintain the fabric of their businesses for the benefit of future businesses,' Hanna said.
'By taking this approach, she can focus her attention on those individuals and companies that view an investment in land as simply that: an opportunity to dodge the payment of inheritance tax.'
Hanna is amongst a growing number of accountants and financial planning specialists who believe that the chancellor still has time to amend the agri-focussed tax changes she specified last autumn
Meanwhile, a report by the UK government's Environment, Food, and Rural Affairs (EFRA) Committee is calling on the UK government to delay announcing its final agricultural property relief (APR) and business property relief (BPR) reforms until October 2026, with the measures to come into effect in April 2027.
MPs are saying that a pause in the implementation of the reforms would allow for better formulation of tax policy and provide the government with an opportunity to convey a positive long-term vision for farming.
Such a development would also protect vulnerable farmers who, according to the report, would have more time to seek appropriate professional advice.
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