Latest news with #NewryShow2025
Agriland
23-05-2025
- Business
- Agriland
‘Exempt all farming businesses' from UK inheritance tax
Farming families with a long-term commitment to their businesses can be easily made exempt from the UK expanded inheritance tax measures. 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.
Agriland
23-05-2025
- Business
- Agriland
Funding available for cross-border twinning of agricultural shows
The potential for agricultural shows in Northern Ireland to partner with societies south of the border has been highlighted. The driver for such development is the funding available under the aegis of the Change Maker Funding Programme, part of the cross-border PEACEPLUS initiative. Irish Shows Association (ISA) national secretary, Jim Harrison, highlighted this initiative at the launch of Newry Show 2025. The Change Maker Funding Programme will distribute €40 million over the next three years to support people-to-people projects on a cross-community and/or cross-border basis. It will make awards of up to €100,000 for specific projects. Harrison said: 'The Irish government provides €1 million of core funding to support ISA events on an annual basis. 'I find it hard to believe that the Stormont Executive cannot take a similar approach when it comes to supporting agricultural shows taking place in Northern Ireland. 'I am aware that many of the local councils in the north support the agricultural shows taking place in their area. But this happens south of the border as well.' Newry Show chairperson, Brian Lockhart, is also chair of the Northern Ireland Shows Association (NISA). He said: 'An NISA deputation recently met with representatives of the Stormont Agriculture Committee. 'The politicians were told of the important role played by the shows as a platform for the farming and food sectors and also at community level. 'These events attract many thousands of people, year-in: year-out. All of this activity is also adding to local economises in a more than meaningful way.' Lockhart went on to point out that local show societies have histories that stretch back, in some cases, over 150 years. And they continue to play a key role at the very heart of the farming and food sectors. He added: 'But none of this can be taken for granted into the future. Fermanagh Show did not take place last year because of the funding challenges facing the show society at that time.' Role of agricultural shows The NISA chairperson also referenced the key role that NISA members play in helping to communicate the Department of Agriculture, Environment and Rural Affairs (DAERA) sustainability agenda into the future. 'We want to work closely with DAERA on this and other matters,' Lockhart said. 'The local shows represent the perfect vehicle for the changes taking place across the farming and food sectors at the present time to be communicated to the general public. 'But it is imperative for DAERA core funding to be made available to all the local show societies across Northern Ireland. And that clock is ticking.'
