Farmers’ Union Gathers Thousands of Signatures Against Budget Tax Changes

The Ulster Farmers’ Union’s petition, launched in opposition to tax adjustments revealed in the recent Budget, has been attracting approximately 1,000 signatories daily. Over a period of nine days, nearly 9,000 individuals have endorsed the petition, expressing their disapproval of the proposal to limit Agricultural Property Relief for Inheritance Tax to £1 million. Furthermore, the union has communicated with its entire membership, urging participation in upcoming protest activities scheduled for next week, which are planned for both Northern Ireland and Westminster. According to Deputy President John McLenaghan, the level of engagement with the petition demonstrates the “serious concerns” that the recent announcement has generated within the agricultural sector. Mr McLenaghan stated, “This is a powerful opportunity for us to stand united, make our voices heard, and demand that policy makers address the significant threats this policy poses to our farms, families and future.” During the Labour party’s first budget in 14 years, Chancellor Rachel Reeves declared that while combined business and agricultural assets valued under £1 million would remain exempt from inheritance tax, assets exceeding this threshold would incur a 20% tax rate starting in April 2026, which is half the standard inheritance tax rate. Northern Ireland Secretary Hilary Benn has indicated that the majority of agricultural holdings in Northern Ireland will not be impacted by these revisions. However, last week, Agriculture and Environment Minister Andrew Muir informed the Assembly that “many” farms within Northern Ireland, especially those in the dairy sector, would experience the effects of this alteration. He further stated that departmental research suggested 75% of dairy farmers would exceed the specified tax threshold. Muir held a meeting with the secretary of state, advocating for a re-evaluation of the tax policy and the choice to discontinue ringfencing agricultural funding. Copyright 2024 BBC. All rights reserved. The BBC is not responsible for the content of external sites. Read about our approach to external linking.