Inheritance Tax Changes Impacting Family Farms
That this Assembly acknowledges concerns about inheritance tax changes impacting family farms; recognises the financial pressures on farming families due to inflation, rising living costs, and economic uncertainty; highlights that the Department of Agriculture, Environment and Rural Affairs’ analysis shows that half of all farms, accounting for 80 per cent of farmed land, could be affected by the inheritance tax changes announced in the Chancellor’s Autumn Budget 2024; further highlights that the increase in average land value estimates, from £15,000 per acre to £21,000 per acre, as calculated by this analysis, raises the number of farms impacted by these changes; understands that these changes threaten the viability of family farms that contribute significantly to our agricultural output; and calls on the Executive to actively lobby the British Government in advance of the upcoming Spring Statement 2025, to secure the urgent reversal of these changes ensuring the protection and sustainability of family farms.
Private Members' Motion
28/01/2025
28/01/2025
11/02/2025
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