It is a pleasure to serve under your chairmanship, Sir Roger. I thank the hon. Member for Upper Bann (Carla Lockhart) for securing the debate.
I want to take exception to language used by Government MPs here today and in the debate we had in the main Chamber on 11 November, when they accused anyone who raised genuine concern for family farms of being either in the pocket of big business or alarmist. I can assure you, Sir Roger, that the Members I know who have spoken here and those who spoke in the main Chamber on this issue did so out of genuine concern and understanding of the effects that this tax grab will have on our family farms.
I was so concerned that I asked for clarity on the figures that I had used from the Northern Ireland Agriculture Minister. He responded:
“I am disappointed at the UK Government’s dismissal of the figures you quoted and the subsequent comment that our analysis that one third of farmers and up to 75% of dairy farmers will be affected by the new inheritance tax limitations as ‘alarmist’. I can assure you that these figures are based on a solid analytical basis…from data collected as part of the Northern Ireland Agricultural Census 2023.”
I may have many differences with him, but I believe the Agriculture Minister in Northern Ireland over what I have heard from the Labour Government about how the tax will impact Northern Ireland farmers.
A 2023 Irish Farmers Journal survey showed that the average price of agricultural land in Northern Ireland is £13,794 per acre. It would be reasonable to assume that by 2026, when the inheritance tax changes take effect, the average price will have increased to £15,000 an acre. Based on that information, farms in Northern Ireland with 67 acres of land will be affected by this tax grab.
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