According to the Ulster Farmers’ Union (UFU) deputy president, Glenn Cuddy, better succession planning will not sort out the inheritance tax challenge now facing farm families in Northern Ireland.
“Life doesn’t work like that. All the succession planning in the world does not take account of a sudden death taking place within a farming business.
“In fact, given the current scenario that could unfold from 2026 onwards, farm families could be hit with an inheritance tax bill twice within one generation in the event of matters like this arising within a business.
“This is grossly unfair and is one of the reasons why the union will campaign to get changes made to the new inheritance tax measures that fully reflect the key role played by farming across society in Northern Ireland,” he said.
Meanwhile, members of the UFU presidential team believe that the new inheritance tax measures will not impact on land prices.
UFU president, William Irvine commented:
“Demand for land will remain strong. It is a diminishing resource. As we look to the future, available land will be out to a number of uses that are of significant value to everyone. These include food production and environmental protection.”
Where food commodity trends are concerned, the UFU presidential team recognise that the international grain market is an outlier at the present time.
In contrast to the likes of dairy and beef, cereal and oilseed prices have remained very sluggish over the past 18 months and more.
Poor returns and equally challenging yields, caused by poor weather, have combined to put significant pressure on the returns generated within Northern Ireland’s arable sector over the past 24 months.
UFU
“No doubt international grain markets will turn in favour of growers into the future,” Irvine said.
Significantly, the UFU is not actively campaigning to have bespoke measures introduced for tillage farmers within Northern Ireland’s new direct farm support measures.
However, there is an expectation that cereal growers and vegetable producers will be able to directly avail lof the new capital grant assistance schemes that have been agreed.
Union representatives are also pointing out that Northern Ireland’s Protein Aid Pilot Scheme has been extended until the end of 2026.
The aim of the measure is to assessing the environmental and sustainability benefits, which protein crops, including beans and peas, can deliver.
The maximum supported area will increase from 1,000ha to 1,300ha to allow for continued evolution of the market and supply chains.
Under the scheme, farmers will receive £330/ha in addition to their Basic Payment / Farm Sustainability Payment.
