He was speaking following a meeting with the Ulster Farmers’ Union (UFU) to discuss their concerns on a Court of Appeal ruling regarding tax relief treatment on conacre land.
The Minister said: “Like the Ulster Farmers’ Union, I am very concerned over the potential impact this court ruling may have on our local farming community. With one third of Northern Ireland’s land let out as conacre, this court decision could result in a significant increase in the acreage of local farmland being liable to 40% Inheritance Tax.”
The Minister expressed his intention to continue to press the Treasury for recognition of the uniqueness of this issue for Northern Ireland and the implications for our local agriculture industry. He also stressed that taxation is a reserved matter for the UK Government to determine, and that he would be seeking substantive engagement on this issue.
He added: “I had a very constructive meeting with the Ulster Farmers' Union today and I will continue to work with them as well as other interested groups, in seeking ways to alleviate the adverse impact of this ruling.”
UFU President Graham Furey said: “We are very concerned that certain agricultural land let in conacre could now be subject to Inheritance Tax. Inheritance of land within families is an important aspect of our family farming tradition in Northern Ireland and we want to protect that. We are grateful that Finance Minister, Sammy Wilson has listened to our concerns and is prepared to take up this issue on behalf of farming families. We have a unique historical conacre system, which does not operate in any other part of the UK, and we don’t want to see Northern Ireland farms disproportionately affected by these developments.”
Notes to Editors:
- Photo available on request from DFP Communications Office on 028 9052 7374.
- Media enquiries to DFP Communications Office on 028 9052 7374. Out of office hours please contact the Duty Press Officer via pager number 07699 715 440 and your call will be returned.
