Family Farming in Northern Ireland
Debate between Dan Tomlinson and Carla Lockhart(3 days, 22 hours ago)
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Dan Tomlinson
I do not agree that £1 million is nothing. It is a significant increase and a significantly higher threshold than that for anyone who does not have access to APR or BPR. I understand the point about land values in Northern Ireland, but at the same time, as far as I am aware, farms in Northern Ireland are smaller than those elsewhere. It is also worth bearing in mind that the £1 million relief comes on top of the spousal exemptions and nil-rate bands, so, depending on individual circumstance, up to £3 million can be passed on by two people, free of inheritance tax, and, as has been mentioned, the payment can be spread over 10 years, interest free. That policy design is not seen anywhere else in the inheritance tax system.
Carla Lockhart
The Minister is certainly sticking to the script, but can he give us even an opening through the door of the Treasury? Will he open that door and speak with the farming unions across the nation?