Agricultural and Business Property Relief Debate
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Jim Shannon
Main Page: Jim Shannon (Democratic Unionist Party - Strangford)Department Debates - View all Jim Shannon's debates with the HM Treasury
Agricultural and Business Property Relief
Jim Shannon Excerpts(1 day, 17 hours ago)
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Graham Stuart
I thank my right hon. Friend for that intervention. On Friday, I visited Ian and Rebecca at Bygott farm just outside Beverley, which is about 220 acres. Their profits would be wiped out by the expected inheritance tax for 10 full years, with 10 years to pay it. The expected annual payment for 10 years would be greater than their profit last year. They also play that vital role, which my right hon. Friend mentioned, of looking after the watercourses. The villagers nearby do not know what a critical part they play in maintaining those watercourses.
Jim Shannon (Strangford) (DUP)
I commend the right hon. Gentleman for bringing this forward. All my neighbours in Northern Ireland are small farmers. Everyone will be impacted, because the threshold of £1 million is too low. The threshold should be between £4 million and £5 million, which would give a chance to retain the family farm. Has the right hon. Gentleman had the opportunity to talk to the National Farmers Union or the Ulster Farmers Union to ascertain their legal opinion, which is against what the Government are introducing?
Graham Stuart
The hon. Gentleman is absolutely right. If the measure was about hitting huge investors, they are the ones least likely to be affected. The richest and most sophisticated will find it easiest to avoid the impact. Small farmers, such as the ones I visited on Friday, will be most seriously affected. It is a bit like the winter fuel payment cut. If the Government took that away from people who had an income of more than £25,000, it would be infinitely less controversial. The point is, it hits people on very low incomes and hurts them the most.