Inheritance Tax, National Insurance and VAT Debate
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Lord McCrea of Magherafelt and Cookstown
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Inheritance Tax, National Insurance and VAT
Lord McCrea of Magherafelt and Cookstown Excerpts(3 days, 17 hours ago)
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Lord McCrea of Magherafelt and Cookstown (DUP)
My Lords, I refer to my interests in the Members’ register. The decision by the Government to remove agricultural property relief for inheritance tax is going to adversely impact Northern Ireland’s farming community. Succession is extremely important when we consider the farming industry. However, Labour’s decision to abolish agricultural property relief will ensure that innumerable farms across Northern Ireland have their line of succession culled.
Families will struggle to foot the bill after a parent’s death, meaning that family members who have worked on farms for decades will instead be forced to split or sell off assets. Farmers feel misled and betrayed by this Government and although Treasury Ministers have parroted the line that this will affect only a few family farms, that is totally untrue and proves that this Government are out of touch with reality.
The irony of Labour pursuing this policy is its lack of consultation with those actively involved in the agricultural industry. Without farmers, there is no food: that is the bottom-line reality. Labour has declared war upon hard-working farmers and their families, threatening succession, food security, industry workers and consumer prices. Also, Labour’s planned increase in the rate of national insurance contributions will decimate the voluntary sector across Northern Ireland. These voluntary groups provide support for the vulnerable, elderly and disabled, offering mental health services, community programmes, employability support, physical welfare and educational opportunities. How can this Labour Government knowingly jeopardise these organisations and take a blowtorch to the vulnerable?
Finally, the extension of VAT to private school fees will ensure that many of these establishments will close and children will have their future prospects compromised. So much for a caring Government.