Mike Wood
Main Page: Mike Wood (Conservative - Kingswinford and South Staffordshire)Department Debates - View all Mike Wood's debates with the Northern Ireland Office
(2 days, 22 hours ago)
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Mike Wood (Kingswinford and South Staffordshire) (Con)
The Northern Ireland Farming Minister estimates that three quarters of dairy farms in Northern Ireland could be hit by inheritance tax following the Chancellor’s disastrous changes. Given the particularly high cost of agricultural land compared with farming incomes in Northern Ireland, does the Secretary of State recognise that the Budget is a direct threat to family farms and thousands of livelihoods across Northern Ireland?
Hilary Benn
The figures the hon. Gentleman just referred to do not reflect the Treasury’s assessment of the number of farms that will be affected, which is based on claims submitted in the past. I understand the farming industry’s concerns, but the Treasury is clear that, first, it will not hit the majority of farms and, secondly, we have to do something about very big landowners who buy a lot of land to avoid inheritance tax.