THE president of the Farmers’ Union of Wales (FUW) has said that the UK Government has dismissed farmers’ concerns about inheritance tax.
On Tuesday, 18th February, the UK Treasury met the FUW president, Ian Rickman, alongside other UK farming unions to discuss changes to Inheritance Tax. Following the meeting, Ian Rickman said: “We are deeply disappointed by the Treasury’s dismissive response to our compelling case against the detrimental impact of the Inheritance Tax changes for Welsh family farms.
“Together with other UK farming unions, we clearly outlined the potential economic, emotional and cultural devastation these changes could inflict on farms and rural communities across Wales, and our domestic food production.
“Crucially, we offered our willingness to collaborate with the government and industry stakeholders to address the flaws in this ill-thought-out policy.
“Regrettably, it seems these arguments have fallen on deaf ears. Serious questions remain about the Treasury’s own figures and given steep trajectories in land prices and the current and historically low farm profits for the farm types which predominate in Wales, such inheritance tax bills would be unaffordable for a significant proportion of family farms.
“We continue to hold grave concerns about these changes and will liaise further with our membership regarding the best way forward.”
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