YFCU has raised a number of concerns at last week’s Budget announcement

Following Chancellor Rachel Reeves’ announcement on Wednesday 30th October 2024 regarding inheritance tax relief for farms, people have reacted with disappointment and anger, and the YFCU are no different.

He continued: “Farm families will need to take some time to digest and try to make sense of the impact that this will have on their farming business. I strongly encourage all of our members to start having a conversation around succession on the farm and make a start at planning to reduce the impact that potential inheritance tax could have on their future generations. Without having the conversation and putting appropriate plans in place, the viability of the Northern Ireland family farm model could come under serious doubt.”

President Richard Beattie is concerned about fellow members and said: “This announcement is going to have dramatic effects on our farming members and certainly the entire rural community. As Young Farmers, we will endeavour to ensure our members are best informed on how to manage these changes. I fear that the next generation’s ability to carry on farming will be taken away, and farmers will be forced to sell land and other elements of their farm to pay the cost of tax. Farmers play such a vital role here in Northern Ireland and they have been significantly let down.”