Patsy McGlone 12th October 2009

MCGLONE: REVENUE AND CUSTOMS MUST CONSIDER FARMING COMMUNITY

SDLP Agriculture Spokesperson Patsy McGlone MLA has urged the Finance and Agriculture Ministers to negotiate effectively with Revenue and Customs to avoid disruption to traditional farming in the North relating to the inheritance tax ruling on land held in Conacre agreements.

Mr McGlone said: “The decision by Revenue and Customs to remove business property relief from lands let under Conacre agreements for the purposes of inheritance tax is causing difficulty, hurt and harm, as well as concern for the future of agriculture and farming here.

“Conacre is a specifically Irish tradition and in its modern form has become part and parcel of the business of small farming. It should not be regarded as separate ‘investment activity’. Conacre, being temporary by its very nature, earns relatively low returns, and is essentially a way of maintaining land for a farming family that has no particular plans in any given season.

“People who inherit such property would also inherit a huge debt rather than a workable farming business. They would be left to sort out that liability as a result of the lack of recognition of the special arrangements for farmers in Northern Ireland. It is a major issue and a source of grave concern.

“Revenue and Customs must take into account the social, economic and farming circumstances of the rural community here. The SDLP aims to ensure that rural society, the legislation and any amendments that may be required are dealt with in a joined-up fashion to represent fully the people who are concerned about the situation.

“The SDLP want to see a successful outcome for the people we represent but it will be for the Finance and Agriculture Ministers to deliver in their negotiations with Revenue and Customs.”
 

ENDS