NFU Scotland calls for UK Government to stand by assurances made by Labour party in December 2023.
Agricultural Property Relief (APR) is critical is to the confidence of family farms, both owner-occupied and tenanted.
When considering its budget, to be announced on 30 October, NFU Scotland has once again highlighted to the UK Government that maintaining APR is essential to keeping family farming and crofting businesses viable across Scotland.
The Secretary of State for DEFRA, Steve Reed MP, when shadow spokesperson, is on record in December 2023 as stating that the Labour Party had no plans to change inheritance tax, including APR. NFU Scotland is calling for the UK Government to deliver this assurance.
NFU Scotland Director of Policy Jonnie Hall said: “NFU Scotland continues to lobby at the highest level for no changes to Agricultural Property Relief (APR) in the Budget on 30 October. Given the returns from farming and crofting, any inheritance tax charge could seriously damage the ability to invest in the business or force the fragmentation of once viable units.
“Any removal of APR could dismantle some family farms and crofts, whether owner-occupied or tenanted, overnight whilst also forcing a contraction of the let land market. It is also likely to yield relatively very little tax for the Exchequer.
“Any change to APR would create a considerable, and unwarranted, restructuring of the agricultural industry in Scotland and across the UK by inevitably leading to the break-up of many farm businesses – the socio-economic costs of which would immeasurable.”
Ends.
Contact Bob Carruth on 0131 472 4006