Inflation will catch 19% more farmers in IHT – CAAV

The latest calculations by the Central Association of Agricultural Valuers (CAAV) suggest 19% more farmers than originally forecast, will be caught under reforms to inheritance tax (IHT) in the first decade of the new policy.

Allowing for the impact of inflation and frozen reliefs, the CAAV estimates 89,500 UK farms will be liable for IHT, up from its original estimate of 75,000. The proposed reforms include a new threshold for agricultural property relief (APR) of £1m due to kick-in from April 2026.

There is still the main IHT relief for all taxpayers by way of a nil rate band of £325,000.

However, it has been frozen since 2009 and in the latest budget announcement, is to remain unchanged out to 2030.

“That gives no confidence that the £1m full relief for APR will be protected against inflation.

“Even more farmers would therefore be caught than has been suggested,” said Jeremy Moody from the CAAV.

UGS conference on farm challenges

The 66th annual conference of the Ulster Grassland Society (UGS) is to take place on Tuesday 21 January 2025 at the Dunadry Hotel, Templepatrick, starting from 9.45am.

The theme of this years’ conference centres on current challenges facing the agricultural sector.

Setting the scene at the event will be the editor of the Irish Farmers Journal, Jack Kennedy, with other speakers including Alan Dillon from Teagasc, English vet, Neil Eastham and Jack Blakiston Houston, from Blakiston Houston Estates, Dundonald.

The cost to attend the conference is £35 for members, £45 for non-members and £25 for students and sons or daughters of members aged under 25.

To attend contact honorary secretary George Reid by 16 January at secretary@ulstergrassland.co.uk or by phone on 079-20037910.

Increase in fallen stock charges in NI

The latest price list issued to farmer members of the National Fallen Stock Company (NFSCo) shows that prices have continued to edge up across the various categories of livestock. Across the three NI collectors listed of Foyle Proteins, Linergy and SC Hanna, the cost of collection and disposal of a dead cow aged 24 to 47 months is now £130 to £132 per head. However, farmers can deliver direct to Linergy, with the cost of disposal of the same age of dead cow listed at £77/head, rising to £84 for a cow aged over 48 months. Disposal of a bovine aged 13 to 23 months is now £63, compared to £55 in 2024, while a calf under one month costs £13, up from £11 in 2024.