Farmer Focus: Tax changes will push families to plan sooner
Dafydd Parry Jones © Richard Stanton Over the past few weeks, I have been involved in several events organised to voice the great concerns within the agricultural industry over the changes in inheritance tax laws.
This has included an online meeting with our new Labour MP, Steve Witherden, and being part of a presence outside the Welsh Labour conference in Llandudno during Sir Keir Starmer’s Saturday morning speech.
It was also a proud moment to be standing in London with an army of farmers from across the nation, representing our industry as we took our message to Westminster.
Every farming business is different, with many concerned that the changes will be brought in so suddenly, without the opportunity for any forward planning.
See also: Town hall rebellion grows against ‘family farm tax’
About the author
Our personal situation on the farm is that we were extremely fortunate that our parents had the foresight to deal with all their estate nearly 30 years ago, when my father was only in his mid-fifties.
His saying was “assets are for the young to prosper, not for the old to hang on to”.
My dad had no ambition to be the richest person in the graveyard, and the only asset he wanted in his name was his retirement bungalow.
This enabled us to use the assets as collateral to further expand and develop the farm.
Their healthy attitude to passing on the management and ownership of the business has been an inspiration to myself and others.
In my opinion, one benefit of inheritance tax changes is that families will be made to plan inheritance matters sooner, hopefully so tax is not a burden on their assets.
This could be beneficial, as it should encourage our younger generation to be in the driving seat of the businesses – and have the right to manage and develop accordingly.
During the next 10 years, we’ll consider passing our land on to the next generation, to uphold the family tradition, and the legacy that we inherited from our parents.
The concern in the industry is real. An appointment with your accountant and solicitor, in addition to the invaluable support and guidance provided by the unions, will help to calm and resolve the situation.
Mewn undeb mae nerth (In unity there is strength).