Farmers gather at Eikon for protest over inheritance tax changes | Global News Avenue

Thousands of farmers have gathered to protest against changes to inheritance tax.

The event, held at Lisburn’s Eikon Exhibition Center, was organized by the Ulster Farmers’ Union and was attended by politicians and agricultural leaders.

Farmers say a £1m cap on agricultural property relief (APR) announced in last month’s budget will prevent the next generation taking over the family business.

The rally came ahead of nationwide protests in London on Tuesday.

Earlier, a cross-party letter signed by all Northern Ireland MPs was sent to Chancellor Rachel Reeves.

The letter called on her to reconsider plans to change the annual interest rate, which reduces the amount paid when farmland is passed to the next generation.

Farmer Martin Cunningham, one of those affected, spoke to BBC News North Island.

Martin had always dreamed of inheriting his family farm in the Belfast Hills and building on the business started by his great-grandfather.

But he said the Budget’s announcement to end the annual rate of inheritance tax had put an end to that.

Mr Cunningham said: “If this farm were passed to me I would have an incredible tax bill to pay.”

“To pay for that I have to sell land, I have to sell land worth over £200,000,” he said.

“Selling land here is not simple, it’s all or nothing.”

Since 1984, the APR has allowed land used for growing crops or raising animals, as well as farm buildings, villas and houses, to be exempt from inheritance tax.

From April 2026 it will only apply to the first £1 million of an estate, with anything above that value being taxed at 20% – half the usual rate.

Research by the Ministry of Agriculture, Environment and Rural Affairs shows One in three farmers in Northern Ireland will be affectedwith the dairy industry being particularly hard hit.

The average farm size in Northern Ireland is approximately 100 acres and the land value increased in recent years.

For Mr Cunningham, this means the value of his family’s nearly 200 acres of farm alone is enough to bring the farm’s tax exemption to more than £1 million.

This is before any equipment, farm buildings and homes are considered.

talking BBC Radio Foyle’s North West Today program Farmer Ian Buchannan said on Monday he believed inheritance tax reform would be “the straw that breaks the camel’s back” for many farmers.

Mr Buchanan, who owns a farm outside Dungiven, County Londonderry, said that, like many other farmers, he was deeply concerned about what this would mean for the future of farming in Northern Ireland.

“The return we get on our investment in a farm, let’s say a million or two million pounds, whatever the farm is worth, as we all know, is a net profit of 0.5 per cent a year – that’s peanuts,” he said.

“60%-80% of all agricultural income in Northern Ireland over the past 10 years has come from subsidies.”

“A farm is like an inheritance package; you don’t open it, but you just pass it on – unless the (family) lineage is gone, a farm usually doesn’t get sold,” Mr Buchanan said.

“It’s been very difficult for a lot of farmers and I do feel there’s a lot of mental stress within the community.”

Farmers across the UK are preparing to rally in London on Tuesday to call on Chancellor Rachel Reeves to reverse the changes.

but Treasury rejects proposal This will lessen the impact.