LMC comment on raising of farm inheritance tax thresholds

The Livestock and Meat Commission (LMC) Chief Executive, Colin Smith has welcomed news that the farm family tax threshold has been raised.

Commenting following the announcement by government this morning, Tuesday 23 December, Colin said, “Confirmation that the Agricultural and Business Property Reliefs threshold will be increased from £1m to £2.5m when it is introduced in April 2026, will come as welcome news to farming families across Northern Ireland (NI). The anguish that this policy has created within the farming community has been widely publicised. Family farms are the part of the fabric of NI, making significant contributions to the economy, environment and society. It is imperative that they are safeguarded and allowed to prosper for generations to come.

“While it is unfortunate that this tax will still exist, raising the threshold is a positive step which will reduce the burden on farm families. This change has come about thanks to the sustained and collective efforts of farmers, farming lobby groups and politicians who relentlessly emphasised the detrimental impact this policy would have on farm businesses and ultimately livelihoods. This was one of the major challenges characterising 2025 and locally I recognise the significant efforts of the Ulster Farmers’ Union in campaigning for this change.”