Robin Swann, the Ulster Unionist MP for South Antrim, has said that rumours suggesting the Government may at last be considering an amendment to its disastrous decision on the Family Farm Inheritance Tax are welcome, but warned that they should be treated with caution, as nothing is final until the Chancellor outlines her Budget next month.

Mr Swann said; “It has been rumoured that officials are examining the ‘minimum share rule’, which has been proposed by the Centre for the Analysis of Taxation (CenTax). This proposal would be in keeping with some of the alternatives previously put forward by the farming unions and political representatives.

“The option apparently under discussion within government would grant full relief from inheritance tax (IHT) up to £5 million per person (£10 million for a married couple), where farmland or business assets make up at least 60% of an estate. Between £5 million and £10 million per person, there would be 50% relief, and above £10 million, no relief would apply.

“While this does not amount to a complete reversal of what remains an ill-conceived Treasury policy, it would go some way towards easing the financial burden on traditional generational family farm structures - which make up most of Northern Ireland’s farming sector - and shift it instead towards the larger corporations and financial investors who have been driving our family farms out of existence, and who the original tax change was intended to target.

“So, while these speculations are welcome - as they mark a move away from the ‘not an inch’ approach we have previously seen from the Treasury - it is important that pressure continues to be applied until the Chancellor’s final decision and announcement are made. Remember, a week can be a long time in politics, especially in the lead-up to a Budget!”