Pembrokeshire Farm Gathering Highlights Inheritance Tax Concerns

A gathering at a Pembrokeshire farm on September 3, 2023, has drawn attention to the potential impact of changes to inheritance tax regulations on rural economies. The Cornock family, who operate a mixed dairy farm near Fishguard, organized the event to spotlight how proposed adjustments to agricultural property relief (APR) and business property relief (BPR) could threaten local livelihoods. The assembly brought together 57 local businesses, highlighting the extensive network of employment reliant on the agricultural sector.

The event showcased a diverse array of local enterprises, including veterinary services, machinery dealerships, and milk processing companies. A survey conducted during the gathering revealed that these businesses collectively employ nearly 11,000 people. Approximately half of the participants reported being “totally reliant” on farm income for their operational viability.

During the Pembrokeshire County Show last month, the emotional toll of the anticipated changes was laid bare by Janet Cornock, who lost her husband, Gwilym, in 2018. She expressed deep concern over the implications of the inheritance tax reforms for her family farm, stating, “The thought of the inheritance tax changes on my family caused me to lie awake at night with my heart pounding.”

At the gathering on her Cefnydre farm, Mrs. Cornock emphasized the significance of the turnout from local businesses. She stated, “Unless the UK Government makes much-needed amendments to its planned changes on inheritance tax, the future of our family farm, like so many others in Wales and across the rest of the UK, will be in jeopardy.”

Cornock further explained the financial constraints faced by farming families, noting, “We simply do not have the cashflow to pay this substantial and unexpected tax bill when all of the value of our business is tied up in the farm and its assets.” She stressed that the repercussions of these changes would extend beyond farmers, affecting companies that rely on agricultural income and ultimately threatening the broader economic health of rural Wales.

Aled Davies, the Pembrokeshire County Adviser for NFU Cymru, praised the Cornock family’s efforts to unite local businesses. “The sight of our wider industry gathered in this fashion at the farm was quite the spectacle and something that really had to be seen to be believed,” he remarked. The event was recorded using drone technology to visually communicate the stakes involved in the inheritance tax debate to policymakers.

For further information about NFU Cymru’s campaign against the proposed inheritance tax changes, interested parties can visit the NFU Cymru website. The situation underscores the interconnectedness of agriculture and local economies, raising critical questions about the sustainability of rural livelihoods in light of impending policy reforms.