so on the #farmersprotest it turns out that:
-the vast majority of farms are unaffected
-the few that are, can avoid IHT with 7 year rule
-the real villains are Clarkson & Dyson who invest in farmland to dodge taxes
-…and Farage because of Brexit
So that’s that then
🚜
-the vast majority of farms are unaffected
-the few that are, can avoid IHT with 7 year rule
-the real villains are Clarkson & Dyson who invest in farmland to dodge taxes
-…and Farage because of Brexit
So that’s that then
🚜
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Comments
When it's a farm, and the farming family live together, what happens then?
Think it through.
But of course, you know that, right?
However it does introduce a barrier to growing small farms, so could be considered regressive.
Then he goes back to work farming the land... oh, wait a minute
No one should be forced to move home, or sell a business in order to pay IHT, the very nature of a farm business means that's exactly what will happen, and more farmland will be hoovered up by already very wealthy landowners.
Smaller farmers have an exemption from inheritance tax so are unaffected.
Multimillionaire farmers will just put it into trust.
You're taxing them for the right to continue working,
you'll sink them.
A carpenter should sell his chisels, but still work as a carpenter?
A gardener, sells his lawnmower, but still works as a gardener?
A farmer to sell his farm, but keep producing food?
Do you get it yet?
Either you think that's right or you don't. And if you don't, your issue is with inheritance tax regardless of who is paying it.
All small farmers (£3m or less) get let off all inheritance tax on their land. It's fair that larger businesses should pay the same as ever other business.
Of course a home is subject to IHT, it forms part of everyone's estate, and can easily tip it into the IHT bracket.