Also, it's not like IHT has to be paid every year, it's once in a lifetime event. This provides ample time to plan, for example, using a life insurance plan.
So 50 acres x £10,000 an acre = £500,000. Plus a farm house , animals ? , barns? And machinery ? And is the rate 20% or standard 40%?
Or are the fields on top of main home residence iht ? Interesting.
Excellent analysis, thank you. I find it impossible to sympathise with whining millionaires. This noise hasn't improved my already very dim view of Clarkson.
Also yesterday saw someone (can't remember who, sorry) voice what I'd been thinking ie that getting rid of the likes of clarkson and Dyson will free up land and make it affordable for genuine farmers. Definitely the right move in my view
Really interesting. Presumably the largest landowners (Dukes of Westminster, Norfolk etc) will get round all this whatever though? Trusts, limited companies etc?
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Now tell me again how they're upset at the inheritance tax.
Or are the fields on top of main home residence iht ? Interesting.