BREAKING: Farmers aged 80 could get exemption from inheritance tax rule
Government is reportedly looking at changing rules so older farmers do not have to live for seven years after making a gift to avoid the tax
https://www.theguardian.com/money/2024/nov/21/farmers-aged-80-could-get-exemption-inheritance-tax-rule
Government is reportedly looking at changing rules so older farmers do not have to live for seven years after making a gift to avoid the tax
https://www.theguardian.com/money/2024/nov/21/farmers-aged-80-could-get-exemption-inheritance-tax-rule
Comments
2. why have they not taken advice on gifting at 73
2) in fairness if it’d previously been exempt why would they
Do they farm as in milk the cows (for example) at 5 am or are they employing and supervising
I've met many at 65+ who leave the running to their children who await the passing to actually inherit
The point is they should be gifting now to utilise the 7 year rule
They'll always complain, demand more, use emotional blackmail, and expect favourable treatment.
They could change the upper limit to 3 years old, and the right wing media will still complain!
Good accountants !
Before anyone jumps down my throat I am aware of how few farmers these new rules will impact.
I am also aware of how few people get hit for inheritance tax.
Just curious about how different people get different rules.
(But no change to WFA.)
Any change to farmers already favourable IHT terms is unconscionable and a kick in the teeth for the rest of society.
Nothing will ever be enough for them. They'll complain and want more and more.
Sickening.