Or maybe just transfer the ownership of the farm over to the boy when ‘Mummy and Daddy’ retire and take out some life insurance, like everyone else, that covers the tax should you unfortunately die within 7 years of that. Are these people just stupid?! - ThreadSky

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mikecaulfieldf1.bsky.social • 20 days ago

Or maybe just transfer the ownership of the farm over to the boy when ‘Mummy and Daddy’ retire and take out some life insurance, like everyone else, that covers the tax should you unfortunately die within 7 years of that. Are these people just stupid?!

Comments

sooze555.bsky.social•20 days ago

Yup. Really stupid.

edwoodk.bsky.social•20 days ago

Farming is NOT a profession for failsons. It is hard work. It is difficult to profit and maintain. He'd lose the farm w/in a year by pure incompetence.

mikecaulfieldf1.bsky.social•20 days ago

Sorry, not sure if you’re agreeing or disagreeing with me? But I know it’s hard work, I worked on one for five years, loved it!

carlgt1.bsky.social•20 days ago

Is it like the US, where conservatives screech about “death tax” ruining family businesses - but never admitting the first $5 million is exempt. How many quaint shops are worth anywhere near that?

cassius1213.bsky.social•20 days ago

That's only half the problem—the other half's that most people cannot understand how marginal tax rates work.

mikecaulfieldf1.bsky.social•20 days ago

Exactly like that. A farm has to be worth more than £3m before the inheritance tax even comes into effect. And there’s lots of way round it, such as gifting it before you die. As a comparison, if you don’t own a farm, you pay inheritance tax on an estate worth more than £325k.

carlgt1.bsky.social•20 days ago

Interesting the numbers are similar ie £3/$5 million - almost like the rich are controlling government policy internationally

dullcomp.bsky.social•20 days ago

No, they’re just acting in bad faith.

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