"It's not a death tax."
Observer Columnist Will Hutton argues that the inheritance tax on farmers is justified for them to contribute their economic share.
#Newsnight
Observer Columnist Will Hutton argues that the inheritance tax on farmers is justified for them to contribute their economic share.
#Newsnight
Comments
How many times will you tax a person for the same thing? And why? You tax the income, then tax a person buying something from said income, then tax him again for making any income on selling said thing, then tax again if he/she gives it to family?
If farms have been in generations for years I presume they managed to cope with IHT Pre 1992!
There are ways to avoid IHT plenty do.
1/ there is agricultural property relief of £1m on top of normal thresholds
2/ above which, IHT is charged at half the rate of anyone else, and
3/ there’s ten years to pay off the IHT, again not available to others.
https://societyspeaks.io/discussions/16/what-do-you-think-of-the-inheritance-tax-on-farmers
And they will still get a better deal than everyone else.
Read the room.
My parents transferred their home in the UK & Spain into my brothers & my names in their late 60s Knowing that they may hit the taxable threshold should anything happen to them
Why have yours waited so long
2. I'm not sure how I would move a family farm to Spain - the whole point is that we will never sell the property - it's been a part of our family for multiple generations.
If it’s done 7 years before you die there’s no tax to pay
That way you off set any death duties
We ought to be answering questions such as ... (1/2)
Why is £60m left to one person basically taxed the same as £60m left evenly to 60m people, if it's an INHERITANCE tax?
Should we instead be taxing wealth while people are alive?
And more.
So, atleast 50% won't pay any IHT.