Farmers 'Betrayed' By £1M Inheritance Tax Relief Cap

[naomi24]

//Farmers across the UK have met the news that inheritance tax relief for farms will be limited to £1m with anger.

 

The National Farmers' Union said it had been a “disastrous budget” for family farms, that would “snatch away the next generation’s ability to carry on producing British food” and see farmers forced to sell land to pay the tax.//

 

https://www.bbc.co.uk/news/articles/c1ml5zm9lz5o

 

Yet another not-so-smart move by our not-so-smart chancellor.

[Spungle]

The lunatics are running the asylum.

[douglas9401]

Answerbank management take a dim view of being referred to as the asylum.

[Spungle]

Answerbank have management?  Wow, where are they then please?

[sandyRoe]

Prior to this would a farmer with property worth many millions be able to leave it to his heirs without having the inconvenience of inheritance tax?

[davebro3]

How to pay this tax when the money is tied up in land?

Sell off bits & pieces every time the current owner dies? Farms become smaller / smaller = less viable.

Who buys the land that needs to be sold - another farmer? The cycle continues.

Madness.

[Old_Geezer]

Probably government policy to force farmland sales to buy up and build affordable housing on. After all we can always just import food from low pay countries.