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.

[TwoShortPlanks]

I am genuinely concerned that this will cause a spike in suicides in the farming community. Older farmers who believe that they won't live another 7 years if they sign over their farms today, may take this option to protect their families. 

The average UK farm is worth about £3m. The inheritance tax on that will cripple many. 

[youngmafbog]

It's a land grab pure and simple.

As OG says for building to accomodate the new arrivals (legal and illegal) plus for the rediculous net zero: windmills and solar panels so they can pay back Dale Vince.

Also has the added advantage lee farming = less meat = more for veggie peddler Vance.

[Deskdiary]

This is an insidious plan from this financially inept Govt. Farms have rightly been exempt so when they are inherited they don't have to be sold to pay the death duties.

 

This Govt is a bad joke.

[TwoShortPlanks]

Honestly, I haven't slept since this was announced. We could lose our home, our animals, our complete way of life. 

[Untitled]

a cruel and destructive policy. we need to be encouraging sustainable farming in the uk... this will only lead to more imported food.

[barry1010]

It is appalling, this will also affect the many tenant farmers.

[david small]

Who would have thought it?

[drmorgans]

 

Trying to close a loophole where people (not farmers) bought farmland to avoid inheritance tax.

 

[Clone]

Looks like this change has claimed its first victim.

[Deskdiary]

10.02 - it's all very well trying to close that loophole (which by and large I agree with) but the consequence is they're scooping up farming families who have toiled their fields for, in some cases, generations. These are not necessarily rich people - they work their land to provide themselves with a living and to feed the country. It is a ridiculous ham-fisted way to go about things.

 

Still, they're hard left so all property is theft I suppose in their tiny minds.

[Deskdiary]

All property is theft, unless of course it's their property (natch).