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Do I agree with farmers?

153 replies

JudesBiggestFan · 19/11/2024 16:24

I'm generally politically aware but on this issue of farmers' inheritance tax, I can't decide/figure out from the media coverage if it's a good or bad plan?
Jeremy Clarkson's involvement has not helped me feel any sympathy for farmers , but I may well be wrong! For all the protest and hullabaloo...is it worth doing?

OP posts:
Ariela · 24/11/2024 12:06

WhitegreeNcandle · 19/11/2024 16:47

Why can’t he gift his son the land?

Because if he continues to have any benefit from the farm (live there, work there even go contracting for other farmers but store his tractors there , or anything like that...which he would do as it's his job then his gift won't be treated as a gift for IHT reasons as he is still 'benefiting' from the farm he passed on.

Ariela · 24/11/2024 12:08

I think the simple way out of this would be to tax the farms for IHT at the point of sale, so if a farming family pass it down and it continues to be farmed = no tax due, with a sliding scale for IHT according to length of time post inheritance it is sold. (as someone mentioned above)

WhitegreeNcandle · 24/11/2024 14:57

Ariela · 24/11/2024 12:06

Because if he continues to have any benefit from the farm (live there, work there even go contracting for other farmers but store his tractors there , or anything like that...which he would do as it's his job then his gift won't be treated as a gift for IHT reasons as he is still 'benefiting' from the farm he passed on.

He can rent the house, take a wage from the farm. There are ways round that. They need to take advice.

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