This would be people paying 20% tax on half the value of their inheritance.
If somebody told me "here's five million, you have to pay half a million tax," should I consider myself hard-done by?
I could probably raise a loan.
Farmers on the march
- Thread starter blup
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This would be people paying 20% tax on half the value of their inheritance.
If somebody told me "here's five million, you have to pay half a million tax," should I consider myself hard-done by?
I could probably raise a loan.
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Do the math all the info is in post 135 and 139. I don't expect you to believe my sums.
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You are either deliberately or through ignorance ignoring the fact that the "high" value of the farm, has no relation to the profit generated.
You have 10 years to pay the tax. Assume you set aside 50% of your profit to pay and you have no bad years for the next 10 years, you sill owe around 250-300k in tax. You obtain a load at say 6%.. I'm sure you can do the maths to work out that you'd be screwed.
He’s just being a Troll as per.
Thanks, so 24% have farms of 250 Acres or more, with a value of around £3M.
So only around 1/4 would be subject to any IHT. And only those with an additional £2.5M of land, or roughly twice that acreage, would be subject to 500k of IHT.
Assuming a normal distribution that's going to be far less than 24%, probably less than 10% of Estates that would be subject to that much IHT assuming they did no planning and died mid planting.
In 2021-2022 only 37 farms were passed down worth more than £5M and only 80 between 2.5M and 5M.
How many farms would be affected by Budget changes?
Estimates of the number of farms affected range from 100 to 70,000.
www.google.com
Its not a case of whether to believe you or not, its just your sums arent correct
where should the money come from then -higher taxes for plumbers and landlords?
At your age?
What is important here is the principle of food production in the UK being handed down to the next generation rather than being open to the corporate vultures...
But then I guess those who have no problem with that don't care what sh*t they put in their mouths!
isnt it odd how farmers managed before 1984
What nonsense.
I am, of course referring to an inheritance tax charge, which as even a deceitful boater knows, is levied on the net value of an estate, after all the allowances
It is not an income or profit tax.
but the Agricultural property relief has encouraged investors to buy farmland..................IE it has been open to corporate vultures
Here is Jeremy Clarkson: "Land is a better investment than any bank can offer. The government doesn't get any of my money when I die"
Biking pretends to think that the recipient of a multi-million inheritance is hard-done-by.
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