Farmers on the march
- Thread starter blup
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its a choice, do we want cheap food or do we want family farming dynasties protect for eternity into a lifestyle many of us would dream of. They're both terrible options. I don't want the industrial type farms and I don't want to subsidies this self entitled farming community who feel we owe them a lifestyle
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Does that apply to all farmers, such as arable?
It applies to some workers, including farm workers, even if they do not have the benefit of owning a multi-million pound business.
What special handouts should we give them to compensate them for not receiving millions in tax concessions?
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Nobody is forced to be a farmer anymore than any other job or career
Quite probably but I assume stamp duty would need to be paid on the transfer - around £300k ?? so also not an easy sum to find.
But also consider the contribution farmers make to the rural economy. Do away with farmers and many other businesses and trades operating in the countryside will be affected as well as a change to the landscape. Solar farms probably produce more profit than farming. Its not a binary argument and the effect will be similar to closure of a major business (say car plant) who support an economy well beyond the factory gate.
What amount of handout should the taxpayer give to the ones who do not own farms?
Just so people know, the £1million limit being bandied around is not correct.
The inheritance tax relief for farmers of £1million is on top of £175k Residence nil rate band + £325k nil rate band (where eligible)
So for farmers the actual IHT is between £1.325m and £3m.
So this claim that farmers won’t be able to pass it on to their children isn’t true….unless it’s a pretty big farm (like Jeremy Clarkson)
And, it’s likely closing the loophole will reduce farm land values so it’s likely to make farming more attractive
The inheritance tax relief for farmers of £1million is on top of £175k Residence nil rate band + £325k nil rate band (where eligible)
So for farmers the actual IHT is between £1.325m and £3m.
So this claim that farmers won’t be able to pass it on to their children isn’t true….unless it’s a pretty big farm (like Jeremy Clarkson)
And, it’s likely closing the loophole will reduce farm land values so it’s likely to make farming more attractive
I’ve had quite a few wealthy clients that own farms….or at least they bought the farm, made the farm house and curtilage a wonderful fancy country residence and either flogged off the farm land or rent it out to tenant farmers.
Around the Sussex / Kent area the place is full of wealthy people living in period houses….many of them farms.
Around the Sussex / Kent area the place is full of wealthy people living in period houses….many of them farms.
I did and hmrc said they are not authorised to over tax peopleGood than you can volunteer to pay more income tax
Yeah right
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