Farmers on the march

[Notch7]

And what about a child less unmarried farmer

how many of those own a farm singly that is worth above £1.325m?

Is Jeremy Clarkson one of those?

 

[motorbiking]

I dont suppose you will read this either:

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.

1.325 for non-dependent, 1.5M for unmarried £3M for married.

 

[noseall]

Didn’t read it

Standard. Just like your own links.

 

[Notch7]

1.325 for non-dependent, 1.5M for unmarried £3M for married.

so not the £1m you tried to claim when comparing to farm values

Also some farms may have separate owners, like 4 brothers in which case the IHT would be 4 x £1.325m minimum

 

[blup]

No

It was the word hiding that raised suspicion. My point is that if I write to the head of HMRC with a cheque for x thousand pounds and a covering letter saying I am paying at 50% instead of 45%, they must return the money, or at least the excess, saying they couldn't legally accept it.

 

[blup]

£3 million for a farm including its assets isn’t much when you consider a combine harvester could be worth £500 k

And what about a child less unmarried farmer who wishes to pass to a nephew?

I knew of a childless unmarried farmer whose nephew inherited and made a mint redeveloping the land. Probably still would have done with IHT