kowenicki said:
The Fury said:
kowenicki said:
The Fury said:
On inheritance tax, I really think farmers should be totally exempt. They are in debt already and most own well over the threshold now, just having relief is not enough.
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well you have to be very careful with a total exemption... open to some serious abuse. There are already concessions for all businesses on inheritance tax and more so for farms.
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True but farms are different to the usual businesses, mainly as many businesses in debt like farms are out of business. What are those concessions though? Less tax is still tax, Farms have acres and acres of land that can only be used for one thing, all marked as green field sites but this land is still worth lots of money plus the houses they live in bump up that price.
Even if it's reduced to 10% instead of the 40% (it is 40% inheritance tax right?), then 10% of 1,000,000 is still £100,000 and not many farmers or they families have that sort of money laying around, so they have to sell the land they have to pay for it leaving them with less land to make money from. Farms are people's lively hood and Britain's backbone, they need to be supported more.
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I'm not sure you are right here... I'm pretty sure that a pure working farm can be passed on 100% IHT free if it has been owned for a relatively short period... 2 or 3 years I think. The only sticking point comes where other businesses are run from the farm. I might be wrong... I havent had a farmer as a client for many years.
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Farms are usually family businesses though, having been in families and staying in the same families for generations, very unlikely to be owned for short periods.
Whether I am right or wrong though just shows my lack of knowledge on the situation at hand but that might just be luck about having never had to deal with it first hand.
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