The Poolie Bunker

There’s one thing I don’t understand about this.

I get that the farmers are pissed off and understand why, but if farms have been handed down for generations, ie hundreds and hundreds of years, how come this has gone okay yet the IHT tax reliefs only started in the 1980s ?

Unless I’ve misunderstood something…..

a farm is there place of work that has their own house on the land. what i,d like to know does a shop owner who lives on the premisis also has to pay IT.

The answer is yes....and B&B owners.
But the Farmers and land owners will still get a 50% discount.

Because the majority of the land is owned by 1% of the population who are probably gentry and you couldn’t go taxing your own kind could you ?

Commune Corner

Indeed

Lost me there Snowy ?

And me.

The farmers lost the arguement when Jeremy Clarkson opened his mouth.

Businesses have a very similar IHT relief scheme to farming, BPR for business and APR. Both allow for the fabric of a farm or business to be passed on IHT free. Both are being removed meaning that if you're a successful farmer or business person them the government will punish you and your beneficiaries harshly when you die. Similarly if you've saved a good pension pot.
Now to do be successful in farming or business or to amass a decent pension pot them you've already paid your dues in taxes along the way. So where's the incentive for business, farming, pension savers if you're going to have to hand over an extra big chunk of your wealth when you die?
A recipe to kill growth and incentivise businesses to leave the country, farmers to sell up, and pension savers to find somewhere else to put their money. Government relies on businesses for growth, farmers to feed us, and wealthy pension funds to invest in UK major infrastructure projects. It doesn't take an economist to work it out, but it certainly looks like it needs more than a former Bank of Scotland tea lady to do so.

In the cases where farms are passed on from generation to generation, gifting the ownership soon enough would appear to avoid gift tax hence paying nothing.

It’s not hard.

Apparently it is.

If only we all had 7 years notice of impending death eh? Maybe once Legalised Euthanasia is passed we'll have it, like it or not.

You do know taper relief applies to Iht meaning you would pay less if it was say death after three of gifting the farm and so on to full relief after 7 years.

You do know I was responding to Rinkender who mentioned handing over soon enough to avoid (not reduce) IHT?

And me. Must be an 'in crowd' joke because derwent is in the know.

That was Rinkender. [scratchscratchscratchscratchscratch]

Yeah that was me as well

thought exactly the same especially when he was being interviewed. what he did say gave a good pro government view on this. stick to motoring jeremy like many should stick to what they really know after becoming experts on something after a few seconds in a new field.

thought exactly the same especially when he was being interviewed. what he did say gave a good pro government view on this. stick to motoring jeremy like many should stick to what they really know after becoming experts on something after a few seconds in a new field. as was said in The Third Man, leave it to the proffesionals as ameteurs do not last long in this business.

Tee Hee

Giggle

Goggle

Yer supposed to be a snickering hound.