Jeremy failson more like. Dickhead buys a farm to dodge taxes, then gets pissy when the tax dode loophole gets a teeny tiny bit more fiddlycult difficult fiddlycult to loo.
Jere not my son more like. jemorony clackson more like
Jeremy failson more like. Dickhead buys a farm to dodge taxes, then gets pissy when the tax dode loophole gets a teeny tiny bit more fiddlycult difficult fiddlycult to loo.
Jere not my son more like. jemorony clackson more like
The tax is an inheritance tax for any farmer with net assets over £1m. This might sound like a lot to you and me, but the value comes from mostly inflated land values, and doesn’t take into account farmer income which is typically not amazing.
So a lot of farmers who are doing even moderately okay will essentially not be able to pass their land on to their children without their kids forking out near £60k
The government thinks it will affect only 500 farms, so I interpret this that it was meant to be a tax on the hyper wealthy farmers, but it seems completely out of whack with the number of middle-class to working-class farmers it will actually affect.
TLDR: Farmers are spectrum of classes, but even the poorest hold assets with measurable value.
So they have to pay 60k to receive more a than a million in assets? Seems like a pretty good deal and one you’ll easily be able to get a loan for
If you have net assets of more than a million pounds, you’re not really working class
Yeah, and pay it off with what? A lot of farms run on really thin margins.
Again, I’m not so sure. Plenty of people I know work 2-3 jobs to make ends meet but happen to own a home they bought cheap before their area gentrified.
The housing market has severely skewed any sense of normalcy on land and property values, and it’s not like those who own houses are getting dividends on the change in the value of the house.
The farm.
If the UK ag sector is so unprofitable they can’t handle a 20 percent tax every few decades, it doesn’t deserve to exist any more than any other UK industry that’s collapsed and been offshored.
Well I kind of agree with you there. How much of UK produce is actually sold in Tescos and Sainsbury’s, I doubt it’s as high as people think