ZedLeg wrote: ↑Thu Oct 31, 2024 6:30 pm
Simon wrote: ↑Thu Oct 31, 2024 5:27 pm
ZedLeg wrote: ↑Thu Oct 31, 2024 2:54 pm
The way the changes to inheritance and farming are being reported is interesting.
As I see it, the situation is that there’s a provision in the legislation to protect working land. Someone saw a loophole which led to rich folk who aren’t farmers buying farms to dodge iht. The government has closed the loophole.
To me, it’s a consequence of people taking the piss. Have I missed anything?
Or, hear me out, it's not 'taking the piss' to keep your own money and pass it on to your heirs. It's not a loophole that family farms shouldn't be broken up just to pay a tax bill when the owner dies.
My best friends mum and dad are farmers. The mum won an OBE for services to farming and tourism. They are well known in farming circles and have done a lot for the industry. However, as a family farm they'll definitely get caught by this cash grab. I don't see how the farm will survive in it's current form when her parents go. How is that right? Some corporate will probably buy it up and everyone will be worse off as a result.
They should've just put the few pence on fuel duty instead.
Clarkson flat out said he bought a farm to avoid iht.
That’s a tax loophole that needed to be closed.
I never said that I think farmers are exploiting a loophole and it’s unfortunate that their lives have been made more complicated by greedy millionaires.
Yes it was me in this very thread that pointed out the Clarkson fact.
But it's not a 'tax loophole'. It was structured deliberately to allow famers to pass farms down generations without a tax impact. That's not a 'loophole', it's deliberate.
But it 'greedy millionaires' are using this method other than intended then the correct course of action would've been to abolish IHT decades ago so as to avoid any collateral impact at all.
But at the end of the day, labours gonna labour. It's all they know. They see anyone with money and assume its ripe for taking.