Organisers urged protesters not to bring farm machinery into central London, though some tractors drove past Downing Street covered with signs saying “the final straw” and “no farmers, no food.”
Archived version: https://archive.li/6qCeT
Oh look more entitled rich farmers who think they’re special
Why should farmers be exempt from inheritance tax? Inheritance tax is a move towards equality, to give that money to the government to equitably distribute rather than some lucky children being rich just because they had rich parents.
I was born and brought up in an extremely rural area of the westcountry, and I’m well aware of the “farmer hard times” saying as farmers drive past in e.g. brand new landrovers, but this inheritance tax change has not been thought through. Assuming a farm is liable to inheritance tax, where does the money come from without liquidating assets? Sell part of the farm? So then you have a small piece of land with agricultural use restrictions, no infrastructure, probably too small to form a separate farm. Repeat for a few generations and all the farms are then the same size, with efficiency of scale problems - not to mention where do the new farmers come from? Sell farm machinery - great, you’ve no business. Sell your stock - you’ve no business.
Much better to tax people when they are alive, on their earnings, and expand it to all earnings from any source, lumped together and charged at the relevant rate of income tax.
Inheritance tax is entirly escapable by doing dodgy shell company trust arrangements across different countries. It is a tax only paid by the lower and low middle class that prevents people to build intergenerational wealths and keeps the lower classes down. The farmers shouldnt be exempt but that doesnt mean they dont have a damn fine point.
Tax only applies to farms worth more than £1 million, so “lower and low middle class” are exempt.
It’s 3m of you are married and use all the allowances. Even then it’s only on the amount over that and at half the usual rate, then you get ten years to pay it back.
Inheritance tax should be amended to be also paid on trusts (and stocks and shares) then. Just because it’s currently implemented badly doesn’t mean it’s a flawed concept.
It can’t be done without the entire world banking system being complicit. Plus why should my wealth be taken away just cos i died.
… cause you died and thus aren’t using it anymore.
Thats a very selfish view to take not the sort of opinion id like my parents to have.
