19 Nov
2:40pm, 19 Nov 2024
495 posts
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DaveG
There was an article on the BBC News website, just under two months ago, about the next generation of farmers struggling to find farmland. Keeping the IHT exemption for all creates a closed shop. Removing the exemption and stopping non-farming rich people from buying up the land as a tax-avoidance strategy lets in the next generation. bbc.co.uk |
19 Nov
3:17pm, 19 Nov 2024
18,140 posts
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jda
Won’t somebody think of the multimillionaire tax-dodgers?
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19 Nov
3:40pm, 19 Nov 2024
9,994 posts
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simbil
Good point DaveG - the tax dodgers have been inflating the price of land which raises the entry point and makes it more likely that the estates will now go over the tax threshold. It's sad that the working farmers turn on the government rather than the Dyson's and Clarkson's of the world that cause much of the trouble. |
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19 Nov
3:49pm, 19 Nov 2024
9,995 posts
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simbil
Interestingly, it might effect as few as 117 of the 200k farms bbc.co.uk
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19 Nov
3:58pm, 19 Nov 2024
7,001 posts
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paulcook
"Might" Like my slightly / not so slightly potentially tongue in cheek comment about council tax earlier. |
19 Nov
3:59pm, 19 Nov 2024
22,438 posts
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Chrisull
As someone who is now working with farmers on a voluntary capacity, this is doesn't seem to be the case. Iread that initially. I didn't dare mention it to the farmer I was talking to. Certainly the people I know seem to think they will be affected. It may be (as with WFA), there are workarounds, and they can avoid the issue, but at the moment it definitely looks like a blunderbuss approach, when surgical precision was required. As I can see I'm only talking to real farmers on the ground, the ones who actually seem to be affected.
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19 Nov
4:00pm, 19 Nov 2024
23,421 posts
|
rf_fozzy
simbil wrote: Good point DaveG - the tax dodgers have been inflating the price of land which raises the entry point and makes it more likely that the estates will now go over the tax threshold. It's sad that the working farmers turn on the government rather than the Dyson's and Clarkson's of the world that cause much of the trouble. simbil wrote: Interestingly, it might effect as few as 117 of the 200k farms bbc.co.uk Whilst I disagree with this line of argument, what it might also do is push down the value of *all* farmland. Which means, that even for those farms under the threshold, it will see the value of their assets decrease - possibly significantly. Now you might argue, yes but that doesn't matter because the farms that people are worried about are those that won't sell. But, it might matter if your assets decrease in value. You wouldn't like it if your house price decreased significantly. It does need considering in argument. As I say, don't necessarily agree with this argument, but it is a valid concern perhaps. |
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19 Nov
4:17pm, 19 Nov 2024
9,996 posts
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simbil
Yeah I guess it could be kind of an asset cap or asset depreciator. If a farmer does well with changes in planning or whatever and their land value increases a lot, they then don't get to realise all the growth. And if the changes mean a lot of land goes up for sale and the national price decreases, they have less of an asset. But both of those cases are firmly in the investment category that everyone else has to pay taxes on, rather than the custodian of the land category, so not really a convincing argument for tax exemption. |
19 Nov
4:35pm, 19 Nov 2024
30,186 posts
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richmac
If the price of agricultural land decreases then suddenly farming becomes more viable in this country and food prices/airmiles may decrease
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19 Nov
6:30pm, 19 Nov 2024
5,736 posts
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J2R
The price of agricultural land has gone up a lot because of its use for tax dodges by the likes of Clarkson and Dyson.
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