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Inheritance tax
Comments
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Would be nice if we didn't have to pay tax.
But if you accept that we do have to pay tax, surely the least worse time to pay it is when we are dead and don't need the assets any more?
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The last 6 posts would normally result in the thread being closed down. Maybe still going as it is the weekend.
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With the threshold limits as they are it is possible to be in IHT territory on earned income and savings alone. It is not just the Aristocracy who are taxed.
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Yup - I am one of those - not even factored in the house! Actually savings and uncrystalised SIPP.
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Since the 18th century the accepted wisdom is that government regulates inheritance and even before that there were obviously rules of inheritance and probate. When the estate passes the the heirs that's a change of ownership and that is commonly taxed. IHT is often disliked because it comes at a very difficult time and so it might be seen as "bad" for the heirs, but it's not bad for the rest of society. So IMO IHT is not bad in principle, but there can be disagreements as to how it's implemented. Right now I think the IHT allowance for married home owners with children is sensible, but it's too low for single people without children. The tax above the allowance might also be made progressive. It seems strange to have a progressive income tax and a flat rate inheritance tax.
And so we beat on, boats against the current, borne back ceaselessly into the past.1 -
How big do you think these farms are? If you split a farm 60-40 to pay the IHT, you end up with two uneconomic farms instead of one just about break-even farm. And why do you think the buyer would be new to farming? Far more likely to be a giant investment firm or a neighbouring farmer looking to farm more acres with the same manpower.
Or you could get planning permission for housing and sell for a much larger price (subject to CGT), and reduce our agricultural land permanently.
Eco Miser
Saving money for well over half a century4 -
The point is that tax policy can change. Goverrnment might have another go at Clarkson's agricultural land inheritance tax dodge.
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Landowners, Not Farmers
Its a bit of a stretch to call Britain's biggest landowners Farmers. They just inherited their land tax free and rent it to Farmers. Or if they like to kill for pleasure use it for what they call 'sport' Or bought it as a tax dodge. Making it much more tax efficient to buy agricultural land than invest in factories Britain desperatly needs. No wonder Dyson shuts his UK factories and buys up agricultural land instead.
I'm talking about making £billionaire Landowners pay the same rates of inheritance tax on land as we have to pay on other assets. Taxing Landowners - lots of poor working farmers are in favour of that because they rent their land and would like a chance to own it. But they are not the £billionaires who run 'newspapers' like the Daily Mail.
Real Farmers - Tenant Farmers who are in favour of charging inheritance tax on land can't even say so because they could be evicted or victimised by their landlords
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Landowners not Farmers
They don't necessarily have to split up the farm - they could borrow, or sell some land and rent it back like the Tenant Farmers have to - Real Farmers who are in favour of landowners paying the same inherritance tax we have to.
PS: good luck with getting planning permission for housing. Unless you are Royalty and don't need it.
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The person worked hard for himself and family to gain wealth. Society can't just take 40% without doing any work
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