Keir Starmer at it again..

[Sniffer]

Can someone help me understand the farmer situation? Using the above example, isn't he paying tax on something that he only has the theoretical worth of? The farm may be worth £3.5m, because of the land value, but unless he sells it he can't pay the tax. Isn't that the issue? Yes he'll be a rich man off the back of it, but lose the farm and potentially generations of history.

He can give it away to his kids/grandkids and if he doesn’t peg it within 7 years all is good.

If not…1st million exempt, 20% on the next million and 10 years to repay the tax is what I heard this morning. Other reliefs apply too.

 

[Sniffer]

Also the report mentioned that seriously wealthy people were snapping up farms to avoid that element of their estates being subject to inheritance tax, hence why it’s suddenly being reformed for farmers.

 

[The Bear]

 

[ROVERT47]

It’s pissed Jeremy Clarkson off, so that’ll do for me.

 

[AndyWolves]

Can someone help me understand the farmer situation? Using the above example, isn't he paying tax on something that he only has the theoretical worth of? The farm may be worth £3.5m, because of the land value, but unless he sells it he can't pay the tax. Isn't that the issue? Yes he'll be a rich man off the back of it, but lose the farm and potentially generations of history.

This guy seems to explain it quite well

https://twitter.com/x/status/1851956384167776598