Keir Starmer at it again..

[AndyWolves]

IHT normally applies to businesses I believe.

 

[BillyDee]

Correct me if I’m wrong here. But it seems pretty bizarre that if I inherit a farm because my dad died I’ll have to sell some of it to pay the tax bill?

I must be missing something as that makes no sense to me.

Are you okay with IHT in other situations?

Also, less than 4% of people are affected by IHT at the standard 20% rate, it will be half that for farms. If your dad had a big enough farm to qualify to pay IHT, the idea is that there would be enough income to pay it without selling any of it.

 

[PuntsWolf]

Are you okay with IHT in other situations?

I’ve never thought about it tbh. But assume in the case of selling a parents expensive house it was useless anyway empty so you take your cut of it. 60% of something rather than 100% of nothing I guess.

But in the case of a farm, it’s not useless as it’s still growing stuff and is just land in the middle of nowhere? And is likely your livelihood too?

Also, less than 4% of people are affected by IHT at the standard 20% rate, it will be half that for farms. If your dad had a big enough farm to qualify to pay IHT, the idea is that there would be enough income to pay it without selling any of it.

Well according to that farmer on the video that’s not the case. But I don’t know either way.

 

[BillyDee]

But I don’t know either way

No one seems to...

How many farms would be affected by Budget changes?

Estimates of the number of farms affected range from 100 to 70,000.

www.bbc.co.uk

 

[AndyWolves]

Just needs some enterprising individuals to offer 0% IHT loans which can be written off against income tax so it all nets out at 0

 

[leedswolf]

AndrewT (@andrewt500.bsky.social)

A message from a REAL farmer who hasn’t been brainwashed by the Tories, wealthy landowners and the right wing media👇🏽 #FarmersProtest

bsky.app

 

[Paddingtonwolf]

Well all these rich farmers sort of need to transfer their farms to beneficiaries and live on them and work on them as beneficial owners for life. All they have to do is stay alive for 7 years and the lot is given tapering relief.

Should that look unlikely, the beneficiaries can use the farm as collateral to obtain a bridging loan to pay the IHT and release the estate.

All of which is what everybody else who is lucky enough to have an estate big enough to hit IHT has to do.

I have zero sympathy for the wankers.

 

[leedswolf]

Claire Simone (@clairesimone.bsky.social)

bsky.app

 

[Sniffer]

Well all these rich farmers sort of need to transfer their farms to beneficiaries and live on them and work on them as beneficial owners for life. All they have to do is stay alive for 7 years and the lot is given tapering relief.

Should that look unlikely, the beneficiaries can use the farm as collateral to obtain a bridging loan to pay the IHT and release the estate.

All of which is what everybody else who is lucky enough to have an estate big enough to hit IHT has to do.

You can buy insurance/life cover policies that would pay out the equivalent of the IHT bill should they not live the 7 years.