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Farmers 'Betrayed' By £1M Inheritance Tax Relief Cap

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naomi24 | 12:33 Thu 31st Oct 2024 | News
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//Farmers across the UK have met the news that inheritance tax relief for farms will be limited to £1m with anger.

 

The National Farmers' Union said it had been a “disastrous budget” for family farms, that would “snatch away the next generation’s ability to carry on producing British food” and see farmers forced to sell land to pay the tax.//

 

https://www.bbc.co.uk/news/articles/c1ml5zm9lz5o

 

Yet another not-so-smart move by our not-so-smart chancellor.

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The lunatics are running the asylum.

Answerbank management take a dim view of being referred to as the asylum.

Answerbank have management?  Wow, where are they then please?

Prior to this would a farmer with property worth many millions be able to leave it to his heirs without having the inconvenience of inheritance tax?

How to pay this tax when the money is tied up in land?

Sell off bits & pieces every time the current owner dies? Farms become smaller / smaller = less viable.

Who buys the land that needs to be sold - another farmer? The cycle continues.

Madness.

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Farmers 'Betrayed' By £1M Inheritance Tax Relief Cap

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