|
|
Post by Totheleft on Nov 20, 2024 2:27:13 GMT
Dose the Governments new inheritance tax on farmers .
Stop a tax loophole?
Clarkson told the Times in 2021 that avoiding inheritance tax was “the critical thing” in his decision to buy land - but said today that he had bought the land "to shoot".
I think most of the farm land is owned by wealthy land owners and there only a few small land owners.
Should these wealthy land owners avoid paying inheritance tax
|
|
|
|
Post by Totheleft on Nov 20, 2024 4:36:42 GMT
Following the Budget, agricultural estates will now have to pay 20% inheritance tax above a new £1 million threshold when they’re passed onto the next generation. This is half the standard inheritance tax rate of 40%. Yet generous exemptions still remain, with the Chancellor suggesting that many farming families can in effect pass on up to £3 million tax free to their children if the farm is owned by a married couple. Only a small number of estates are valued above this, meaning only the richest landowners will be affected by this change. According to research by the Centre for Tax Analysis, only around 200 farms a year (out of 1,300) are passed on to the next generation that are worth more than £1 million. taxjustice.uk/blog/super-rich-attacking-plans-close-agricultural-tax-breaks/ |
|
|
|
Post by Dogburger on Nov 20, 2024 6:52:07 GMT
Inheritance tax is double taxation and should be scrapped .
However if we are going to have it it should only be applied to sold assets . If the farm /family silver/house is to stay in the family it should be able to do so without paying the taxman
Ive listened to various labour spokespeople trying to defend it in recent days the best one is that £3M can be left tax free if its owned by a married couple ? Who makes this shit up , unless they both fall under the wheels of the tractor at the same time the farm will be left by one or the other of them .
The other one is only a very small number of farms will be affected . What was the point of it then ? the richest landowners can be taxed in other ways if they are not farming the land .
Labour will lose this one and the sooner they realise it the less pain they will suffer in the future . They are going to feel pain and lots of it regardless because they are idiots .
|
|
|
|
Post by Totheleft on Nov 20, 2024 7:11:19 GMT
Inheritance tax is double taxation and should be scrapped . However if we are going to have it it should only be applied to sold assets . If the farm /family silver/house is to stay in the family it should be able to do so without paying the taxman Ive listened to various labour spokespeople trying to defend it in recent days the best one is that £3M can be left tax free if its owned by a married couple ? Who makes this shit up , unless they both fall under the wheels of the tractor at the same time the farm will be left by one or the other of them . The other one is only a very small number of farms will be affected . What was the point of it then ? the richest landowners can be taxed in other ways if they are not farming the land . Labour will lose this one and the sooner they realise it the less pain they will suffer in the future . They are going to feel pain and lots of it regardless because they are idiots . are you for the wealthy using land for tax avoidance? |
|
|
|
Post by Dogburger on Nov 20, 2024 7:15:21 GMT
Inheritance tax is double taxation and should be scrapped . However if we are going to have it it should only be applied to sold assets . If the farm /family silver/house is to stay in the family it should be able to do so without paying the taxman Ive listened to various labour spokespeople trying to defend it in recent days the best one is that £3M can be left tax free if its owned by a married couple ? Who makes this shit up , unless they both fall under the wheels of the tractor at the same time the farm will be left by one or the other of them . The other one is only a very small number of farms will be affected . What was the point of it then ? the richest landowners can be taxed in other ways if they are not farming the land . Labour will lose this one and the sooner they realise it the less pain they will suffer in the future . They are going to feel pain and lots of it regardless because they are idiots . are you for the wealthy using land for tax avoidance? You didn't read my post with enough care Ttl "the richest landowners can be taxed in other ways if they are not farming the land" |
|
|
|
Post by Totheleft on Nov 20, 2024 7:19:41 GMT
are you for the wealthy using land for tax avoidance? You didn't read my post with enough care Ttl "the richest landowners can be taxed in other ways if they are not farming the land" lets say for instance the church of england how will you tax them |
|
|
|
Post by Pacifico on Nov 20, 2024 7:48:49 GMT
You didn't read my post with enough care Ttl "the richest landowners can be taxed in other ways if they are not farming the land" lets say for instance the church of england how will you tax them The Church of England does not pay inheritance tax for the simple reason that nobody inherits anything.. |
|
|
|
Post by Totheleft on Nov 20, 2024 7:57:10 GMT
lets say for instance the church of england how will you tax them The Church of England does not pay inheritance tax for the simple reason that nobody inherits anything.. dosent the head of the church the royals inherent the land ? and why should people like clarkson use the purchase of land has a loop hole to avoid tax |
|
|
|
Post by Dogburger on Nov 20, 2024 7:59:59 GMT
lets say for instance the church of england how will you tax them The Church of England does not pay inheritance tax for the simple reason that nobody inherits anything.. Quite , the only time the Church would pay tax on land is if they sold it through capital gains . |
|
|
|
Post by Handyman on Nov 20, 2024 8:16:24 GMT
The Church of England does not pay inheritance tax for the simple reason that nobody inherits anything.. Quite , the only time the Church would pay tax on land is if they sold it through capital gains . The Monarch is not legally liable to pay income tax, capital gains tax, or inheritance tax because the relevant enactments do not apply to the Crown.” However, the Queen started paying income and capital gains tax on the estate in 1993, of her own accord. During his reign, King Charles may decide to do the same, particularly as he has previously said he would aim for a less-expensive monarchy, perhaps more similar to the Scandinavian monarchies. |
|
|
|
Post by The Squeezed Middle on Nov 20, 2024 10:23:36 GMT
Dose the Governments new inheritance tax on farmers . Stop a tax loophole? Clarkson told the Times in 2021 that avoiding inheritance tax was “the critical thing” in his decision to buy land - but said today that he had bought the land "to shoot". I think most of the farm land is owned by wealthy land owners and there only a few small land owners. Should these wealthy land owners avoid paying inheritance tax The question should be: How many businesses will be destroyed, and tax revenue lost, versus how much will be raised? |
|
|
|
Post by The Squeezed Middle on Nov 20, 2024 10:27:31 GMT
Following the Budget, agricultural estates will now have to pay 20% inheritance tax above a new £1 million threshold when they’re passed onto the next generation. This is half the standard inheritance tax rate of 40%. Yet generous exemptions still remain, with the Chancellor suggesting that many farming families can in effect pass on up to £3 million tax free to their children if the farm is owned by a married couple. Only a small number of estates are valued above this, meaning only the richest landowners will be affected by this change. According to research by the Centre for Tax Analysis, only around 200 farms a year (out of 1,300) are passed on to the next generation that are worth more than £1 million. taxjustice.uk/blog/super-rich-attacking-plans-close-agricultural-tax-breaks/If that's true then it answers the question above: The gain from this measure will be negligible to zero. It is therefore not a sound economic measure but one designed to destroy farming. But then most of us already realised that. |
|
|
|
Post by Totheleft on Nov 20, 2024 10:45:46 GMT
Dose the Governments new inheritance tax on farmers . Stop a tax loophole? Clarkson told the Times in 2021 that avoiding inheritance tax was “the critical thing” in his decision to buy land - but said today that he had bought the land "to shoot". I think most of the farm land is owned by wealthy land owners and there only a few small land owners. Should these wealthy land owners avoid paying inheritance tax The question should be: How many businesses will be destroyed, and tax revenue lost, versus how much will be raised? like what business lost |
|
|
|
Post by The Squeezed Middle on Nov 20, 2024 10:57:10 GMT
The question should be: How many businesses will be destroyed, and tax revenue lost, versus how much will be raised? like what business lost Don't be stupid. |
|
|
|
Post by Totheleft on Nov 20, 2024 11:06:38 GMT
|
|
