Dubdrifter
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Post by Dubdrifter on Nov 20, 2024 11:23:12 GMT
Yes, the Starmer Government … ….led by the nose by Communist anarchists entrenched in The Guardian … the jackboot that stamps on indigenous Britons and controls editorial policy in the once loyal and once independent and balanced BBC (alas, a shadow of it’s Reithian vision) … is now going after our farmers … our food producers … that protect us from Globalists engineering famine around the Third World. www.americanthinker.com/blog/2024/11/the_guardian_greedy_farmers_hoard_land_but_government_has_a_new_tax_to_solve_that_problem.htmlWatch out Britain … Starmer is the ☠️ of us … and with the help of the EVIL entrenched in quangos in our Establishment … has declared WAR on our tribe … and our environments, economies and Communities. … prepare to fight for your lives. America is winning it’s battle … now it is time our People engaged … and started to apply a clean broom to this Parliament, GCHQ, The Monday Club Posse, Whitehall, the MOD … the EU … the HOSTILE ENEMY on our doorstep(until Europe wakes up and dismantles this Zionist corruption) …and the anarchists in the MSM. Question: Is this a plot to pillage Green Belt land to build immigrant housing?? … and attack local ownership … destroy food production, food self-sufficiency for the UK … and eventually build on Government secret long term plans to force indigenous tribes/Brexit voters into minority ghettoes … heavily defunded? Starmer and the Guardian are sick in the head. … and need flushing out of OUR UK System. |
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Post by vinny on Nov 20, 2024 12:05:29 GMT
The Labour tax on family farmers is rather absurd.
Got to say Starmer needs to rethink this one and if Rachel Reeves won't u turn on this, sack her.
Bit strange to put a British politics thread on World View though.
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Post by dappy on Nov 20, 2024 12:26:07 GMT
The OP is plainly nonsense.
On the issue of farmers inheritance tax, everybody else pays 40% on assets over £1m (normally) payable immediately.
Farmers are being asked to pay at 20% of assets over £3m payable over ten years interest free.
They seem to me to be getting an amazing deal…..
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Post by AvonCalling on Nov 20, 2024 12:33:05 GMT
The OP is plainly nonsense. On the issue of farmers inheritance tax, everybody else pays 40% on assets over £1m (normally) payable immediately. Farmers are being asked to pay at 20% of assets over £3m payable over ten years interest free. They seem to me to be getting an amazing deal….. It's the way pf the world now...why say anything calmly when you can load it with emotive hyperbole? I would say that inheritance tax for farmers should be considered in relation to food security...i mean covid really should have been a wake up call in respect of this. I am torn on inheritance tax, generally i am on the left but something doesn't feel right to me when for a farm for example when the owner dies 40% of it goes to the state and the farm potentially shrinks but then preventing entrenching privilege (i need a better word but that's what I am using) is probably good for society.
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Post by vinny on Nov 20, 2024 12:33:06 GMT
Farmland is indeed often worth millions. It's land.
But unless turned from farmland into housing estates / business estates it's farmland, for feeding people and farming families are unfairly punished.
Without farms, we starve.
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Post by dappy on Nov 20, 2024 12:40:20 GMT
The OP is plainly nonsense. On the issue of farmers inheritance tax, everybody else pays 40% on assets over £1m (normally) payable immediately. Farmers are being asked to pay at 20% of assets over £3m payable over ten years interest free. They seem to me to be getting an amazing deal….. It's the way pf the world now...why say anything calmly when you can load it with emotive hyperbole? I would say that inheritance tax for farmers should be considered in relation to food security...i mean covid really should have been a wake up call in respect of this. I am torn on inheritance tax, generally i am on the left but something doesn't feel right to me when for a farm for example when the owner dies 40% of it goes to the state and the farm potentially shrinks but then preventing entrenching privilege (i need a better word but that's what I am using) is probably good for society.
Well no. For farm land the maximum inheritance tax is 20% even then normally only on assets over £3m and even then payable in ten annual installments interest free. That is incredibly generous |
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Post by AvonCalling on Nov 20, 2024 12:44:02 GMT
It's the way pf the world now...why say anything calmly when you can load it with emotive hyperbole? I would say that inheritance tax for farmers should be considered in relation to food security...i mean covid really should have been a wake up call in respect of this. I am torn on inheritance tax, generally i am on the left but something doesn't feel right to me when for a farm for example when the owner dies 40% of it goes to the state and the farm potentially shrinks but then preventing entrenching privilege (i need a better word but that's what I am using) is probably good for society.
Well no. For farm land the maximum inheritance tax is 20% even then normally only on assets over £3m and even then payable in ten annual installments interest free. That is incredibly generous Sorry I don't understand your "well no." Well no what exactly? |
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Post by dappy on Nov 20, 2024 12:46:56 GMT
Farmland is indeed often worth millions. It's land. But unless turned from farmland into housing estates / business estates it's farmland, for feeding people and farming families are unfairly punished. Without farms, we starve. If farm land is worth millions, there must be buyers wishing to pay that price with a view to earning a profit from it - probably looking for an income yield of around 10%. If that isn’t possible buyers would not wish to buy the land at that price and hence the land wouldn’t be “worth millions” On that basis if on death, land is inherited worth £4m. We can impute that land is generating £400,000 profit per year. Inheritance tax would be payable totalling £200,000 payable at £20k per year from that £400k profit. I’m really struggling to see why farmers get the deal they do let alone demanding a better one. |
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Post by dappy on Nov 20, 2024 12:48:40 GMT
Well no. For farm land the maximum inheritance tax is 20% even then normally only on assets over £3m and even then payable in ten annual installments interest free. That is incredibly generous Sorry I don't understand your "well no." Well no what exactly? Well no. 40% of the farm value does not go to the state as you say. The maximum is 20% and even then normally 20% of value over £3m. |
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Post by montegriffo on Nov 20, 2024 13:15:11 GMT
Farmland is indeed often worth millions. It's land. But unless turned from farmland into housing estates / business estates it's farmland, for feeding people and farming families are unfairly punished. Without farms, we starve. Farmland has been falling in price due to the difficulty of making money out of it. Many small farms barely earn enough to pay income tax. |
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Post by dappy on Nov 20, 2024 13:19:42 GMT
In that case Monte, presumably the value of farmland will fall so that inheritance tax would no longer be payable on death.
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Post by AvonCalling on Nov 20, 2024 13:27:19 GMT
Sorry I don't understand your "well no." Well no what exactly? Well no. 40% of the farm value does not go to the state as you say. The maximum is 20% and even then normally 20% of value over £3m. Ok now I see what you were referring too thanks for the clarification |
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Post by AvonCalling on Nov 20, 2024 13:29:55 GMT
In that case Monte, presumably the value of farmland will fall so that inheritance tax would no longer be payable on death. I am not sure that is how it will work. Depends on whether the land can be repurposed but as Vinny says growing food is a pretty important purpose for land especially as the world seems to be entering such a period of instability. Food prices are a significant issue for poorer people. |
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Post by montegriffo on Nov 20, 2024 14:10:43 GMT
Farmland is indeed often worth millions. It's land. But unless turned from farmland into housing estates / business estates it's farmland, for feeding people and farming families are unfairly punished. Without farms, we starve. If farm land is worth millions, there must be buyers wishing to pay that price with a view to earning a profit from it - probably looking for an income yield of around 10%. If that isn’t possible buyers would not wish to buy the land at that price and hence the land wouldn’t be “worth millions” On that basis if on death, land is inherited worth £4m. We can impute that land is generating £400,000 profit per year. Inheritance tax would be payable totalling £200,000 payable at £20k per year from that £400k profit. I’m really struggling to see why farmers get the deal they do let alone demanding a better one. No, the inheritance tax is payable on the assets. So your example it would be on £4 million plus the value of all the farm implements and the farmhouse. Less the £1 million allowance. |
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Post by dappy on Nov 20, 2024 14:21:05 GMT
I worded it badly. Yes the full assets (including the farmhouse which will likely have a farming only restriction on it).
Assuming the deceased farmer was the last surviving member of a farming couple inheritance tax would only be payable on the estate over £3m and then only at 20%.
If he was the first of the married couple to die and the farm passed to his wife, no inheritance tax would then be payable.
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