Submitted 1 year ago by BrikoX@lemmy.zip to globalnews@lemmy.zip
Organisers urged protesters not to bring farm machinery into central London, though some tractors drove past Downing Street covered with signs saying “the final straw” and “no farmers, no food.”
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Why should farmers be exempt from inheritance tax? Inheritance tax is a move towards equality, to give that money to the government to equitably distribute rather than some lucky children being rich just because they had rich parents.
I was born and brought up in an extremely rural area of the westcountry, and I’m well aware of the “farmer hard times” saying as farmers drive past in e.g. brand new landrovers, but this inheritance tax change has not been thought through. Assuming a farm is liable to inheritance tax, where does the money come from without liquidating assets? Sell part of the farm? So then you have a small piece of land with agricultural use restrictions, no infrastructure, probably too small to form a separate farm. Repeat for a few generations and all the farms are then the same size, with efficiency of scale problems - not to mention where do the new farmers come from? Sell farm machinery - great, you’ve no business. Sell your stock - you’ve no business.
Much better to tax people when they are alive, on their earnings, and expand it to all earnings from any source, lumped together and charged at the relevant rate of income tax.
They get ten years to pay it, its not subject to payment in one lump sum. Its also half the usual rate of tax, and only on anything over £3m if married and using all the allowances. On a £5m farm its about £40k a year for 10 years, not insignificant but inflation over 10 years will reduce the sting of it and you can even end load it by only paying back 1% initially and more at the end to further let inflation do its thing.
If a farm is worth too much for an individual to pay inheritance taxes on, let it pass on to a collective or company of individuals with enough pooled money to run it. No need to have a single person own such a massive piece of industry.
Inheritance tax is entirly escapable by doing dodgy shell company trust arrangements across different countries. It is a tax only paid by the lower and low middle class that prevents people to build intergenerational wealths and keeps the lower classes down. The farmers shouldnt be exempt but that doesnt mean they dont have a damn fine point.
Tax only applies to farms worth more than £1 million, so “lower and low middle class” are exempt.
Inheritance tax should be amended to be also paid on trusts (and stocks and shares) then. Just because it’s currently implanted badly doesn’t mean it’s a flawed concept.
Mannimarco@lemmy.world 1 year ago
Oh look more entitled rich farmers who think they’re special
mindlesscrollyparrot@discuss.tchncs.de 1 year ago
I would be entirely unsurprised if the ones protesting are not rich, and they don’t realize that they won’t be affected.
Mannimarco@lemmy.world 1 year ago
Also a possibility yeah, probably a mix of both