Spudgun
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- Jul 9, 2024
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The Daily Fail (Mail) is seen as joke newspaper by almost everybody in the U.K. They will run any story to appeal to their remaining few living readers (the average age of a Daily Mail reader is 65+)and are well known for running sensationalist and inaccurate stories. The term Nazi is too often used nowadays but Lord Rothermere (whose family founded and continue to run the paper) was a close personal friend of both Hitler and Mussolini and also a member of the British union of Fascists.
Ok now for the farm "story"
If you notice the only people complaining about the recent changes to inheritance tax are people who in the U.K are known as "Gentleman Farmers" (Clarkson and James Dyson mainly). These people are normally wealthy from other sources and buy huge amounts of farmland as a tax dodge because up until now it wasn't taxed when passed down to their children (unlike any other business assets).They either then do nothing with the land and it sits fallow or they rent it out to Tennant farmers (the vast majority of farms in the U.K are tenant farms). Clarkson said in his newspaper column that he had only bought his farm as a tax avoidance measure and only started farming it when the lucrative T.V show was in the production stages.
Sources... I have worked in farming most of my life and have several friends who are tenant farmers and a couple who own their own farms. The ones who own their farms (ie the ones who would be affected by this law change) are not bothered in the slightest because you can still pass the land onto your family without paying tax on it by simply doing it earlier. As the law stands if land is passed down and the person passing the land on lives for 7 more years there will be no inheritance tax. This is done to prevent "deathbed inheritance". Most people I know are exited for this as it means that the younger generations will inherit the farms earlier and the older farmers can then retire if they want to.
Basically it's been blown out of proportion by a few Rich loudmouths with vested interests.
Ok now for the farm "story"
If you notice the only people complaining about the recent changes to inheritance tax are people who in the U.K are known as "Gentleman Farmers" (Clarkson and James Dyson mainly). These people are normally wealthy from other sources and buy huge amounts of farmland as a tax dodge because up until now it wasn't taxed when passed down to their children (unlike any other business assets).They either then do nothing with the land and it sits fallow or they rent it out to Tennant farmers (the vast majority of farms in the U.K are tenant farms). Clarkson said in his newspaper column that he had only bought his farm as a tax avoidance measure and only started farming it when the lucrative T.V show was in the production stages.
Sources... I have worked in farming most of my life and have several friends who are tenant farmers and a couple who own their own farms. The ones who own their farms (ie the ones who would be affected by this law change) are not bothered in the slightest because you can still pass the land onto your family without paying tax on it by simply doing it earlier. As the law stands if land is passed down and the person passing the land on lives for 7 more years there will be no inheritance tax. This is done to prevent "deathbed inheritance". Most people I know are exited for this as it means that the younger generations will inherit the farms earlier and the older farmers can then retire if they want to.
Basically it's been blown out of proportion by a few Rich loudmouths with vested interests.