MISLEADING VOTERS ON FARM INHERITANCE TAX
Goverment ministers and MPs keep stating farmers should pay inheritance tax "like everybody else" and since they pay half the rate to domestic inheritance tax at 20% "they should not complain".
This is intentionally misleading.
Farm inheritance tax at 20% of land value on farms earning a return on that same value of 0.5% is a pro rata rate equivalent to 40 annual incomes (20%/0.5%).
Domestic inheritance tax at 40% relates to an average income of £37,000 and average house values of £270,000 or a theoretical "return" of 13.7% so at 40% this is a pro rata rate equivalent to 2.9 annual incomes or just 7.5% of the pro rats rate paid by farms.
The other difference is that farm inheritance tax enforces land sales which ends up reducing the earning capacity of the smaller lower capcity farm.
On the other hand in the domestic situation no such negative impacts on future earning capacity exist.
Maybe to pay approacing the equivalent to farms, voters should be paying at least an 80% inheritance tax or at least stop parroting the misleading statements concerning the bad treatment of farms in this country.
Centax, from whom Rachel Reeves took her farming inheritance tax idea, has said the policy should be better focused, and found it impacts working farmers more than other landowners, and some will not be able to pay without selling farm assets https://t.co/AZHDNKJ3JQ
This is great from @SaintsRugby.
Superb behind-the-scenes content from the winning week in South Africa.
George Furbank and Fraser Dingwall delivering inspirational team-talks in car parks.
Success story.
@herdyshepherd1 The whole thing is a shower - we have hedgelaying lined up assuming we would be granted funding as it’s a relatively modest amount.I had a sick feeling as I have work that I haven’t claimed for yet due to issue with rpa system!
@herdyshepherd1 Are you sure this isnt in response to a recent cap grant application and not your existing ag- I have received the same letter and took it to refer to a hedge laying grant I applied for in Sept and not to capital grant projects already approved & in progress under a mid tier ag.
We were stood just next to @TrooperSnooks when he was giving this interview - hats off to him - I agree with everything he says but wouldn’t have been able to say it so calmly, eloquently and succinctly (without swearing!)
"Rachel Reeves is literally KILLING wildlife!" - I think Reeves, Starmer, and Ed Miliband in particular need to take a good listen to this man at the farmers' protest 👇
@DobbsandPolicy
'I have a lot of sympathy with the government; there were no good choices.'
@AndrewMarr9 is beginning to wonder whether Labour's Budget is 'starting to unravel', following farmers' protests in Westminster.