Torsten Bell @torstenbell.bsky.social · 19/11/2024Tax due if parents hand on £3m house: £940k Tax due if parents hand on a £3m farm: £0 A reminder of significant tax advantage to farmers vs everyone else AFTER these changes 471307566
ChrisPas @chrispas.bsky.social · 20/11/2024If I own a business, making stuff for export, I wont get the IHT exemption that most farms effectively get. My business is equally valuable to the country. Current rules act as a disincentive to invest in equipment & thereby improve productivity. Tax the buggers! 000
Abd al-Aa’ila @juhuansi.bsky.social · 19/11/2024That’s why the EU is much better off without carrying these free riders. 000
SaveTheNHS 💚 🍉 💙 VoteGreenParty @savethenhs.bsky.social · 19/11/2024Also they can still avoid IHT (heavily reduced for them anyway) by doing the 7-year “gift” trick. They will, en masse. 000
The New Disorder Blog @tomleveller.bsky.social · 19/11/2024Not a good comparison, for several reasons: 1. Farming is a public good 2. Land value is completely decoupled from earnings 3. Profit margins for family-run farms are very small We are putting our food security at risk in order to get one over on people we imagine to be better off than us 200
seawhat.bsky.social @seawhat.bsky.social · 19/11/2024But a farm and a house are very different assets. A farm is an entire livelihood. Not just an asset you live in. 100
Alexander Burmo @alexanderburmo.bsky.social · 20/11/2024Are you telling me that there is almost a 30% inheritance tax in the UK? 000
Emeritus Grump WC, CD, GF, RTFM, 💜 @suzman.bsky.social · 23/11/2024🤔 How unpopular do you think the Levitical Year of the Jubilee be with tax evading landowners and corporations? 000
Barry James @barryjames.bsky.social · 20/11/2024A champion of farmers is posting on x about how unfair it is They recently had to deal with an estate valued at £6.13m. They settled all debts at 32k leaving £6.08m between 4 siblings. 000
seanie100.bsky.social @seanie100.bsky.social · 19/11/2024Also, don't they have 10 years to pay any IHT owed, rather than it being immediately 100% payable in the case of all other businesses and private individuals? 1210
doodlydoo.bsky.social @doodlydoo.bsky.social · 19/11/2024When I sold my Mum’s house I wasn’t using her land to feed anyone. Whatever I had left after IHT was mine to do with as I pleased. So your argument doesn’t really work does it. 100
Alastair Gittner @agittner.bsky.social · 19/11/2024Do they pay the tax on all of it or merely the bit over £3m? 100
jeannettechampion.bsky.social @jeannettechampion.bsky.social · 19/11/2024The Tory government have reigned over the supermarkets fleecing, sorry for the pun, the farmers! They insurance industry have a lot to look At themselves over this too. Brexit is clobbering farmers, no protest there and the lack of police in this country means less likelihood of farmers getting 140
Annmarie Reed @missowl.bsky.social · 19/11/2024Nailed it! But how do we get the facts out there to challenge the RW media, who have far too much control. Where are the journalists 000
🍻Simon loves beer🍻 @simon1268.bsky.social · 19/11/2024@iaindale.Bsky.social Said his family didn’t want to carry on farming so sold the farm. No inheritance tax! Maybe if inheritors sell their farm the full 40% should be due. 000
ClaireK💙🪻🌱🌹📒 📚 @ckbook.bsky.social · 19/11/2024I don’t wish to be unreasonable but where on the actual telly can I find this unseasoned Debate.. 000
The possibilian @traceydc.bsky.social · 19/11/2024Yep, they get nasty when things start to affect them. Didn't see the same outcry with Just Stop Oil. 000
Andrew Burton @burtonad.bsky.social · 19/11/2024I’m not Dan Neidle, but I think a second parent to die can access a first parent’s tax free band (£325k) plus first home allowance (£175k) and add their own, giving a maximum £1 million before IHT is due. 40% on £2 million is £800k - still a chunky sum. 120
todmanpla.bsky.social @todmanpla.bsky.social · 19/11/2024Land prices will drop so less farms will be subject to IHT. Tenant and new to farming might be able to to buy. This will allow them to invest and develop the farm better than a tenant which should be good. I reckon a lot of people upset their clever tax avoidance plan is now going to cost them. 020
Tom Watts @tomwatts.bsky.social · 19/11/2024Sorry - this is a random response. But in the spirit of improving this site, is it better that MPs “verify” by linking their handle to their personal website? 000
D.B. @mcftw.bsky.social · 20/11/2024TBF and I fully support this policy actually...but doesn't the £3m only apply not if married, but only if the farm is in BOTH names? 000
Rupert T Bear @rupert-t-bear.bsky.social · 19/11/2024Yes, thank you Torsten! I tried to make this point on Twitter earlier. 000
Andy Davidson 🇬🇧🇪🇺🇫🇷Proud European do-gooder @andydavidson14.bsky.social · 20/11/2024What is it about poor working people who are so deluded they constantly defend mega rich people who clearly don’t GAFF about them? Make it make sense 🤦🏻 000
Pete Hudson 🇬🇧🇨🇵🇪🇺🏴🇮🇪🇳🇱🏴🇮🇳 #FBPE #BanX #UKPR #UK_JoinEU @twopenneth.bsky.social · 19/11/2024I don't support the farmers, but the owner of a £3m house is rich, a farmer with a £3m business that includes a house probably isn't. 140
geoffbgb.bsky.social @geoffbgb.bsky.social · 19/11/2024What is the value to society of an intact £3m house vs. an intact £3m farm? 000
Rich Marsden @delicaboy.bsky.social · 19/11/2024Right but ones asset rich and cash poor Oh wait they both could be or not Ah but they live in the property Both might both might not Ah but it’s their job Well it could be for both or not It’s the same argument for capital gains but they are wealth creators But siphon it to the caymans 110
Gareth Oakland 🇫🇷🏏🏉 @goakl.bsky.social · 19/11/2024A better comparison would be if you build up a business of, say community pharmacies, and it’s worth £3m… For some reason we treat “farmers” (often actually just people who own farm land and rent it out) as a special case. There are many equally worthwhile businesses. 020
Xtinexoop @xtinexoop.bsky.social · 19/11/2024I’m missing something - why don’t farmers hand the business on and retire - obvs some won’t live 7 yrs but the majority would? 130
Dr Joanne Williams @jowilliams.bsky.social · 19/11/2024Lots of talk about continuing the farm as an active business. What is the situation for IHT on other small businesses? 130
Anne Grey Lee @annegray-lee.bsky.social · 19/11/2024You can't compare the two. A farm is a critical business that feeds the nation, a house is but bricks & mortar. You can't hop in & out of farming- like setting up a cafe. I understand the perceived lack of meritocracy in a system of inherited wealth but you can't measure farming so simplistically. 110
Mark_Dyer Esq @markdyer.bsky.social · 19/11/2024If I had 3 farms each worth £3m and left them, individually, to my 3 kids would I be able to leave £9m without having to pay IHT? Asking for a friend. 100
midlander @ukbygaslight.bsky.social · 19/11/2024Also, I’m reminded tonight, that many people on lower incomes end up having to sell cheaper non iht property to cover a parents care home costs. Its heartbreaking. 040
Globalidentity @globalidentity.bsky.social · 19/11/2024This is a simplification of a much more complicated issue. A lot of capital of farmers is tied up in fixed or current assets (fields, tractors, combine harvesters) without them there is no farm. The farm could become a limited company but this again is not simple. It's not "tax avoidance" 010
Hotblack @invalid-handle.com · 20/11/2024I wholeheartedly support these changes @torstenbell.bsky.social but feel Labour would be in a better position to counter the bad faith arguments if the government had a good counter with a farming, food and environment policy. Something which has been lacking for years and is needed after Brexit. 000
Nobstick @bunnocks.bsky.social · 19/11/2024Why aren't the Farmers celebrating only paying half the amount of inheritance tax as everyone else ? Looks like a win to me. (That's after all their allowances and a 10yr, no interest repayment schedule) 021
Betty Jane @bettyjane.bsky.social · 19/11/2024Labour need to send you out on the morning newsrounds Torsten. Succinct, accurate and no nonsense! 000
Ken Hamilton @tomnoddy.bsky.social · 19/11/2024Our local squire is probably apoplectic, as he owns an enormous amount of farmland around here despite selling a lot off for housing. 030
Ferret @ferretgrove.bsky.social · 19/11/2024You also get a job for life, a mortgage free home and your parents might also get a mortgage free home on your property. 022
budbeag.bsky.social @budbeag.bsky.social · 19/11/2024Your argument has faults. It should be: "No inheritance tax for anyone 000
peterramsden2.bsky.social @peterramsden2.bsky.social · 19/11/2024Unbelievably bad messaging by Reeves on IHT for farms. Explain that giving away the farm 6 years before dying brings a zero rate. Tin eared ever since the budget. Why not start with £3million and attack Clarkson from the getgo. 010
