The rate for everybody else is £325k and as far as I know, if you have property worth that you are taxed at 40% on all of it. For farms the rate is half of that at 20% and the threshold is £1m. But you can also add your £325k for property and if you’re married you can transfer your spouse’s relief, which brings the figure up to near £3m. Also I think farms are only taxed on the amount over £3m not the first £3m I don’t know when the property rate threshold was last increased.
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You won’t find that track on Spotify, but yeah bro hook me up. Check it out. You can listen from the link. Nice rework of that Marlon Asher classic.
Anyway funny to see Clarkson getting triggered by Victoria Derbyshire, when she put it to him that he admitted he only bought a farm to dodge IHT He went off on a rant about the BBC instead, tax dodging question dodging grifting ****
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One more thing - you can make PETs of assets during your lifetime 'Potentially Exempt Transfers' - if you live for 7 years from the date that you give the asset, it will be completely free of IHT ... if you die during that time the IHT will be on a time phased amount dependent on the point within the 7 years that you die ...
Another multi-millionaire public schoolboy who has somehow hoodwinked people into believing he’s some sort of working class champion of the people. The bloke brazenly said he bought the land to avoid inheritance tax. Real farmers should think he’s a ****.
Yep this. Ordinary working farmers should be pleased that Labour are closing the tax loophole for rich ****ers like Clarkson who abuse the system designed to support farms and agricultural production. The irony of that **** putting himself forward as a champion of farming, when he’s only in it to dodge tax.
I wonder if a better way around the farm inheritance tax, would have been better if a tax had been applied at point of sale. This would capture farm sales to people like Clarkson and protect families that have run farms within the family all their life. As it currently stands these new rules don't come in until 2026, so you could capture these sales earlier, instant tax return, not that in itself is a problem - it's how you capture people like TV celebrities that have already bought the land. Maybe put in a rule that covers sales after a certain date, to recover that aspect by the new rule of inheritance Ie making sure land grabbers like Jeremy are caught but reassures lifetime family farmers security, regardless the value of the land as long as it is continually used as such.
Unless the farm as a whole classified as Principle Private Residence there would have been some CGT (Capital Gains Tax) potentially for the seller ...
