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this post was submitted on 19 Nov 2024
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The tax is an inheritance tax for any farmer with net assets over £1m. This might sound like a lot to you and me, but the value comes from mostly inflated land values, and doesn't take into account farmer income which is typically not amazing.
So a lot of farmers who are doing even moderately okay will essentially not be able to pass their land on to their children without their kids forking out near £60k
The government thinks it will affect only 500 farms, so I interpret this that it was meant to be a tax on the hyper wealthy farmers, but it seems completely out of whack with the number of middle-class to working-class farmers it will actually affect.
TLDR: Farmers are spectrum of classes, but even the poorest hold assets with measurable value.