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Thousands of UK farmers protest against inheritance tax hike
(www.euronews.com)
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this post was submitted on 20 Nov 2024
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Why should farmers be exempt from inheritance tax? Inheritance tax is a move towards equality, to give that money to the government to equitably distribute rather than some lucky children being rich just because they had rich parents.
I was born and brought up in an extremely rural area of the westcountry, and I’m well aware of the “farmer hard times” saying as farmers drive past in e.g. brand new landrovers, but this inheritance tax change has not been thought through. Assuming a farm is liable to inheritance tax, where does the money come from without liquidating assets? Sell part of the farm? So then you have a small piece of land with agricultural use restrictions, no infrastructure, probably too small to form a separate farm. Repeat for a few generations and all the farms are then the same size, with efficiency of scale problems - not to mention where do the new farmers come from? Sell farm machinery - great, you’ve no business. Sell your stock - you’ve no business.
Much better to tax people when they are alive, on their earnings, and expand it to all earnings from any source, lumped together and charged at the relevant rate of income tax.
If a farm is worth too much for an individual to pay inheritance taxes on, let it pass on to a collective or company of individuals with enough pooled money to run it. No need to have a single person own such a massive piece of industry.