This is not a convincing argument. Agricultural land is an asset worth many £millions, which has actual rental value. If you can rent the land, then it’s more than just a “tool of the trade” - it’s a… (View Post)

NB. Point of order: Business asset relief means you pay 20%, not 40% IIRC. Plus you get £1million in tax free allowance? (View Post)

Why should a family firm or farm be exempt from the same taxes everyone else has to pay? You could, perhaps, make a case that IHT shouldn’t apply to anyone. But what’s the justification for carving o… (View Post)

Farm machinery would be valued on the same basis as the capital goods of any other business, i.e. market value: https://www.gov.uk/business-relief-inheritance-tax The farm can claim business asset re… (View Post)

The justification is that these people should be paying IHT just like the the rest of us: Why should they escape being taxed just because they can wrap the family wealth up in a box marked “family bu… (View Post)