by Workingman » 20 Nov 2024, 20:02
It really is a bit of a mess. The figures are all over the place; from only 500 farms being affected to 40,000 to 70,000. Nobody seems to know the true figure - not DEFRA, not the treasuy and not even the Farmer's union. .
However, according to gov't figures. 1/3 of farmable land in England is run by tenant farmers on 3.3 year rolling leases, so no inheritance tax for them, but up to 2/3 of it is part tenant part private run, the split between the two is anybody's guess. Of the other 1/3 a large proportion is owned by companies (Ltd or PLC) again no inheritance tax. It is all beginning to look a bit ill thought out.
And the rules are a bit odd. If a farm is handed down for more than seven years then no inheritance tax is paid. It's too late for current farm owners but in future farms will be passed on to the children once they become 18 - 21.