Quote:
Originally Posted by Hugh
One of the reasons this was brought in was that very wealthy people (James Dyson amongst them, who has bought up 37,000 acres of farmland in the last 15 years) bought farmland as a way of avoiding Inheritance Tax on those assets, whilst also driving up the price of farmland.
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fine, go after James Dyson then.
many farmers are asset rich and cash poor, making around 1% profit on what they put into the farm. And it's not just about APR and BPR, the land and property is one thing but you also have all the farm machinery, stock, livestock etc that would be factored in.
You'll end up with smaller farms (BTW 3million is not a lot of money for a tax relief amount, in Yorkshire let alone further south, or anywhere else.) potentially having to sell some of the farm...to who? James bloody Dyson probably, or some city conglomerate that see's an opportunity, or Bill Gates (biggest farmland owner in the US)
We'll end up with farms owned by banks and venture capitalists instead of the actual farmers.