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There were only 117 farms valued above £2.5m in 2021-22, according to the HMRC figures.
November 19, 2024 at 3:22 PM
There were only 117 farms valued above £2.5m in 2021-22, according to the HMRC figures.
However, like the rest of the population, there is no inheritance tax to be paid on the value of property up to £325,000, bringing the untaxed total to £1.325m.
If a farmer is married, his or her spouse would be able to pass on another £1.325m tax free, taking the total untaxed amount to £2.65m.
If a farmer is married, his or her spouse would be able to pass on another £1.325m tax free, taking the total untaxed amount to £2.65m.
November 19, 2024 at 3:21 PM
However, like the rest of the population, there is no inheritance tax to be paid on the value of property up to £325,000, bringing the untaxed total to £1.325m.
If a farmer is married, his or her spouse would be able to pass on another £1.325m tax free, taking the total untaxed amount to £2.65m.
If a farmer is married, his or her spouse would be able to pass on another £1.325m tax free, taking the total untaxed amount to £2.65m.
There were a total of 462 inherited farms valued above £1m in 2021-22, according to HM Revenue and Customs (HMRC)
345 valued between £1m and £2.5m. 80 at £2.5m to £5m. 37 above £5m.
Under the new rules, 462 farms would be affected by the 20% inheritance tax on any value above £1m.
345 valued between £1m and £2.5m. 80 at £2.5m to £5m. 37 above £5m.
Under the new rules, 462 farms would be affected by the 20% inheritance tax on any value above £1m.
November 19, 2024 at 3:19 PM
There were a total of 462 inherited farms valued above £1m in 2021-22, according to HM Revenue and Customs (HMRC)
345 valued between £1m and £2.5m. 80 at £2.5m to £5m. 37 above £5m.
Under the new rules, 462 farms would be affected by the 20% inheritance tax on any value above £1m.
345 valued between £1m and £2.5m. 80 at £2.5m to £5m. 37 above £5m.
Under the new rules, 462 farms would be affected by the 20% inheritance tax on any value above £1m.
Paul Johnson, the director of the Institute for Fiscal Studies (IFS), an independent economy think-tank, told Sky News: "The changes will affect a remarkably small number of some of the most valuable farms."
November 19, 2024 at 3:17 PM
Paul Johnson, the director of the Institute for Fiscal Studies (IFS), an independent economy think-tank, told Sky News: "The changes will affect a remarkably small number of some of the most valuable farms."