The meek shall inherit the earth

Part time vacuum cleaner salesman and resident of Singapore, Sir James Dyson, criticised Chancellor Rachel Reeves for withdrawing 100% agricultural property relief from estates worth more than £1 million. From April 2026, inheritance tax will apply with an effective rate of 20% - half the rate applicable to other property. Dyson claims the change will "kill off entrepreneurship" and that "small businesses and start ups" will suffer most.

Sir James unaccountably omitted to mention that he is one of the largest landowners in Britain, growing crops on 36,000 acres through his business Dyson Farms. His fortune is currently estimated at £20.8 billion 🧑🏻‍🌾🚜

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senghenydd · M

The Dyson family have a lot to lose.

SunshineGirl · 36-40, F

@senghenydd If the Dyson family is a genuine farming family, the entire estate can be gifted to the heir(s) so ensure that it is not broken up and agriculture can continue uninterrupted. If done seven years before Sir James' death, his heir(s) will avoid inheritance tax entirely. If not, they will have to pay tax like everyone else.

senghenydd · M

@SunshineGirl I honestly didn't know that, however it won't effect me.

I can't understand what all the fuss is about if that can be avoided, in saying that people do die suddenly even the young.

SunshineGirl · 36-40, F

@senghenydd Farmers often identify so closely with their land that they actively farm right up until death. They just need to be a bit more business minded and plan for the future by transferring property to the next generation.

I understand Jeremy Clarkson invested in farmland to protect his capital from inheritance tax and is now looking a bit of a wally.

senghenydd · M

@SunshineGirl I have a reply for you from Jeremy Clarkson well it's one of his many quotes:

Let me say right now I don't own a farm but I do feel sorry for those people who have worked and saved and have a lot too lose.

SunshineGirl · 36-40, F

@senghenydd But you can't lose something when you're dead, do you? The tax is effectively paid by the beneficiary who is assumed not to have worked for the inheritance. It is a tax on unearned wealth. Likewise, capital gains (which Clarkson may have been seeking to avoid) is a tax on any increase in the value of property that is not attributable to the owner's labour. Again, a tax on unearned income.