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emiliya Oh dear . .
The (far from socialist) British government has partially removed a very generous relief from inheritance tax applied to agricultural property. The reason for doing this is that rich individuals and corporations are buying up farmland to shield their wealth from tax. This has driven up the value of land so that genuine farmers can no longer afford to buy it, which obviously damages agriculture. A typical estate with agricultural property will.now attract tax at a rate of 20% for value over £3m (compared to the general population who pay 40% for value over £1m). The intention is that non-farmers will sell up, driving down the value of land, which will encourage more investment in real agriculture and mean that most actual farming estates will fall well below the threshold at which tax is paid.
In addition, farmers pay no business rates, no road tax, and buy their fuel duty free, unlike the general population. In return for these generous privileges, tractors are not supposed to be used as general.purpose vehicles and certainly not for joy riding through an urban area during a flood 🚜
