LEEDS LEEDS LEEDS
It's £1m untaxed, plus £325k of standard tax free inheritance.
You can double that if the farmer is married.
So farmers can hand down £2.65m tax free, and their kids pay 20% on everything else.
Tax on your job is 40% over £50k
"Land owner" is not a job
🧵
It's just closing a loophole that's been used to avoid inheritance tax, and which pushes up farm rents and makes it harder for 76% if farmers to make a profit.
It's £1m untaxed, plus £325k of standard tax free inheritance.
You can double that if the farmer is married.
So farmers can hand down £2.65m tax free, and their kids pay 20% on everything else.
Tax on your job is 40% over £50k
"Land owner" is not a job
🧵