"They're wrong because they're working on an incomplete picture," said Jeremy Moody. "What they got wrong is, they didn't know what to ask and HMRC couldn't answer them even if they had." This statement underscores the inadequacies in the Treasury's assessment of which farmers are impacted by the proposed inheritance tax changes.
Moody claims the Treasury's estimate of 500 farmers affected annually is misleading. He believes the actual number is closer to 2,500, emphasizing that the analysis fails to account for farmers who only claim BPR.
The government's framework suggests a nil-rate tax band allowing couples to transfer up to £3 million tax-free. However, Moody suggests that such figures are misleading due to personal inheritances being included in these thresholds.
Over a generation, Moody estimates that proposed changes could affect about 75,000 farms, indicating the extensive implications of the new inheritance tax rules beyond what the government has projected.
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