Farmers aged 80 could get exemption from inheritance tax rule

The new inheritance tax rules under consideration may exempt farmers aged 80 and over from gifting rules, allowing them to pass down their farms without incurring tax.

Farmers argue that the proposed 20% inheritance tax on farms valued over 1 million could devastate their businesses, especially given the prevailing low income conditions.

Amendments to gifting rules are being weighed, specifically to prevent farmers from needing to live for seven years post-gifting to avoid hefty inheritance taxes.

Despite the aim to target wealthy land investors, farmers are calling attention to their financial struggles, emphasizing that many are 'asset rich but cash poor'.

Read at www.theguardian.com