England's boring politicians have come up with another really dumb tax: the partial repeal of the law that fully protected family farms during accession - complete relief from the standard inheritance tax in the UK of a whopping 40%!
Carefully put in place last century to ensure and protect food security.
In France, the only country in Europe with full food self-sufficiency meaning they do not have to rely on imports, farmers can access tax relief if they jump through administrative hoops to prove they work the land themselves.
Guy Singh-Watson, an organic farmer and founder of Riverford Organic vegetable boxes, who broadly supports the government’s plan, said: “Land in the French Vendée – where I have owned a 120-hectare (300-acre) farm for the past 15 years – is less than a 10th of the price of equivalent land in Devon, where I also farm. To be a farmer there, you have to be deemed fit to farm by the local administration. I doubt whether many landowners simply buying up farmland would pass that test.” He suggested a similar policy could be put in place in the UK, with true farmers given tax benefits.
The UK has 40% inheritance tax for some/ a lot of people over a threshold calculated before disbursement. But not family farmers since 1992 are at 0%, but now Labor has reintroduced a 20% inheritance tax for farms that are valued at more than £1m.
Seems to me £10m or £20m would be a far more sensible number?
No Tax Here
NZ, Australia, Singapore, Sweden and Norway are among a handful of countries which don’t charge inheritance tax at all!
In Europe death tax is done after the splits to family if at all; not before!!
UK citizens seem to love to end up needlessly waiting in queues.
I got allergic to dumb queues in 2006 when I did a 60 date tour of UK/Ireland with Breaks. In England, a "pie" is often a sit down meal with spuds, gravy and peas. And a "hamburger" is often precooked in a warmer at a takeaway shop unlike in NZ made fresh. Odd! Became a ninja at maneuvering through festivals. I digress.
UK You're doing it wrong
Countries like NZ need to get to grips with taxing the billionaire types (looking at you Apple NZ Inc*) but since a million doesn't buy much these days, the UK is doing it wrong.
PS The Guardian.says Apple paid almost no tax in New Zealand for at least a decade reports say in their 23 Mar 2017 reporting despite sales of $4.2 billion.
Apple casually never mentions their secret tax-haven NZ in their article "The facts about Apple’s tax payments". I just filed an OIA request for their past 10 years payments at FYI.ORG.NZ: High internal charging of iPhones by Apple Global to Apple NZ is how they do it.
Also they are my personnel yardstick: Apple is the largest taxpayer in the world we’ve paid over $35 billion USD in corporate income taxes over the past three years, plus billions of dollars more in property tax, payroll tax, sales tax and VAT. But not so much in NZD to IRD NZ?
They (Apple and IRD NZ) seem to be the perfect example to single out for investigation to check how our whole global tax system is function don't you agree?
Jeremy Clarkson Weighs In!
Posted by tomachi on November 23rd, 2024 filed in Gigs
