Tax guru Dan Neidle says there has been a lot of over-the-top-coverage about the £1m cap on inheritance tax agricultural property relief.
He believes the £1m figure is misleading, because IHT won’t usually apply to farms worth £1m – small farms usually include a farmhouse. This means a married couple can get £2m worth of exemptions.
For farms just over the threshold he said life insurance can cover the IHT. What farmers need is some good tax advice!
Read his thread in the latest PQ magazine: https://issuu.com/pqpublishing/docs/001_pq_dec24_combined
We also have two pages of comments on Labour’s first budget since 2010, from the accountancy bodies. You will be surprised at what they said.
