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🅑🅐🅣🅣 in reply to @hazzelfrazzel

It's because if forced to sell assets to cover an IHT bill, the working farm could become non-viable.

Sounds as though the farm is already unviable if it cannot meet tax liabilities.

To give you an example, let's say I inherit a 500 acre arable farm with a farmhouse on it, several barns and grain sheds, a couple of tractors, a manitou, and a combine harvester. Let's say it's worth 5 million.

Average farm net worth is £2.2m. Worth noting that most farms this value (£5m) tend to be land owning farmers rather than tenant and falls into a very slim top percentage.

https://assets.publishing.service.gov.uk/media/660fdb6763b7f80011de191b/bs_mean_net_worth_per_farm_2022_23.csv/preview

So I realise that I'm going to have to sell 40 acres of fields to cover the bill.

Yes, in this story – you should. Sell them so people can build houses, solar, turbines or more agriculturally diverse smaller farms and save us all.

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hazzelfrazzel in reply to @🅑🅐🅣🅣

I'm totally with you on solar and turbines. You can even do both (some types of farming) and renewable energy on the same piece of land.

Fields that aren't next to a road would likely be unsuitable for housing. Unless you really couldn't avoid it, those wouldn't be the fields you'd sell.

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