Inheritance tax – an alternative view

I don’t think what the government is doing is fair and I do think it is unfairly focused on farmers, but, I don’t share all the same views as the wider protestors.

To start, I don’t think that farming businesses are any more special to their owners, employees families etc than any other business.  I also think that small businesses provide massive employment to the whole country.  I ultimately think that (subject to the below) they should be treated the same.

Where farming is being abused is in the unfair nature of the transition to the same rules.  Every other business owner has known the situation, has likely worked out a succession plan (or is an idiot) and therefore has had the opportunity to manage their inheritance tax exposure.  Farmers aren’t being given this opportunity and it’s that that’s fundamentally wrong.  A “fair” way would be to introduce these rules in 8 years thereby allowing farmers the courtesy to get their house in order prior to being penalised.  This would also have the benefit of farmers having to have the succession planning conversation with their loved ones close to the traditional retirement age and not leave a challenging and often divisive situation to deal with on their death.

I then have two major problems with small (family owned) business inheritance tax. 

1. Should there be an unexpected premature death then it leaves the family not just without their loved one but also in a situation where the business is no longer viable. Causing additional difficulties at the most stressful time.
2. Why deliberately shackle businesses that deliver huge cultural benefits to the country and disrupt their employees income potential “just” because their boss dies?

I want to provide a legacy for my family and my community.  As a family we have built chapels, tended the environment, supported charities and have been a pillar of consistency (compatible to the multi-generational family butchers, bakers etc).  Surely this has some value and shouldn’t be penalised?

I don’t want special treatment, I do however want to be respected for my contribution and treated fairly.