posted 1 day, 22 hours ago
Worth mentioning again, because many people don’t seem to be aware, that for a couple passing on a farm including a residence worth £175k or more, there will be *no tax at all* to pay on the first £3m.
After that, the levy will be applied at 20% (which, as we all know already, is a nice concession for the industry).
Very few family farms will be affected, and when they are, they’ll still be in a much better position than your average (super rich) Joe.
posted 1 day, 22 hours ago
comment by kramthered (U10304)
posted 13 minutes ago
Ideological lot those farmers, get screwed relentlessly by the supermarkets for decades showing little solidarity in response.
Charge IHT @ 20 % when the rest of us pay 40 they’re out in their tractors clogging up the roads.
Bunch of subsidy addicted blowhards who could do with some household budgeting lessons
----------------------------------------------------------------------
Agree about supermarkets, successive govt's have let them take advantage of the farming industry for decades.
I'll admit Clarkson's Farm has served to highlight how hard farming is, the long hours for little profit. This sympathy is tempered by the widely held stance in the industry on Brexit, before the referendum, and the fact remaining they still get a 50% discount on IHT that the rest of us don't benefit from.
The anger should be directed at those who sought to game the system like Dyson and Clarkson. They are the reason the tax is being levied.
posted 1 day, 21 hours ago
comment by It’s time for some Lancashire hotPote, Ruben (U17054)
posted 2 minutes ago
Worth mentioning again, because many people don’t seem to be aware, that for a couple passing on a farm including a residence worth £175k or more, there will be *no tax at all* to pay on the first £3m.
After that, the levy will be applied at 20% (which, as we all know already, is a nice concession for the industry).
Very few family farms will be affected, and when they are, they’ll still be in a much better position than your average (super rich) Joe.
----------------------------------------------------------------------
Where do you get £3m from?
It’s £1m
posted 1 day, 21 hours ago
comment by Red Russian (U4715)
posted 3 minutes ago
Devonshirespur, how do you propose the government addresses the severe deficit bequeathed by 14 years of Tory rule? Because the supply-side Tory recipe of making the poorer sections of the country take the bulk of the pain by cutting back services, etc., gave us a decade of stagnant growth as well as a mountain of human misery.
----------------------------------------------------------------------
You could not generalise more if you tried.
Look across Europe and the world. Look at growth over the last decade+, look at deficits.
The UK is not alone in fiscal struggle since the financial crisis, so to paint it as an outcome of 14 years of Tory rule is equivalent as saying that the credit crisis was the Labours Govts fault.
With a unique sector like farming, it requires a unique response rather than a very clumsy, broad brush slash and burn approach.
Where there is an issue of wealthy buying land to evade IHT, and on the flipside an issue of family farms driven out of business at the point of inheritance, then the rules could and should be more sensitive to these situations.
Any genuine family to family handover should be exempt, and perhaps be subject to IHT should the farm be sold off within a defined period.
Take this guy for example:
https://www.bbc.co.uk/news/articles/clygwpe17evo
This will be repeated over the country.
So a far more considered and targeted approach.
Fact is if you drive the wealthy investors out of the land ownership by targeting them, the price of land falls and most farms will welcome this.
As said above, not against taxation but it should be applied in a fair way that does not create the sort of collateral damage that this policy will.
posted 1 day, 21 hours ago
comment by Red Russian (U4715)
posted 25 minutes ago
Devonshirespur, how do you propose the government addresses the severe deficit bequeathed by 14 years of Tory rule? Because the supply-side Tory recipe of making the poorer sections of the country take the bulk of the pain by cutting back services, etc., gave us a decade of stagnant growth as well as a mountain of human misery.
----------------------------------------------------------------------
Weird seeing Devonshire take the corporate/billionaire diiiiicks out of his mouth for moment to write a post.
posted 1 day, 21 hours ago
I think it’s 3million max per farm @ 1.5 million per person ?
“But for a typical case, which is parents with a farm they want to pass on to one of their children, by the time you've taken into account not only the exemption for the farm property itself, but also the exemption for spouse to spouse, then parent to child, it's £3 million before any inheritance tax will be payable “
posted 1 day, 21 hours ago
comment by It’s time for some Lancashire hotPote, R... (U17054)
posted 13 minutes ago
Worth mentioning again, because many people don’t seem to be aware, that for a couple passing on a farm including a residence worth £175k or more, there will be *no tax at all* to pay on the first £3m.
After that, the levy will be applied at 20% (which, as we all know already, is a nice concession for the industry).
Very few family farms will be affected, and when they are, they’ll still be in a much better position than your average (super rich) Joe.
----------------------------------------------------------------------
"Very few family farms will be affected"
Made up conclusion!
posted 1 day, 21 hours ago
comment by Ruben The King Amorim Tim Tagi Dim (U10026)
posted 53 seconds ago
comment by Red Russian (U4715)
posted 25 minutes ago
Devonshirespur, how do you propose the government addresses the severe deficit bequeathed by 14 years of Tory rule? Because the supply-side Tory recipe of making the poorer sections of the country take the bulk of the pain by cutting back services, etc., gave us a decade of stagnant growth as well as a mountain of human misery.
----------------------------------------------------------------------
Weird seeing Devonshire take the corporate/billionaire diiiiicks out of his mouth for moment to write a post.
----------------------------------------------------------------------
I don’t come across Devonshire much, but I can’t disagree with him on this.
posted 1 day, 21 hours ago
comment by Barti Ddu 🏴☠️🏴 (U9094)
posted 4 minutes ago
comment by It’s time for some Lancashire hotPote, Ruben (U17054)
posted 2 minutes ago
Worth mentioning again, because many people don’t seem to be aware, that for a couple passing on a farm including a residence worth £175k or more, there will be *no tax at all* to pay on the first £3m.
After that, the levy will be applied at 20% (which, as we all know already, is a nice concession for the industry).
Very few family farms will be affected, and when they are, they’ll still be in a much better position than your average (super rich) Joe.
----------------------------------------------------------------------
Where do you get £3m from?
It’s £1m
----------------------------------------------------------------------
There’s no inheritance tax to be paid on the value of property up to £325k, which brings the untaxed total for farm estates to £1.325m. Then there’s the standard £175k tax free allowance on a main residence when it's being passed on to children or grandchildren, which brings the total exemption to £1.5m.
And that’s per person. So for your husband and wife (eventually) passing a farm on to children or grandchildren, there’s £3m tax free.
posted 1 day, 21 hours ago
I have a general sympathy for farmers around their exploitation by supermarkets and the unfair business model they're constrained to work under by big businesses. For example being one of the few imdustries that by at retail value and sell at wholesale. And the wholesale value has increased very little in 40 years.
But this issue of IHT is a little over blown. 28% claimed exemption last year and many of those were land owners using the tax loophole for personal gain.
Also you can mitigate the IHT liability with good financial planning, for example you can gift all or part of your estate with a sliding scale reduction of IHT over 7 years so if you die after this your beneficiaries pay nothing.
What I find funny is the same media outlets who tried to wind up farmers with lies to vote for Brexit, then turned their back on them, giving zero fcks, when farmers were completely screwed by it, are now once again trying to show faux sympathy for them to have a pop at a Labour government.
posted 1 day, 21 hours ago
"The UK is not alone in fiscal struggle since the financial crisis, so to paint it as an outcome of 14 years of Tory rule is equivalent as saying that the credit crisis was the Labours Govts fault."
The UK is alone in voting to economically sanction itself via a public vote and have Liz Truss inflicted on it by 100,000 Tory members.
posted 1 day, 21 hours ago
comment by Devonshirespur (U6316)
posted 51 seconds ago
comment by It’s time for some Lancashire hotPote, R... (U17054)
posted 13 minutes ago
Worth mentioning again, because many people don’t seem to be aware, that for a couple passing on a farm including a residence worth £175k or more, there will be *no tax at all* to pay on the first £3m.
After that, the levy will be applied at 20% (which, as we all know already, is a nice concession for the industry).
Very few family farms will be affected, and when they are, they’ll still be in a much better position than your average (super rich) Joe.
----------------------------------------------------------------------
"Very few family farms will be affected"
Made up conclusion!
----------------------------------------------------------------------
Less than 7% of farms according to HMRC figures for 2021/2022.
https://www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms/summary-of-reforms-to-agricultural-property-relief-and-business-property-relief#statistical-annex-distribution-of-claims-at-death-for-agricultural-property-relief-and-business-property-relief-in-2021-to-2022
posted 1 day, 21 hours ago
comment by kramthered (U10304)
posted 38 seconds ago
I think it’s 3million max per farm @ 1.5 million per person ?
“But for a typical case, which is parents with a farm they want to pass on to one of their children, by the time you've taken into account not only the exemption for the farm property itself, but also the exemption for spouse to spouse, then parent to child, it's £3 million before any inheritance tax will be payable “
----------------------------------------------------------------------
To break it down.
£500k per owner for the farm house (£1m in total).
£1m per owner for the farm.
So in total it is up to £3m (assuming the house is worth £1m or more) but this is for shared ownership.
If it is a sole owner then its £1.5m.
posted 1 day, 21 hours ago
comment by Playmaker (U22780)
posted 51 seconds ago
I have a general sympathy for farmers around their exploitation by supermarkets and the unfair business model they're constrained to work under by big businesses. For example being one of the few imdustries that by at retail value and sell at wholesale. And the wholesale value has increased very little in 40 years.
But this issue of IHT is a little over blown. 28% claimed exemption last year and many of those were land owners using the tax loophole for personal gain.
Also you can mitigate the IHT liability with good financial planning, for example you can gift all or part of your estate with a sliding scale reduction of IHT over 7 years so if you die after this your beneficiaries pay nothing.
What I find funny is the same media outlets who tried to wind up farmers with lies to vote for Brexit, then turned their back on them, giving zero fcks, when farmers were completely screwed by it, are now once again trying to show faux sympathy for them to have a pop at a Labour government.
———————————————
They really should form a trade union
posted 1 day, 21 hours ago
comment by It’s time for some Lancashire hotPote, Ruben (U17054)
posted 1 second ago
comment by Devonshirespur (U6316)
posted 51 seconds ago
comment by It’s time for some Lancashire hotPote, R... (U17054)
posted 13 minutes ago
Worth mentioning again, because many people don’t seem to be aware, that for a couple passing on a farm including a residence worth £175k or more, there will be *no tax at all* to pay on the first £3m.
After that, the levy will be applied at 20% (which, as we all know already, is a nice concession for the industry).
Very few family farms will be affected, and when they are, they’ll still be in a much better position than your average (super rich) Joe.
----------------------------------------------------------------------
"Very few family farms will be affected"
Made up conclusion!
----------------------------------------------------------------------
Less than 7% of farms according to HMRC figures for 2021/2022.
https://www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms/summary-of-reforms-to-agricultural-property-relief-and-business-property-relief#statistical-annex-distribution-of-claims-at-death-for-agricultural-property-relief-and-business-property-relief-in-2021-to-2022
----------------------------------------------------------------------
And bear in mind that that means that less than 7% of farms will have to pay *anything at all*.
posted 1 day, 21 hours ago
comment by Devonshirespur (U6316)
posted 29 seconds ago
comment by kramthered (U10304)
posted 38 seconds ago
I think it’s 3million max per farm @ 1.5 million per person ?
“But for a typical case, which is parents with a farm they want to pass on to one of their children, by the time you've taken into account not only the exemption for the farm property itself, but also the exemption for spouse to spouse, then parent to child, it's £3 million before any inheritance tax will be payable “
----------------------------------------------------------------------
To break it down.
£500k per owner for the farm house (£1m in total).
£1m per owner for the farm.
So in total it is up to £3m (assuming the house is worth £1m or more) but this is for shared ownership.
If it is a sole owner then its £1.5m.
----------------------------------------------------------------------
To add to this, not many farmhouses in rural Wales would be worth anywhere near £1m. The land however probably is in many cases. So in real terms, they will pay the tax on the land, which is the cornerstone of the business. This will lead to selling off land, and family farms will begin to disappear.
posted 1 day, 21 hours ago
comment by kramthered (U10304)
posted 3 minutes ago
comment by Playmaker (U22780)
posted 51 seconds ago
I have a general sympathy for farmers around their exploitation by supermarkets and the unfair business model they're constrained to work under by big businesses. For example being one of the few imdustries that by at retail value and sell at wholesale. And the wholesale value has increased very little in 40 years.
But this issue of IHT is a little over blown. 28% claimed exemption last year and many of those were land owners using the tax loophole for personal gain.
Also you can mitigate the IHT liability with good financial planning, for example you can gift all or part of your estate with a sliding scale reduction of IHT over 7 years so if you die after this your beneficiaries pay nothing.
What I find funny is the same media outlets who tried to wind up farmers with lies to vote for Brexit, then turned their back on them, giving zero fcks, when farmers were completely screwed by it, are now once again trying to show faux sympathy for them to have a pop at a Labour government.
———————————————
They really should form a trade union
----------------------------------------------------------------------
Not sure if it was you who posted about them getting together to campaign against the barrel they're bent over when it comes to the exploitation by supermarkets, but that is really where their focus should be.
For example if I've heard correctly, wholesale price of wheat in 1984 was £140 per kg, after 40 years it's £180 which in real terms accounting for inflation in that time is a fcking joke.
If they campaigned and went on strike over this they'd get far more public support.
No doubt any such increase in wholesale prices would impact on supermarket prices for all of us, but we need to either accept that or force supermarkets to reduce their extortionate prices by shopping somewhere else.
posted 1 day, 21 hours ago
A lot of the farmers I know are overweight, so they are obviously producing too much food and are making enough money to afford junk food and cake etc on top of that. Having less money and land to make excessive amounts of food will only help them and us as a country in dealing with the obesity epidemic.
posted 1 day, 21 hours ago
comment by It’s time for some Lancashire hotPote, R... (U17054)
posted 4 minutes ago
comment by It’s time for some Lancashire hotPote, Ruben (U17054)
posted 1 second ago
comment by Devonshirespur (U6316)
posted 51 seconds ago
comment by It’s time for some Lancashire hotPote, R... (U17054)
posted 13 minutes ago
Worth mentioning again, because many people don’t seem to be aware, that for a couple passing on a farm including a residence worth £175k or more, there will be *no tax at all* to pay on the first £3m.
After that, the levy will be applied at 20% (which, as we all know already, is a nice concession for the industry).
Very few family farms will be affected, and when they are, they’ll still be in a much better position than your average (super rich) Joe.
----------------------------------------------------------------------
"Very few family farms will be affected"
Made up conclusion!
----------------------------------------------------------------------
Less than 7% of farms according to HMRC figures for 2021/2022.
https://www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms/summary-of-reforms-to-agricultural-property-relief-and-business-property-relief#statistical-annex-distribution-of-claims-at-death-for-agricultural-property-relief-and-business-property-relief-in-2021-to-2022
----------------------------------------------------------------------
And bear in mind that that means that less than 7% of farms will have to pay *anything at all*.
----------------------------------------------------------------------
Those figures and how they are used have been contested the National Farmers Union and they point to Defra figures that show that 67% of farms will be impacted.
But the number is not really the point. It is what the impact of this policy will be, what it will do to farming and the rural economy, and the knock on effects on the environment (an issue that had ZERO mention in the latest budget).
It needs to be more considered, better targeted, less indiscriminate on a sector that is very unique and is more than simply a business producing a product.
https://www.bbc.co.uk/news/articles/c4g79nywyljo
Farmers are not protesting because it's ruined their little nest egg, they are protesting because what it will do to the industry.
posted 1 day, 21 hours ago
comment by Playmaker (U22780)
posted 3 minutes ago
comment by kramthered (U10304)
posted 3 minutes ago
comment by Playmaker (U22780)
posted 51 seconds ago
I have a general sympathy for farmers around their exploitation by supermarkets and the unfair business model they're constrained to work under by big businesses. For example being one of the few imdustries that by at retail value and sell at wholesale. And the wholesale value has increased very little in 40 years.
But this issue of IHT is a little over blown. 28% claimed exemption last year and many of those were land owners using the tax loophole for personal gain.
Also you can mitigate the IHT liability with good financial planning, for example you can gift all or part of your estate with a sliding scale reduction of IHT over 7 years so if you die after this your beneficiaries pay nothing.
What I find funny is the same media outlets who tried to wind up farmers with lies to vote for Brexit, then turned their back on them, giving zero fcks, when farmers were completely screwed by it, are now once again trying to show faux sympathy for them to have a pop at a Labour government.
———————————————
They really should form a trade union
----------------------------------------------------------------------
Not sure if it was you who posted about them getting together to campaign against the barrel they're bent over when it comes to the exploitation by supermarkets, but that is really where their focus should be.
For example if I've heard correctly, wholesale price of wheat in 1984 was £140 per kg, after 40 years it's £180 which in real terms accounting for inflation in that time is a fcking joke.
If they campaigned and went on strike over this they'd get far more public support.
No doubt any such increase in wholesale prices would impact on supermarket prices for all of us, but we need to either accept that or force supermarkets to reduce their extortionate prices by shopping somewhere else.
----------------------------------------------------------------------
No. Supermarkets would import. Simple!
Get in the real world! You can tell from 90% of the comments on here that no one gives a feck about farmers and the countryside, and if there were British mil at £2.50 for 4 pints and french milk for £1.50 then you would buy the latter.
posted 1 day, 21 hours ago
NFU will cherrypick whatever study they want.
Fact is the % of exemptions claimed.
posted 1 day, 21 hours ago
comment by Keiran Keane (U1734)
posted 4 minutes ago
A lot of the farmers I know are overweight, so they are obviously producing too much food and are making enough money to afford junk food and cake etc on top of that. Having less money and land to make excessive amounts of food will only help them and us as a country in dealing with the obesity epidemic.
----------------------------------------------------------------------
posted 1 day, 21 hours ago
Not sure if it was you who posted about them getting together to campaign against the barrel they're bent over when it comes to the exploitation by supermarkets, but that is really where their focus should be.
For example if I've heard correctly, wholesale price of wheat in 1984 was £140 per kg, after 40 years it's £180 which in real terms accounting for inflation in that time is a fcking joke.
If they campaigned and went on strike over this they'd get far more public support.
No doubt any such increase in wholesale prices would impact on supermarket prices for all of us, but we need to either accept that or force supermarkets to reduce their extortionate prices by shopping somewhere else
——————————————-
It’s a mental business model. It seems to me we pay through tax the subsidies that the farmers need to operate at a loss.
Meanwhile Tesco are back to record profits 🤷🏻♂️
posted 1 day, 21 hours ago
comment by Ruben The King Amorim Tim Tagi Dim (U10026)
posted 28 minutes ago
comment by Red Russian (U4715)
posted 25 minutes ago
Devonshirespur, how do you propose the government addresses the severe deficit bequeathed by 14 years of Tory rule? Because the supply-side Tory recipe of making the poorer sections of the country take the bulk of the pain by cutting back services, etc., gave us a decade of stagnant growth as well as a mountain of human misery.
----------------------------------------------------------------------
Weird seeing Devonshire take the corporate/billionaire diiiiicks out of his mouth for moment to write a post.
----------------------------------------------------------------------
Weird seeing you make an intelligent informed comment, on here....oh, wait. Stand down!
posted 1 day, 21 hours ago
comment by Devonshirespur (U6316)
posted 2 minutes ago
comment by Playmaker (U22780)
posted 3 minutes ago
comment by kramthered (U10304)
posted 3 minutes ago
comment by Playmaker (U22780)
posted 51 seconds ago
I have a general sympathy for farmers around their exploitation by supermarkets and the unfair business model they're constrained to work under by big businesses. For example being one of the few imdustries that by at retail value and sell at wholesale. And the wholesale value has increased very little in 40 years.
But this issue of IHT is a little over blown. 28% claimed exemption last year and many of those were land owners using the tax loophole for personal gain.
Also you can mitigate the IHT liability with good financial planning, for example you can gift all or part of your estate with a sliding scale reduction of IHT over 7 years so if you die after this your beneficiaries pay nothing.
What I find funny is the same media outlets who tried to wind up farmers with lies to vote for Brexit, then turned their back on them, giving zero fcks, when farmers were completely screwed by it, are now once again trying to show faux sympathy for them to have a pop at a Labour government.
———————————————
They really should form a trade union
----------------------------------------------------------------------
Not sure if it was you who posted about them getting together to campaign against the barrel they're bent over when it comes to the exploitation by supermarkets, but that is really where their focus should be.
For example if I've heard correctly, wholesale price of wheat in 1984 was £140 per kg, after 40 years it's £180 which in real terms accounting for inflation in that time is a fcking joke.
If they campaigned and went on strike over this they'd get far more public support.
No doubt any such increase in wholesale prices would impact on supermarket prices for all of us, but we need to either accept that or force supermarkets to reduce their extortionate prices by shopping somewhere else.
----------------------------------------------------------------------
No. Supermarkets would import. Simple!
Get in the real world! You can tell from 90% of the comments on here that no one gives a feck about farmers and the countryside, and if there were British mil at £2.50 for 4 pints and french milk for £1.50 then you would buy the latter.
----------------------------------------------------------------------
I appreciate that, but this is where the UK farmers' problem really lies. Not in the IHT changes.
Sign in if you want to comment
British farmers
Page 2 of 11
6 | 7 | 8 | 9 | 10
posted 1 day, 22 hours ago
Worth mentioning again, because many people don’t seem to be aware, that for a couple passing on a farm including a residence worth £175k or more, there will be *no tax at all* to pay on the first £3m.
After that, the levy will be applied at 20% (which, as we all know already, is a nice concession for the industry).
Very few family farms will be affected, and when they are, they’ll still be in a much better position than your average (super rich) Joe.
posted 1 day, 22 hours ago
comment by kramthered (U10304)
posted 13 minutes ago
Ideological lot those farmers, get screwed relentlessly by the supermarkets for decades showing little solidarity in response.
Charge IHT @ 20 % when the rest of us pay 40 they’re out in their tractors clogging up the roads.
Bunch of subsidy addicted blowhards who could do with some household budgeting lessons
----------------------------------------------------------------------
Agree about supermarkets, successive govt's have let them take advantage of the farming industry for decades.
I'll admit Clarkson's Farm has served to highlight how hard farming is, the long hours for little profit. This sympathy is tempered by the widely held stance in the industry on Brexit, before the referendum, and the fact remaining they still get a 50% discount on IHT that the rest of us don't benefit from.
The anger should be directed at those who sought to game the system like Dyson and Clarkson. They are the reason the tax is being levied.
posted 1 day, 21 hours ago
comment by It’s time for some Lancashire hotPote, Ruben (U17054)
posted 2 minutes ago
Worth mentioning again, because many people don’t seem to be aware, that for a couple passing on a farm including a residence worth £175k or more, there will be *no tax at all* to pay on the first £3m.
After that, the levy will be applied at 20% (which, as we all know already, is a nice concession for the industry).
Very few family farms will be affected, and when they are, they’ll still be in a much better position than your average (super rich) Joe.
----------------------------------------------------------------------
Where do you get £3m from?
It’s £1m
posted 1 day, 21 hours ago
comment by Red Russian (U4715)
posted 3 minutes ago
Devonshirespur, how do you propose the government addresses the severe deficit bequeathed by 14 years of Tory rule? Because the supply-side Tory recipe of making the poorer sections of the country take the bulk of the pain by cutting back services, etc., gave us a decade of stagnant growth as well as a mountain of human misery.
----------------------------------------------------------------------
You could not generalise more if you tried.
Look across Europe and the world. Look at growth over the last decade+, look at deficits.
The UK is not alone in fiscal struggle since the financial crisis, so to paint it as an outcome of 14 years of Tory rule is equivalent as saying that the credit crisis was the Labours Govts fault.
With a unique sector like farming, it requires a unique response rather than a very clumsy, broad brush slash and burn approach.
Where there is an issue of wealthy buying land to evade IHT, and on the flipside an issue of family farms driven out of business at the point of inheritance, then the rules could and should be more sensitive to these situations.
Any genuine family to family handover should be exempt, and perhaps be subject to IHT should the farm be sold off within a defined period.
Take this guy for example:
https://www.bbc.co.uk/news/articles/clygwpe17evo
This will be repeated over the country.
So a far more considered and targeted approach.
Fact is if you drive the wealthy investors out of the land ownership by targeting them, the price of land falls and most farms will welcome this.
As said above, not against taxation but it should be applied in a fair way that does not create the sort of collateral damage that this policy will.
posted 1 day, 21 hours ago
comment by Red Russian (U4715)
posted 25 minutes ago
Devonshirespur, how do you propose the government addresses the severe deficit bequeathed by 14 years of Tory rule? Because the supply-side Tory recipe of making the poorer sections of the country take the bulk of the pain by cutting back services, etc., gave us a decade of stagnant growth as well as a mountain of human misery.
----------------------------------------------------------------------
Weird seeing Devonshire take the corporate/billionaire diiiiicks out of his mouth for moment to write a post.
posted 1 day, 21 hours ago
I think it’s 3million max per farm @ 1.5 million per person ?
“But for a typical case, which is parents with a farm they want to pass on to one of their children, by the time you've taken into account not only the exemption for the farm property itself, but also the exemption for spouse to spouse, then parent to child, it's £3 million before any inheritance tax will be payable “
posted 1 day, 21 hours ago
comment by It’s time for some Lancashire hotPote, R... (U17054)
posted 13 minutes ago
Worth mentioning again, because many people don’t seem to be aware, that for a couple passing on a farm including a residence worth £175k or more, there will be *no tax at all* to pay on the first £3m.
After that, the levy will be applied at 20% (which, as we all know already, is a nice concession for the industry).
Very few family farms will be affected, and when they are, they’ll still be in a much better position than your average (super rich) Joe.
----------------------------------------------------------------------
"Very few family farms will be affected"
Made up conclusion!
posted 1 day, 21 hours ago
comment by Ruben The King Amorim Tim Tagi Dim (U10026)
posted 53 seconds ago
comment by Red Russian (U4715)
posted 25 minutes ago
Devonshirespur, how do you propose the government addresses the severe deficit bequeathed by 14 years of Tory rule? Because the supply-side Tory recipe of making the poorer sections of the country take the bulk of the pain by cutting back services, etc., gave us a decade of stagnant growth as well as a mountain of human misery.
----------------------------------------------------------------------
Weird seeing Devonshire take the corporate/billionaire diiiiicks out of his mouth for moment to write a post.
----------------------------------------------------------------------
I don’t come across Devonshire much, but I can’t disagree with him on this.
posted 1 day, 21 hours ago
comment by Barti Ddu 🏴☠️🏴 (U9094)
posted 4 minutes ago
comment by It’s time for some Lancashire hotPote, Ruben (U17054)
posted 2 minutes ago
Worth mentioning again, because many people don’t seem to be aware, that for a couple passing on a farm including a residence worth £175k or more, there will be *no tax at all* to pay on the first £3m.
After that, the levy will be applied at 20% (which, as we all know already, is a nice concession for the industry).
Very few family farms will be affected, and when they are, they’ll still be in a much better position than your average (super rich) Joe.
----------------------------------------------------------------------
Where do you get £3m from?
It’s £1m
----------------------------------------------------------------------
There’s no inheritance tax to be paid on the value of property up to £325k, which brings the untaxed total for farm estates to £1.325m. Then there’s the standard £175k tax free allowance on a main residence when it's being passed on to children or grandchildren, which brings the total exemption to £1.5m.
And that’s per person. So for your husband and wife (eventually) passing a farm on to children or grandchildren, there’s £3m tax free.
posted 1 day, 21 hours ago
I have a general sympathy for farmers around their exploitation by supermarkets and the unfair business model they're constrained to work under by big businesses. For example being one of the few imdustries that by at retail value and sell at wholesale. And the wholesale value has increased very little in 40 years.
But this issue of IHT is a little over blown. 28% claimed exemption last year and many of those were land owners using the tax loophole for personal gain.
Also you can mitigate the IHT liability with good financial planning, for example you can gift all or part of your estate with a sliding scale reduction of IHT over 7 years so if you die after this your beneficiaries pay nothing.
What I find funny is the same media outlets who tried to wind up farmers with lies to vote for Brexit, then turned their back on them, giving zero fcks, when farmers were completely screwed by it, are now once again trying to show faux sympathy for them to have a pop at a Labour government.
posted 1 day, 21 hours ago
"The UK is not alone in fiscal struggle since the financial crisis, so to paint it as an outcome of 14 years of Tory rule is equivalent as saying that the credit crisis was the Labours Govts fault."
The UK is alone in voting to economically sanction itself via a public vote and have Liz Truss inflicted on it by 100,000 Tory members.
posted 1 day, 21 hours ago
comment by Devonshirespur (U6316)
posted 51 seconds ago
comment by It’s time for some Lancashire hotPote, R... (U17054)
posted 13 minutes ago
Worth mentioning again, because many people don’t seem to be aware, that for a couple passing on a farm including a residence worth £175k or more, there will be *no tax at all* to pay on the first £3m.
After that, the levy will be applied at 20% (which, as we all know already, is a nice concession for the industry).
Very few family farms will be affected, and when they are, they’ll still be in a much better position than your average (super rich) Joe.
----------------------------------------------------------------------
"Very few family farms will be affected"
Made up conclusion!
----------------------------------------------------------------------
Less than 7% of farms according to HMRC figures for 2021/2022.
https://www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms/summary-of-reforms-to-agricultural-property-relief-and-business-property-relief#statistical-annex-distribution-of-claims-at-death-for-agricultural-property-relief-and-business-property-relief-in-2021-to-2022
posted 1 day, 21 hours ago
comment by kramthered (U10304)
posted 38 seconds ago
I think it’s 3million max per farm @ 1.5 million per person ?
“But for a typical case, which is parents with a farm they want to pass on to one of their children, by the time you've taken into account not only the exemption for the farm property itself, but also the exemption for spouse to spouse, then parent to child, it's £3 million before any inheritance tax will be payable “
----------------------------------------------------------------------
To break it down.
£500k per owner for the farm house (£1m in total).
£1m per owner for the farm.
So in total it is up to £3m (assuming the house is worth £1m or more) but this is for shared ownership.
If it is a sole owner then its £1.5m.
posted 1 day, 21 hours ago
comment by Playmaker (U22780)
posted 51 seconds ago
I have a general sympathy for farmers around their exploitation by supermarkets and the unfair business model they're constrained to work under by big businesses. For example being one of the few imdustries that by at retail value and sell at wholesale. And the wholesale value has increased very little in 40 years.
But this issue of IHT is a little over blown. 28% claimed exemption last year and many of those were land owners using the tax loophole for personal gain.
Also you can mitigate the IHT liability with good financial planning, for example you can gift all or part of your estate with a sliding scale reduction of IHT over 7 years so if you die after this your beneficiaries pay nothing.
What I find funny is the same media outlets who tried to wind up farmers with lies to vote for Brexit, then turned their back on them, giving zero fcks, when farmers were completely screwed by it, are now once again trying to show faux sympathy for them to have a pop at a Labour government.
———————————————
They really should form a trade union
posted 1 day, 21 hours ago
comment by It’s time for some Lancashire hotPote, Ruben (U17054)
posted 1 second ago
comment by Devonshirespur (U6316)
posted 51 seconds ago
comment by It’s time for some Lancashire hotPote, R... (U17054)
posted 13 minutes ago
Worth mentioning again, because many people don’t seem to be aware, that for a couple passing on a farm including a residence worth £175k or more, there will be *no tax at all* to pay on the first £3m.
After that, the levy will be applied at 20% (which, as we all know already, is a nice concession for the industry).
Very few family farms will be affected, and when they are, they’ll still be in a much better position than your average (super rich) Joe.
----------------------------------------------------------------------
"Very few family farms will be affected"
Made up conclusion!
----------------------------------------------------------------------
Less than 7% of farms according to HMRC figures for 2021/2022.
https://www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms/summary-of-reforms-to-agricultural-property-relief-and-business-property-relief#statistical-annex-distribution-of-claims-at-death-for-agricultural-property-relief-and-business-property-relief-in-2021-to-2022
----------------------------------------------------------------------
And bear in mind that that means that less than 7% of farms will have to pay *anything at all*.
posted 1 day, 21 hours ago
comment by Devonshirespur (U6316)
posted 29 seconds ago
comment by kramthered (U10304)
posted 38 seconds ago
I think it’s 3million max per farm @ 1.5 million per person ?
“But for a typical case, which is parents with a farm they want to pass on to one of their children, by the time you've taken into account not only the exemption for the farm property itself, but also the exemption for spouse to spouse, then parent to child, it's £3 million before any inheritance tax will be payable “
----------------------------------------------------------------------
To break it down.
£500k per owner for the farm house (£1m in total).
£1m per owner for the farm.
So in total it is up to £3m (assuming the house is worth £1m or more) but this is for shared ownership.
If it is a sole owner then its £1.5m.
----------------------------------------------------------------------
To add to this, not many farmhouses in rural Wales would be worth anywhere near £1m. The land however probably is in many cases. So in real terms, they will pay the tax on the land, which is the cornerstone of the business. This will lead to selling off land, and family farms will begin to disappear.
posted 1 day, 21 hours ago
comment by kramthered (U10304)
posted 3 minutes ago
comment by Playmaker (U22780)
posted 51 seconds ago
I have a general sympathy for farmers around their exploitation by supermarkets and the unfair business model they're constrained to work under by big businesses. For example being one of the few imdustries that by at retail value and sell at wholesale. And the wholesale value has increased very little in 40 years.
But this issue of IHT is a little over blown. 28% claimed exemption last year and many of those were land owners using the tax loophole for personal gain.
Also you can mitigate the IHT liability with good financial planning, for example you can gift all or part of your estate with a sliding scale reduction of IHT over 7 years so if you die after this your beneficiaries pay nothing.
What I find funny is the same media outlets who tried to wind up farmers with lies to vote for Brexit, then turned their back on them, giving zero fcks, when farmers were completely screwed by it, are now once again trying to show faux sympathy for them to have a pop at a Labour government.
———————————————
They really should form a trade union
----------------------------------------------------------------------
Not sure if it was you who posted about them getting together to campaign against the barrel they're bent over when it comes to the exploitation by supermarkets, but that is really where their focus should be.
For example if I've heard correctly, wholesale price of wheat in 1984 was £140 per kg, after 40 years it's £180 which in real terms accounting for inflation in that time is a fcking joke.
If they campaigned and went on strike over this they'd get far more public support.
No doubt any such increase in wholesale prices would impact on supermarket prices for all of us, but we need to either accept that or force supermarkets to reduce their extortionate prices by shopping somewhere else.
posted 1 day, 21 hours ago
A lot of the farmers I know are overweight, so they are obviously producing too much food and are making enough money to afford junk food and cake etc on top of that. Having less money and land to make excessive amounts of food will only help them and us as a country in dealing with the obesity epidemic.
posted 1 day, 21 hours ago
comment by It’s time for some Lancashire hotPote, R... (U17054)
posted 4 minutes ago
comment by It’s time for some Lancashire hotPote, Ruben (U17054)
posted 1 second ago
comment by Devonshirespur (U6316)
posted 51 seconds ago
comment by It’s time for some Lancashire hotPote, R... (U17054)
posted 13 minutes ago
Worth mentioning again, because many people don’t seem to be aware, that for a couple passing on a farm including a residence worth £175k or more, there will be *no tax at all* to pay on the first £3m.
After that, the levy will be applied at 20% (which, as we all know already, is a nice concession for the industry).
Very few family farms will be affected, and when they are, they’ll still be in a much better position than your average (super rich) Joe.
----------------------------------------------------------------------
"Very few family farms will be affected"
Made up conclusion!
----------------------------------------------------------------------
Less than 7% of farms according to HMRC figures for 2021/2022.
https://www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms/summary-of-reforms-to-agricultural-property-relief-and-business-property-relief#statistical-annex-distribution-of-claims-at-death-for-agricultural-property-relief-and-business-property-relief-in-2021-to-2022
----------------------------------------------------------------------
And bear in mind that that means that less than 7% of farms will have to pay *anything at all*.
----------------------------------------------------------------------
Those figures and how they are used have been contested the National Farmers Union and they point to Defra figures that show that 67% of farms will be impacted.
But the number is not really the point. It is what the impact of this policy will be, what it will do to farming and the rural economy, and the knock on effects on the environment (an issue that had ZERO mention in the latest budget).
It needs to be more considered, better targeted, less indiscriminate on a sector that is very unique and is more than simply a business producing a product.
https://www.bbc.co.uk/news/articles/c4g79nywyljo
Farmers are not protesting because it's ruined their little nest egg, they are protesting because what it will do to the industry.
posted 1 day, 21 hours ago
comment by Playmaker (U22780)
posted 3 minutes ago
comment by kramthered (U10304)
posted 3 minutes ago
comment by Playmaker (U22780)
posted 51 seconds ago
I have a general sympathy for farmers around their exploitation by supermarkets and the unfair business model they're constrained to work under by big businesses. For example being one of the few imdustries that by at retail value and sell at wholesale. And the wholesale value has increased very little in 40 years.
But this issue of IHT is a little over blown. 28% claimed exemption last year and many of those were land owners using the tax loophole for personal gain.
Also you can mitigate the IHT liability with good financial planning, for example you can gift all or part of your estate with a sliding scale reduction of IHT over 7 years so if you die after this your beneficiaries pay nothing.
What I find funny is the same media outlets who tried to wind up farmers with lies to vote for Brexit, then turned their back on them, giving zero fcks, when farmers were completely screwed by it, are now once again trying to show faux sympathy for them to have a pop at a Labour government.
———————————————
They really should form a trade union
----------------------------------------------------------------------
Not sure if it was you who posted about them getting together to campaign against the barrel they're bent over when it comes to the exploitation by supermarkets, but that is really where their focus should be.
For example if I've heard correctly, wholesale price of wheat in 1984 was £140 per kg, after 40 years it's £180 which in real terms accounting for inflation in that time is a fcking joke.
If they campaigned and went on strike over this they'd get far more public support.
No doubt any such increase in wholesale prices would impact on supermarket prices for all of us, but we need to either accept that or force supermarkets to reduce their extortionate prices by shopping somewhere else.
----------------------------------------------------------------------
No. Supermarkets would import. Simple!
Get in the real world! You can tell from 90% of the comments on here that no one gives a feck about farmers and the countryside, and if there were British mil at £2.50 for 4 pints and french milk for £1.50 then you would buy the latter.
posted 1 day, 21 hours ago
NFU will cherrypick whatever study they want.
Fact is the % of exemptions claimed.
posted 1 day, 21 hours ago
comment by Keiran Keane (U1734)
posted 4 minutes ago
A lot of the farmers I know are overweight, so they are obviously producing too much food and are making enough money to afford junk food and cake etc on top of that. Having less money and land to make excessive amounts of food will only help them and us as a country in dealing with the obesity epidemic.
----------------------------------------------------------------------
posted 1 day, 21 hours ago
Not sure if it was you who posted about them getting together to campaign against the barrel they're bent over when it comes to the exploitation by supermarkets, but that is really where their focus should be.
For example if I've heard correctly, wholesale price of wheat in 1984 was £140 per kg, after 40 years it's £180 which in real terms accounting for inflation in that time is a fcking joke.
If they campaigned and went on strike over this they'd get far more public support.
No doubt any such increase in wholesale prices would impact on supermarket prices for all of us, but we need to either accept that or force supermarkets to reduce their extortionate prices by shopping somewhere else
——————————————-
It’s a mental business model. It seems to me we pay through tax the subsidies that the farmers need to operate at a loss.
Meanwhile Tesco are back to record profits 🤷🏻♂️
posted 1 day, 21 hours ago
comment by Ruben The King Amorim Tim Tagi Dim (U10026)
posted 28 minutes ago
comment by Red Russian (U4715)
posted 25 minutes ago
Devonshirespur, how do you propose the government addresses the severe deficit bequeathed by 14 years of Tory rule? Because the supply-side Tory recipe of making the poorer sections of the country take the bulk of the pain by cutting back services, etc., gave us a decade of stagnant growth as well as a mountain of human misery.
----------------------------------------------------------------------
Weird seeing Devonshire take the corporate/billionaire diiiiicks out of his mouth for moment to write a post.
----------------------------------------------------------------------
Weird seeing you make an intelligent informed comment, on here....oh, wait. Stand down!
posted 1 day, 21 hours ago
comment by Devonshirespur (U6316)
posted 2 minutes ago
comment by Playmaker (U22780)
posted 3 minutes ago
comment by kramthered (U10304)
posted 3 minutes ago
comment by Playmaker (U22780)
posted 51 seconds ago
I have a general sympathy for farmers around their exploitation by supermarkets and the unfair business model they're constrained to work under by big businesses. For example being one of the few imdustries that by at retail value and sell at wholesale. And the wholesale value has increased very little in 40 years.
But this issue of IHT is a little over blown. 28% claimed exemption last year and many of those were land owners using the tax loophole for personal gain.
Also you can mitigate the IHT liability with good financial planning, for example you can gift all or part of your estate with a sliding scale reduction of IHT over 7 years so if you die after this your beneficiaries pay nothing.
What I find funny is the same media outlets who tried to wind up farmers with lies to vote for Brexit, then turned their back on them, giving zero fcks, when farmers were completely screwed by it, are now once again trying to show faux sympathy for them to have a pop at a Labour government.
———————————————
They really should form a trade union
----------------------------------------------------------------------
Not sure if it was you who posted about them getting together to campaign against the barrel they're bent over when it comes to the exploitation by supermarkets, but that is really where their focus should be.
For example if I've heard correctly, wholesale price of wheat in 1984 was £140 per kg, after 40 years it's £180 which in real terms accounting for inflation in that time is a fcking joke.
If they campaigned and went on strike over this they'd get far more public support.
No doubt any such increase in wholesale prices would impact on supermarket prices for all of us, but we need to either accept that or force supermarkets to reduce their extortionate prices by shopping somewhere else.
----------------------------------------------------------------------
No. Supermarkets would import. Simple!
Get in the real world! You can tell from 90% of the comments on here that no one gives a feck about farmers and the countryside, and if there were British mil at £2.50 for 4 pints and french milk for £1.50 then you would buy the latter.
----------------------------------------------------------------------
I appreciate that, but this is where the UK farmers' problem really lies. Not in the IHT changes.
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