Or less giving money away to people who haven't contributed but we won't go down that avenue will we.
Farmers.
- Thread starter xsparks
- Start date
Or less giving money away to people who haven't contributed but we won't go down that avenue will we.
As a business owner are your business assetsOr less giving money away to people who haven't contributed but we won't go down that avenue will we.
treated as "badly" with regard to death duties as farmers will be
If it’s not their property why would they pay Inheritance Tax on something they don’t own?
I am no longer a business owner, I gave all that up 12yrs ago after reaching 68 and having had cancer.As a business owner are your business assets
treated as "badly" with regard to death duties as farmers will be
I thought it was about time I enjoyed my money after a lifetime of chasing it and new experiences.
I have nearly achieved my goal of spending most of it and, after a lifetime of never, knowingly, owed anything to anyone.
I will depart this world living by the same principles.
PS. I think most people are missing the point of the Farmers Protest.
It has very little about IHT and more to do with how they have been treated over the past decade.
This is just them FINALLY kicking back!
That widow you quoted beneficaries will have to pay IHT , like the rest of us. Why is a farmers investement different to someone who starts a taxi or restaurant business and builds it up into a 3 million pound asset.Like so many other people who are 'property rich but penny poor' , many of us who worked hard and struggled to pay our house mortgage in the 60's, now find ourselves living in properties worth 100's of thousands but we cannot (or are not willing) to use that cash because it's 'home'.
Why should Farmers?
Remember, although many of these farms have been in the same family for generations, most are long term lease tenants of the Church, Council, Oxford & Cambridge Colleges and big Investment Banks.
They are only worth over £1,000,000 because of the NECESSARY investment of the same family over many generations in their HOME and business!
Who does Rachel start on next, the London widow in Dockland who has been living in the same cheap prefab all her life but is now worth Millions
As it is, if this IHT is effective, then buying land to avoid IHT should be a thing of the past, arable land prices should fall to a value that reflects its earning potential rather than its tax evasion potential, will make land more affordable for farmers, and startup farmers. With the benefit that clarkson and his millionaire cronies suffer a financial loss, and we call all cheer that, as they are the underlying issue.
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If it's not their property, do they have to pay IHT? Seems strange to me but I'm willing to look at the evidence. We are aware that some folk have bought large tracts of land, probably "farmed" by tenants, in order to avoid IHT: is that acceptable?
Agreed: I should have written "saved" rather than "banked".
I appreciate that farmers may well work hard for long hours BUT that is a reason to pay them more, not to exempt them from the taxes which apply to everyone else.
When a farm is passed from "father to son" (other genders are available) does money usually change hands? Does that depend on whether the "father" is still alive? Does the "son" automatically live in the farmhouse? What stops the "father" moving into the vacated property? Do these events carry the same legal charges which affect other folk moving residency? Or is it all part of a vast tax avoidance game? I'm asking because I don't know.
Further if the land is leased and the machines are on finance ?If it bankrupt the farm and it has to be sold or the farmer chooses to cash in his assets these are all things other businesses have to deal with
As the Government is the largest land owner in Gt Britain, will it start taxing it's self when one party takes over from another in a General Election?
Forestry Commission, 2,200,000 acres
MOD, 1,101,851 acres
Crown Estate, 678,420acres
DEFRA, 116,309acres
Homes England?
AND
National Trust 589,748 acres
RSPB ?
Church of England 105,000acres
Merton College Oxford 14,707acres
Etc,etc,etc.
The largest PRIVATE owner in GB is a Dane would you believe?
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Ruddy Vikings. Still as the song goes "There ain't nothing like a Dane"
And the irony - exempt from ulez…..haha
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Guess the shops make a profit?
If it don't make a profit it ain't a business (for long) even if it is subsided by the tax payer ...but that's another discussion altogether
Exactly - farms are not that type of business, so thats why they should not be treated the same.
They are either a business or a life style choice. Or both ..if they are a lifestyle choice is it right to exempt from rules that other lifestyle enterprises have to abide by
It’s not owned by the sitting party it’s owned by the state.As the Government is the largest land owner in Gt Britain, will it start taxing it's self when one party takes over from another in a General Election?
Forestry Commission, 2,200,000 acres
MOD, 1,101,851 acres
Crown Estate, 678,420acres
DEFRA, 116,309acres
Homes England?
AND
National Trust 589,748 acres
RSPB ?
Church of England 105,000acres
Merton College Oxford 14,707acres
Etc,etc,etc.
The largest PRIVATE owner in GB is a Dane would you believe?
If farmers are protesting about general conditions rather than just IHT then they need to get their message out better. The IHT argument isn’t doing it for them imo whereas I think people recognise the small margins many are working to. I also think they need to decide whether the current figureheads, Clarkson, Farage etc are suitable propagandists, given both have admitted they bought their farms to enable them to reduce their tax burden.
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I, along with countless others also workerd all hours, in all weather's putting roofing over peoples heads. I then at weekends put, and kept my property in good order. Why am I not exempted with some sort of "special measure " so my children aren't burdened with a tax levy when I kick the bucket. All or none, not favouritism for some and not others.Like so many other people who are 'property rich but penny poor' , many of us who worked hard and struggled to pay our house mortgage in the 60's, now find ourselves living in properties worth 100's of thousands but we cannot (or are not willing) to use that cash because it's 'home'.
Why should Farmers?
Remember, although many of these farms have been in the same family for generations, most are long term lease tenants of the Church, Council, Oxford & Cambridge Colleges and big Investment Banks.
They are only worth over £1,000,000 because of the NECESSARY investment of the same family over many generations in their HOME and business!
Who does Rachel start on next, the London widow in Dockland who has been living in the same cheap prefab all her life but is now worth Millions
Mike.
People are saying £1m, but two people with farmland, depending on their circumstances, can pass on up to £3 million without paying any inheritance tax. I’d be interested to know what % of farmers that covers. If it’s the majority then perhaps again we’re getting the significant landowners mobilising the many for the few. As I said above, I think the farmers need to focus on what issues will get them general support
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One of a list of issues is the EU-Mercosur agreement
No but they could do as the equity funds did & just shut them down & get gov.uk to find other accommodation for the residents. As I said at the time hedge fund ownership of care homes should be illegal.Why do only farmers get the IHT reduction though? If you owned a care home you'd be liable for twice as much IHT and your heirs can't really sell off residents
Yes .If I still lived in London I would be using a tractor on a daily basisi just to annoy the 6th columnist
I subbed for a business in Devon for nearly 20 years. When I started it turned over 60ish million &made a loss. When I packed up & moved here it was 100+ million & still making a loss.
The business,which had 1500 employee's when I left, was set up by farmers who knew how to move the money back through multiple businesses ,all legally, to a solely owned one that had very few staff but 107 family shareholders
PERHAPS because if you stopped supplying your services, no-one would starve?
It's also interesting to note that you only need to work 5days a week to bring in a living wage and have the choice of what you do at the weekends.
I worked on my parents farm just after the last war, we were encouraged, by whatever way possible, to increase our vegetable crop by 3fold. We dug up hedges to increase acreage and deposited fertiliser and DDT like there was no tomorrow!
Was there talk then about IHT, not on your nelly!
Now Farmers are encouraged to plant hedges and trees and leaves areas fallow.
IF, shoppers were prepared to pay the cost, in Britain, of production instead of ALWAYS going for the cheapest, 80% of the seafood caught in Britain, would not be exported and 40% of potatoes and veg would not have to be ploughed back or discarded because they are the wrong size or shape for the supermarket.
It's not the Tax breaks that the Government MIGHT give the Farmer that's needs sorting out, it's the British attitude to manual labour!
IF farming was as lucrative as most people seem to think it is, why are not more people pursuing it as a career choice?
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And if doctors didn't do their job or lorry drivers or,or,or...but they all pay IHT FOR and no at a reduced rate.And aren't all given subsidiesPERHAPS because if you stopped supplying your services, no-one would starve?
I worked on my parents farm just after the last war, we were encouraged, by whatever way possible, to increase our vegetable crop by 3fold. We dug up hedges to increase acreage and deposited fertiliser and DDT like there was no tomorrow!
Was there talk then about IHT, not on your nelly!
Now Farmers are encouraged to plant hedges and trees and leaves areas fallow.
IF, shoppers were prepared to pay the cost, in Britain, of production instead of ALWAYS going for the cheapest, 80% of the seafood caught in Britain, would not be exported and 40% of potatoes and veg would not have to be ploughed back or discarded because they are the wrong size or shape for the supermarket.
It's not the Tax breaks that the Government MIGHT give the Farmer that's needs sorting out, it's the British attitude to manual labour!
IF farming was as lucrative as most people seem to think it is, why are not more people pursuing it as a career choice?
Perhaps the reason more can't persue their desire to farm is because existing farmers seldom sell land meaning a high value is maintained further certainly in this area whenever land is offered for sale it is bought by other farms
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Might as well state the obvious, are you equating a change of government to inheriting wealth at death, and if they did, the "tax" would come out of the global uk pot, and then go back in again, a paper exercise in worthlessness...
That is not a coherent argument for giving farmers "special" tax exemptions, If I have a house worth 1 Mill, can I convert my back garden to growing potatoes, so that my kids can avoid IHT? Can I use equity release to free the 1 mill, and buy farmland to lease out?
I didn't own my own Coach company until I had driven many years for others.
One cannot be expected to just be given a farm but if you are working in the industry, there is more chance of hearing about what's coming up for sale.
Many older farmers, and there are many, would love to have the help of a capable youngster and in a few years, who knows where that would lead?
As for Doctors not working, many now no longer work as GP's but go abroad or concentrate on Private work in my experience.
Perhaps you should ask an expensive Tax Advisor, from what I heard on the radio last week, Mr Abromovich? ( He of Chelsea fame) has avoided paying millions of Tax pounds in Britain?
So what did or does the government do to justify taxing something that they have never done a jot too? zilch highway robbery it's not like we can see anything constructive that they improve in the country more wasted £££.Farage was on the News last night, rousing the troops and repeating the cry of the rich: “IHT is unfair because it is money which has already been taxed”. If I died tomorrow 90% of my estate would result from my house being worth 10x more than I paid for it 40y ago. I didn’t earn that; I haven’t paid taxes on it.
How many “poorly paid” farmers have banked over £1M in their lifetime? Only 5% of estates attract IHT but many wealthy people think that it would be better if the majority of the population pay more so that they can pass well in excess of £1M to their progeny
Maybe stabalise or god forbid reduce the country's ever growing debt
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Dont like him, he robbed ordinary Russians of their mineral wealth, dont like chavski for their part in the in balances in our gamePerhaps you should ask an expensive Tax Advisor, from what I heard on the radio last week, Mr Abromovich? ( He of Chelsea fame) has avoided paying millions of Tax pounds in Britain?
Is that because up until 1984 farmers used to pay IHT just like the rest of us?
Thatcher removed IHT and the "value" of farmland rocketed 400% in just a few years. Was that because she wanted to reward some hard-working (Tory-voting) rural landowners OR to enable city financiers (aka friends of Denis?) to avoid big tax bills? Either way, farmers were quite prepared to accept ever higher payments for selling farms rather than passing them on to their families. Now the chickens are coming home to roost
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That's cloud cuckoo land unfortunately.Maybe stabalise or god forbid reduce the country's ever growing debt
Perhaps with the reintroduction of IHT land prices will fall by 400% then farms will be farms farmers won't be asset rich , won't have to pay IHT and will all be happy once againIs that because up until 1984 farmers used to pay IHT just like the rest of us?
Thatcher removed IHT and the "value" of farmland rocketed 400% in just a few years. Was that because she wanted to reward some hard-working (Tory-voting) rural landowners OR to enable city financiers (aka friends of Denis?) to avoid big tax bills? Either way, farmers were quite prepared to accept ever higher payments for selling farms rather than passing them on to their families. Now the chickens are coming home to roost
But why should farmers be any different to any other buisness? If they were the same as any other buisness would anyone seriously suggest making all farms excempt even for people who earn millions elsewhere and buy farms just the avoid it like Clarkson, Dyson etc?
I think a good compromise would be iht automatically over a certain amount say £5m below that if the farm is inherited by a family member a taper relief full iht if kept less than 5 years zero if kept 10 years taper inbetween.
Still a lot more generous than any other buisness but would give time for older farmers to be reassured that they aren't too late to pass the farm on . They could just run that scheme for 8 years with notice that it's temporary after that people would have had time to pass the farm on free of iht under the 7 years rule like any other buisness.
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