Page 20 | To ask why you support the farmers, regarding inheritance tax?

WheresFluffy · 2024-11-19T14:36:44+00:00

Just that, really. I'm interested to know why people support, or not, the farmers regarding the inheritance tax changes. YABU - it's been done to death YANBU - learning why people believe things is important.

SpringleDingle · 19/11/2024 17:21

I support farmers generally but not on this. There are ways around this - they need to make the farm a limited company and make the kids directors and Voila - tax issue avoided.

ladygindiva · 19/11/2024 17:21

JoanCollected · 19/11/2024 17:06

Farming exists on the assumption the farm itself will be passed on down through families. They make fuck all money typically so as a business are deeply unattractive to anyone except the poor fuckers born into it.

this tax will fuck the whole industry into the hands of corporations and our food will be destroyed for profit even worse than now.

This 👍

JRSKSSBH · 19/11/2024 17:20

Sii · 19/11/2024 17:04

To pay the inheritance bill they will have to sell their land. As soon as you start spilling up land it becomes even less profitable. Food/agriculture is needed and we shouldn't be relying on imports although we are likely to see a shift towards more imports and less domestic production when farmers need to sell their asses and home to pay the bill

THIS IS SO IMPORTANT. Food security is of massive importance to any nation state. The IHT attack is underpinned by a desire to kill off small farms in order to achieve net zero. Vince Dale quoted in the papers at the w/e saying people need to eat less meat and drink less milk. How better to achieve both of those things by making them so costly people can't? The land is also needed for solar farms.

Spl3ndid · 19/11/2024 17:17

OrlandointheWilderness · 19/11/2024 17:08

I support them because I know them. My DP works in the Industry and this will have big ramifications. Not every farmer is a millionaire, despite what MN thinks.

Well no it won’t. Most won’t be impacted, those that do will have farms over £3 million and will pay and they have many years to pay it off anyway. They’re not all going to suddenly keel over and die off in their hundreds either. I totally support it.

MereDintofPandiculation · 19/11/2024 17:16

Mumlaplomb · 19/11/2024 16:56

I support the farmers. I’m a solicitor and used to help many with their family partnerships. The younger/next gen of a family farming partnership tend to accept very low salaries/return for their efforts as they know they will Inherit the farm and it’s a home and business for them in the future. Many are asset rich and cash poor. Often they have to pay out siblings as well.
I think if they are taxed too heavily on death of the parents they won’t be able to keep the business going. This will disincentivise alot of younger/next gen farmers and it’s already a struggling industry.

Wouldn't they just make over shares to the younger generation earlier in life? What do other family businesses do?

NotSayingImBatman · 19/11/2024 17:09

The farmers will moan and complain and then the very few that actually have to pay will pay it, the overwhelming majority will realise it doesn't actually include them, and life will continue as normal. Those impacted might need to upgrade the Land Rover every two years rather than every year for a while, but they won't end up impoverished.

JoanCollected · 19/11/2024 17:09

I’d support IHT on the sale of inherited farms. Not on the inheritance itself.

OrlandointheWilderness · 19/11/2024 17:08

I support them because I know them. My DP works in the Industry and this will have big ramifications. Not every farmer is a millionaire, despite what MN thinks.

Nespressso · 19/11/2024 17:08

Anyone who doesn’t support them doesn’t understand farming or the food economy. Simple as that.

JoanCollected · 19/11/2024 17:07

Ps I’m not a farmer but grew up around many. I’ve no skin in this other than fear for my children’s food supply and the countryside.

Vinvertebrate · 19/11/2024 17:07

I support them. Farming is not a “normal” business and should not be treated as such. Flogging land to pay tax reduces the viability of farms (which we need for food) and only helps land banking property developers.

I would support IHT being levied on agricultural land where the primary business of the owner is not farming. This would tackle any “abuse” of the exemption by the likes of Dyson. No idea how that would work in practice, but they should at least have tried something less blunt.

JoanCollected · 19/11/2024 17:06

Farming exists on the assumption the farm itself will be passed on down through families. They make fuck all money typically so as a business are deeply unattractive to anyone except the poor fuckers born into it.

this tax will fuck the whole industry into the hands of corporations and our food will be destroyed for profit even worse than now.

Sii · 19/11/2024 17:04

To pay the inheritance bill they will have to sell their land. As soon as you start spilling up land it becomes even less profitable. Food/agriculture is needed and we shouldn't be relying on imports although we are likely to see a shift towards more imports and less domestic production when farmers need to sell their asses and home to pay the bill

Boomer55 · 19/11/2024 16:59

I don’t support them, but thank you for asking. 🙂

Barbadossunset · 19/11/2024 16:58

Op there are several threads running on this subject.

Mumlaplomb · 19/11/2024 16:56

I support the farmers. I’m a solicitor and used to help many with their family partnerships. The younger/next gen of a family farming partnership tend to accept very low salaries/return for their efforts as they know they will Inherit the farm and it’s a home and business for them in the future. Many are asset rich and cash poor. Often they have to pay out siblings as well.
I think if they are taxed too heavily on death of the parents they won’t be able to keep the business going. This will disincentivise alot of younger/next gen farmers and it’s already a struggling industry.