Do you need your parent/s to die before April 2026? *MNHQ adding content warning mentions suicide*

[Spatulation]

Absolutely reeling that we're losing the farm that my grandfather bought, my father expanded and my son hoped to takeover.

The budget today means that we'll owe £1000000 in tax and we won't be able to get a mortgage as that's 5 times our annual income and over 35000 times bigger than last year's profit.

We own soil. That's it.

Agriculture has the highest suicide rate in any profession - sadly I can see it hitting an all time high in the next 18 months. My father (83) is already talking about it.

For those saying other businesses managed to be transferred without APR and IHT implications, that is because there was business property relief. Now that is going the same way as APR.

Since the chancellor sat down at around 2pm yesterday?
Anecdotally- does this mean I read it in the made up DM comments section, or it's a friend of a friend and you are 100% sure it happened?

I hope of course that it's not true, and if so that is three tragedies.

But there were parts of the budget that didn't go so well for me, but overall I'm glad we have a responsbile chancellor repairing the damage of Truss et al. I didn't kill myself as some things would cost me more- and I think if anyone did, their mental health/state of mind at 9am yesterday can't have been great. This isn't meant to sound flippant.

25% of farms is a huge number. This really could be catastrophic across the board as in reality it will centralise.food production into the hands of a small number of monolithic companies. That won't be good for the environment and livestock welfare.

My vested interest here is someone who eats food. Nothing else.

I don’t know anything about business but I don’t think it’s an either / or situation

Exactly this. It's actually quite distressing to see how many bitter idiots there are.

You need to see an asset wealth specialist who can help you navigate how to ensure you don’t lose the generational wealth. If you don’t already have an IFA then please PM as I can send you the details of a few to contact

The more you post, the more stupid you are making yourself look.

This. Food production is in crisis, this has just killed it.

Typical selfish tax grabbing labour.

My Aunt and Uncle passed on the ownership of the farm and associated business to their DC when they were 60. Aunt still lives on the farm ( approaching 90). Cousin has plans to do similar. Although, only child isn't really interested.
Friends have done similar with larger farms
have done similar business and IHT planning.
They had learnt from people losing their farms in the early 20th century.

What happens when nearly every farmer has to sell on death of parent to pay inheritance tax? It is not like farmers have huge pockets of cash as there is minimal profit in farming. We need to support our farmers. So sad to read your post op.

Agree completely.

and this. FFS this will destroy British agriculture.

Side note: I can completely understand the panic at the thought of losing something your family has built up. I came from nothing and will receive nothing.
but I didn’t work seven days a week, sometimes for 18 hours a day … just so my children could pay a large sum to the government went I die. I want to build generational wealth… and I’ve saying help of an IFA who has helped me with a strategy for my pension, my life insurance and ultimately how best to minimise inheritance tax. So I highly recommend.

To be honest, I don’t know much about agriculture so I don’t quite understand the impact this may have.

Are you saying that if he dies, the government will ask you for £1m to inherit the farm, and for you to afford that you will need to sell the farm for £6m? If so, then you’re saying that the farm will likely be in the hands of someone who doesn’t have the nation’s best interests at heart?

As I don’t understand the agriculture industry, my first impression is that you’ll still be left with £5m. Is this the case? With such a high sum of money, I wouldn’t have thought you would need to completely leave the agriculture industry. Perhaps if you were to sell the farm, you’d only need to sell a portion of it. I’m sure there’s other ways that you can reduce the tax too. Overall I think there’s some positives in your situation, even if you can’t see it yet. With those sums involved it would be prudent to seek legal advice.

Your dad seems to be jumping the gun and having rash thoughts. £5m means you and your family are still going to be wealthy and be able to survive this.

I hope you’re able to get some legal advice and save your family farm.

Read the thread, seriously.

I'm so sorry your dad is having suicidal thoughts.

Are there other ways he can protect the farm? Making it into a limited company ? Making it into a trust?

The mega rich seem to avoid paying inheritance tax don't they so maybe there's a way to change what the farm is (seen as for IT purposes) iyswim?

@Gingerbee what did your aunt and uncle do for money after they were 60? Did they pay rent if they still lived in a house belonging to the farm?

I think there will be negotiation on the length of time taken to pay-currently it’s possible to pay over a ten year period-but expect negotiation over this as far as farms are concerned.

Don’t worry the farms can all be sold to build the promised houses and we can be dependent on other countries for our food. Watch the prices rise then! We should be going all we can to protect our farming industry for food security.

@MrsJoanDanvers if farms are asset rich doesn’t really help if they can pay IHT over 10 years, they still won’t have the cash to do that

Sending love @Spatulation and hope that the various farming agencies will be able to stand up to the government on this...or that as Jeremy says, within five years we have a new government that cares about farming, how it works and what it means to the country. Sadly your thread shows how little the general population understand...exactly like the idiots who thought this was a reasonable policy. Take care of yourselves.

I also think this is in response to huge purchases of ‘farms’ by people keen to avoid IHT. To stop this being used as an avoidance vehicle. However, this will have a knock on effect. But I thought farms had an extra million pounds relief?

I'm sorry about the situation your dad finds himself in but surely the anger should be at the landowners who are pretending to be farmers that have caused this change.

For what it's worth imo there should be no inheritance tax on working farms that are passed down through the family as the land only actually has a value when someone wants to sell it.

I hope your dad can get some advice as to how best to plan for the future.

I had every sympathy with you until I read you wanted the tories back in. Over 3 million people have been repeatedly brow beaten by the tories for 14 years yet less than 24 hours after a change you're kicking and screaming. A lot of them people may have bought your produce in the past but can no longer afford to.