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.

Can’t plead poverty one way and flounce around in brand new Landrovers the other way. As a healthcare worker I can’t go out and claim I need a Landrover (most of us do need 4x4’s where I am) and get that on business expenses. I can’t say I’m on a low income when I’m not because everything is coming off the farm expenses. I do have sympathies it is unequal.

I’m not running an election campaign so not looking to enlist support from labour voters. I am expressing an opinion. But thanks for the patronising tone.

I also think it is short sighted to assume that the VAT on school fees only impacts a small proportion of the population (personally I don’t count 7% of children as small). If you factor in the additional burden on an already groaning state sector, class sizes, shortage of spaces in some areas, and even further inflation of house prices around decent state schools, the redrawing of catchment areas… the impact radiates out. Not to mention the economic impact down the line of generations receiving a lower standard of education in an increasingly competitive global market… But that is for another thread :)

I wonder if all of these posters have £1m sitting around in cash that they could send to HMRC if they were named as beneficiaries in such a will.

This is so often the problem on threads about anything to do with tax. People seem to have "opinions" about it without even looking at how it actually works.

Anyone thinking OP and family will skip off with 5 million if they sell after her father's death is mistaken.
They'll be hit with IHT before they sell. They'll then likely have the land sit on the market for a long time before selling at a far lower price than the government calculation, and all this money will then be spent on paying the fines for the IHT which they wouldn't have had the money to pay before.
The land will be sold at fire sale prices to a housing builder/Chinese solar farm developer/forestry company. They'll be happy. The government will be happy. OPs family will be miserable. The local community will be miserable. Anyone who likes decent quality food without a million airmiles will be miserable.

I think Mumsnet HQ should delete this thread. It’s disgusting to talk about suicide in this way. It feels like you are encouraging it as a financial solution.

I have never been a particular fan of Clarkson - however the man has clout and influence and popularity, and if he can help turn this around, hats off to him.

However why the HELL should it be down to one charismatic individual to make this clueless band of idiots in charge realise the actual implications of the stuff they are proposing to legislate?

I agree. I don’t think anyone works physically harder than farmers do to earn a living. Their animals need looking after every single day so no days off for Christmas unless other farmers can milk the cows etc. Harvesting crops must be very physically demanding. I don’t actually know any farmers but even I can understand that this policy is incredibly stupid!

Choices, choices.

You chose to go into healthcare, very much doubt anyone forced you to against your will.

If you’d chosen financial services or law - or even, gasp, FARMING - you might now be driving that Landrover.

Can’t blame the farmers for your career choice.

"They'll be hit with IHT before they sell. "

Just a very general IHT point - you can pay in equal instalments over 10 years. You do pay interest after the first year and you will need to pay in full after any sale.

Definitely worth getting formal, tailored advice on IHT and succession planning.

Maybe listen to james o Brian on lbc last hour again on catch up he did a great fact checking and found that the new rules won't apply to 85 percent of farms so you may not be as affected as you think

Bit as a side note 7 year rule why dont he gift you farm now and hope he doesn't die for 7 years

@peanutbuttertoasty please accept my apologies for the patronising tone. You are right but it wasn't meant lie that, my own frustration with this whole thing is coming through. I was trying to use your post as an appeal to everyone to consider this on its merits rather than along party lines but I made a piss poor job of it.

No I won't fuck off. Sorry you're triggered by the mention suicide. However, maybe don't click on the thread.

And don't imagine from this response that I have no experience of suicide.

Listen to james o Brian last hour lbc he did a fact check that it won't apply to 85 percent of farms

@Mrsredlipstick Unfortunatrky the bankers you despise pay the most tax so people like you get services. Government figures show the top 1% of earners pay a whopping 29% of all income tax. You might think they deserve the description you gave them but they do pay for way more than you do. Income tax is a progressive tax. Without them we have the biggest financial hole on the planet!

I sympathise OP - your not going to get much sympathy on mumsnet tho - they hate people with any money - your in the same bag as the private school parents. I would get a financial advisor asap OP - i highly doubt this will be reversed. Coming from a country where food prices are INSANE because we import almost everything (and i mean everything) - i see the value in a farming family like yours - they will want you land to build houses on tho... i think thats the main crux of the issue as well, they need to build houses for so many people.

Couldn’t give a rats ass about you or your experience . OP post is in poor taste.

No problem. There’s a lot of anger and nowhere to vent it. I really think this government is extremely belligerent and doesn’t listen to reason or informed concerns, which breeds some rage for sure.

@Noisylass the Government said they think it will only impact 1 in 4 farms, so who is correct. And chances are it is the family farms that are going to be impacted not the huge conglomerates

Apologies if this has ready been asked- there are a lot of replies.

Can it be put in a trust?

Posters complaining that they will inherit millions anyway and to shut up - please do your research. They will be plunged into debt - not inherit millions. This is a death to British Farming

Food prices are not insane i have seen YouTube and prices in America wow their food is very high compared to ours

And you're missing the point. Your perception of taste or otherwise is completely irrelevant to what is being discussed.