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.

Actually if you want to have an opinion that other people respect it needs to be based on something, facts, past experience of yourself or others which is verifiable. Otherwise it’s just a load of twaddle that doesn’t deserve anyone’s time.

I suggest you join a debating society or something to develop those skills. You’re not Gen X or a boomer are you?

The government is not meddling with food security
It's saying IT has to be paid on the top 25 %of farms being passed down to generations...and for someone with a farm worth 6 million. ,that means they can sell and get to share out 5 million.
Especially good considering the price of land now ,and the price when these families first bought it .
So there's still 3/4 of farms not effected
So not going to meddle with food security

You are wrong. There are plenty of considered posts on this thread that show all the many and myriad ways in which you are wrong. You just need to read them and tjry to understand them. And if you actually believe the twaddle that this will affect ‘Only’ 25% then you are either a labour party mouthpiece, and or willfully ignorant. You need to really think about it. You need to consider the obvious and logical consequences of this policy. Ever heard of fiscal drag? ever heard of the Laffer curve? Ever heard of the concept that at a certain point people just check out of society and bail out when they think they are being treated unfairly?

It's not me ,being childish with insults.....is it

So why are the government doing this then .
They have to eat too.
It's not like private school ,where only some of them will send their kids .
This ,policy ,if it is as bad for the food production as some of you say ,
Why are they considering it .
If it really is going to be as disastrous as your making out ,
Have none of these politicians thought it through ,or considered the implications.
Of course they have ...
If it's as bad as you say ,it won't get implemented then .

Mind your insults don't tip over in to bullying.

Ever heard of the concept that at a certain point people just check out of society and bail out when they think they are being treated unfairly?

Would be interesting to see the reaction if younger people, working for nothing more than to keep a landlord comfortable, decided they were going to "check out of society".

I only ever see this argument used by people who can afford not to work. In which case they haven't done too badly out of society, have they?

The OP doesn’t make much sense. If the IHT bill expected is £1,000,000 and that is ‘35000 times last years profit’ then that suggests that OP is talking about a farm that is worth £6 million and made a profit of about £28 last year.

So the figures don’t really work out here.

In reality if the OP stands to inherit a £6m farm, we should all be aware that that would put them in the top 2% of farm inheritances.

73% of farms will be totally unaffected by this change. For another 20% worth up to £2m, depending on the ownership structure they may also be unaffected (those owned by married couples).

So somewhere between 73% and 93% of farms will pay no inheritance tax.

Of the remaining 7% to 27% of farms that will pay IHT many will be owned by people young enough to take out a life insurance policy that will allow them to plan for inheritance tax payments on death or, alternatively, transfer property to beneficiaries seven years before death.

Whatever about the impact on individuals like the OP (who I’m sorry, is in an exceptionally privileged position of expecting a £6m asset inheritance) the claims that this will spell the end of farming in the UK is nonsense.

Okay, ill give you a real life example. I have a colleague. She is a widow. She has a child with SEN. We live rurally and mainstream has not worked and so her child who is pretty borderline is currently in a mainstream Indy. The VAT rise at ger school will be 14 % because the school is absorbing some of it. She cannot afford it. she has given her notice, She plans to homeschool until her money runs out then go on benefits. She gave her notice in on Monday. She also wrote to her MP and to ITV news this week because she figures she can,t be the only one. She has made a decision to consciously step out of society. step out of being an active part of society and being economically active.

People step out when things are stacked against them. The super rich bugger off and I dont blame them. my family are pretty solvent and we ae going to my home country over Christmas to start looking for a rental, and jobs and schools. My son who also has SEN is at an indy. Independent schools in my home country cost the rough equivalent of 5k a year. Which is what the Vat will be for one child. English speaking country and the qualifications are internationally recognised. So yes, we are thinking of stepping out as well.

Oh dear!

even if it’s 25% of farms that are effected, if 25% of our food disappeared then it would have huge consequences.

yea they probably paid a lot less for the land generations ago but there is inflation and they have invested huge amounts of time and energy in it during that time

It doesn't mean we loose 25% of food production
It just means some of those 25% will pay ( in the ops case )one sixth of the farms value in IT .

Those people who think this is a bad idea ...just out of interest
What do you suggest the government does instead ,to try to raise the same amount of money for the economy.
What do you think would be a better idea

If very few farms are going to be impacted, how much money are they hoping to raise?

(MrsJoanDanvers my IHT threshold is £325k because of the value of the house/where I live. I agree that for most people who are single with a house it is £500k not £325k. The £325k for people like I am is yet another of the Tory stealth taxes over the last 10 years which has led to highest earners having the highest tax burden in 70 years. (things like no personal tax allowance, no child benefit, no 30 free hours of childcare etc etc. However even as long ago as 10 years ago I started giving my children money for their first property and completed that cycle in about 2021 getting my savings/pension down to zero to avoid IHT in 20 years' time and then last year paying off the extra mortgage I took out to help last child buy a property. I will certainly be doing what I can other than leaving my house entirely to ensure the state does not get any IHT)

I earned £36k when I first sent my DC to private school. It was slightly less than I paid for day nursery for them. The excellent wrap around care meant that I could continue to develop my career. Many professional
working women do the same, paying out of the income every month meaning that they have very little left over. The actual rich people pay years in advance because most schools give them a discount for this. Lots of them also did the same before the election to save on the VAT. But it’s fine isn’t it because people like you think they have got one over on “rich” people.

I would try not to meddle with your argument with the rest...just on the government bit, I think the reality is quite opposite to the idea that the government would consider every aspect and impact to the society whenever they roll out a policy.

That's also the reason why we need democracy, so that people can voice out their concern from their point of view, and make suggestions to policies that are not as well-planned.

Your view to think the government will have thought through everything is more in-line with those authoritarian regimes - that the people in those nations needs to criticize nothing about government policy but to believe the government is almighty and will take good care of their lives. And ironically, against your opinion, those authoritarian regimes do planned economy which many of them subsidize their farmers a lot, on top of tax reliefs.

We have a democracy
What was the last election for , otherwise.
I'm sure plenty of people on this thread voted labour in

I'm pretty sure DaisyMay6 has no interest in learning about the subject and engaging with an open mind.

I've listened and read comments
I just haven't changed my mind

More income tax and everyone pays more,
not just the higher earners. In European countries which have decent public services, all workers pay more.