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.

No I think it’s been purposely muddled. Stating facts about available resources being prioritised for existing inhabitants of the area is not racist. This is basically what those up in arms about colonialism are arguing that people coming into a country should not take its assets to the detriment of indigenous peoples, that the indigenous culture and traditions should be respected.are protected- I’m not sure how they square that circle.

With global warming this issue is going to become even more pressing. For example look at recent events in Spain. If this becomes more frequent, and lots of people from Spain moved into France, at what stage would the French be saying we need to protect ourselves from this mass influx and backtracking out of the EU to protect their resources and culture/language?

I think people are advising a person with a suicidal father. Whether farms are important to the UK or not is neither here nor there at the personal level. The OP and her family do not need to carry the burden for the quality and quantity of food of the UK population. Nor is it their responsibility to protect our beautiful land from Chinese budiness people. They need only to think of themselves and how best to navigate a government policy that's unfavourable to them. Like millions of us have had to do in one way or another at one time or another.
People suggesting she sells up are giving a valid option. It may not be her preferred one, but its a whole lot more favourable than her father believing he needs to die before the law changes. The policy will go ahead. Governments do not do u turns on threat of suicides. So practically people are trying to advise the OP on harm limitation for her personal situation.

I’d suggest looking at Paul Johnson’s comments on this issue. In short very few farms will be affected and in any case they will still be more generously treated than in the past.

I don't understand the many comments with variations on 'very few farms will be affected'. Is it OK for some people to have something devastating and life changing thrust on them, just because there aren't many of them?

This is quite interesting, it looks at changes in farming figures since 1875.

In 1920 the total amount of UK arable land was 6,232,000 hectares, in 2018 it was 6,206,000.

In that time we lost about 1% of arable land but our population (43,646,000 in 1920) has increased by over 65%.

The government must be nuts if Reeves thinks forcing farmers to sell up and Rayner building on agricultural land is a good idea.

thanks @NellieJean

do watch, it's only 75seconds long

https://x.com/SkyNews/status/1851988940598698449

It's difficult,tbh I'm glad I don't have to make the decisions,
Things are always more complicated than it first seems .
I started out quite firm in my views on this thread ,but I can see there's much more to consider than had crossed my mind ..

Fair play for the rethink and saying so 👍

I think it's more that the ones that will be affected will not be the smallest least profitable ones. These are multi-million pound estates.

TBH every single one of us is coming from our own perspective and viewing stuff through our own prisms.

One thing i liked from the budget is that carers can work 16 hours and now be able to claim carers allowance. It does not directly benefit me right now, but the carers earning cut off was so fucking low and I applaud that bit.

The few farms affected are by definition the biggest and richest and thus better able to manage. Paul Johnson is accepted as the person whose opinion can be trusted on the budget, he calls it without bias and that’s his analysis.

Spot on. The link is interesting and there are many on this thread who could benefit from reading it.

And it says nothing

more info @Feelingathomenow

Changes to inheritance tax relief
After much speculation and lobbying from the farming industry, Ms Reeves confirmed changes to inheritance tax reliefs.
Delivering the Labour Government’s first Autumn budget yesterday, the chancellor extended the inheritance tax threshold freeze for another two years, until 2030.
However, she confirmed reforms to agricultural property relief (APR) and business property relief (BPR) from April 2026.

From this date, the first £1m of combined business and agricultural assets will continue to attract no inheritance tax.
But, for assets over £1m, inheritance tax will apply with 50 per cent relief.

Yes I know this- it’s actually my job. But the interview says nothing.

He is an economist, unlikely has any clue about farming. The NFU on the other hand are saying the average farm is worth £2.5million.

Interesting, perhaps area specific? The only ones I know that were state educated were from a factor owned farm. Without too much thought I can think of at least 20 families, most with 3 or 4 children going to very expensive schools.

ah ok @Feelingathomenow so the Johnson interview was not explicit/broad enough..

and as you state "The NFU on the other hand are saying the average farm is worth £2.5million"

so the impact is greater than some may suggest.

I thought this was a sensible suggestion. As someone who started work in the 60s, I remember a base rate of 35% and a top rate of over 80%. It began to reduce (IIRC) through the 80s under the Thatcher government.

The combined business and agricultural assets relief of £1m is in addition to other reliefs. So if a family is passing down assets to descendants and those include the family home, property relief is also applied. A married couple can pass up to £1m tax free to their children depending on the value of their home-the farming relief is in addition to that.

This would be the best thing to do. But we also need to seriously address the money pit that is the NHS

So assuming the house is worth £1mill between a married couple the agricultural value of land/farm building etc can only be £1 mill. The MFU are saying the average farm is worth £2.5mill with no breakdown of house v buildings:land AV

People seem to be unaware that farms produce food. No farms, no food. No food we will need to import all of it. What do you think will happen to food prices?

Will you remember to join those 2 things up when the food prices triple, quadruple? What will you say to your grandkids about how gleeful you were when "rich farmers" had to give up their land and now our island is at the mercy of overseas importers. What if there's another Covid? And we're not making enough food?

Other Farmers won't be buying the land they'll be priced out by developers making a quick buck. This problem will be devastating for the country but you can't join up the dots.

People saying change ownership name and say its a gift this still has a clause IE if said owner passes away within 7 years you will have a hefty sum to pay there's so many rules etc

I do understand that the budget has come as a shock @Spatulation

I would presume with the assets at stake, you may have access to planning?

https://www.tanners.co.uk/site/what-we-do/wills-trusts-and-probate/farming-estate-succession-planning/