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.

Its not lovely Keir, its that Reeves woman!

Many consider suicide who don't own £6,000,000 of property.

It seems greedy to many, you surely must understand that?

Most of us will have to pay inheritance tax on any inheritance over the {low} threshold , as will our kids when we too die.

My father in law started as working in a factory. His dad died when he was 7. He working in the factory all day and did taxi driving at night. At the weekends he fixed cars. He just didn’t stop working. After a few years of this he bought a run down virtually derelict house. He moved his family in and slowly did it up. They would move from room to room. He then let the flats he created. He did this with three other buildings. He finally stopped working full time when he was 78! He now owns 22 flats in a very expensive part of London.
When he passes away and my mother in law does we will pay a huge amount of tax.
It is what it is.

The level of ignorance and jealousy on this thread is utterly appalling. The
I agree with a number of posters that this policy has not been thought through and is highly likely to be shelved. I live in rural area and it will devastate family farms, large and small.

Unfortunately by using the word ‘need’ OP has made the title abhorrent, suggesting death is needed to avoid a financial penalty, thereby putting a price on her father’s life.

The PP about the 7 year old dad, destitute and now owning 22 houses in London is very good. Tax is tax.

I'm not jealous of anyone who can speak about death of a presumably loved parent in that way. When you lose a parent far too young you aren't overly taken with people wishing their living parents dead.

TBH I think the level of hate towards farmers is vile but mumsnet has proved over the last 12 hrs to be pretty unempathetic towards those who are entrepreneurs. It’s a totally shit situation and anyone with half a brain would know this is going to end in tears - like everything labour does (let’s not forget it was them who stopped GPs working on weekends…and that’s buggered appointment availability ever since, even years before COVID).

Besides, look at it this way: when all the UK farms go bust because of what labour have done, all these climate change activists (who let’s be honest are labour voters) will be buying their wheat and dairy products from overseas at huge cost to the environment.

People are missing the point. The value of farms is having them as productive land. Most family run farms will have barely any money but be 'land rich', and they have poured blood sweat and tears into that land. I'm really surprised there's no exemption for 'real' family run farms here (I understand this exception has been used by wealthy landed gentry types to dodge tax). It will be the end of British farming as we know it and I don't like the alternative. Small family run British farms are literally vital to the UK countryside. We will be one big mass of giant faming conglomerates who don't give a fuck about welfare or the environment.

And drive up prices to boot. I also think this policy will be shelved or they will exempt proper farms from it. The alternative is madness.

Yes starting with the click bait title

And they just have 6 million lying around do they?

Not any of the small holding owners and renters I know. I live in Lancashire, surrounded by hills and fields. I know a lot of farmers and cattle/sheep owners round here. They earn less than I do. They have second jobs because there isn’t a lot of money in farming.

Come on.

You could take your own advice.

I swear, some of these people think the magic elves conjure up the food from thin air.

These same people will be screaming foul when the price of produce rises as the country has to import more and more produce and other food.

Food scarcity and food insecurity can happen, and I hope people wake up to that fact.

They're already paying for it. Inheritance tax is 'paying' for money that's already been taxed at source. It's immoral.

The real ramifications of this budget are not sinking in for a lot of people. Have you read the thread from the GP whose raised NI contributions means she thinks she can no longer continue with her practice? I'm not sure when any party will be bold enough to admit that shovelling money into the NHS is tantamount to throwing it into an incinerator. The system is broken with infinite demand on a finite supply and a country of £70m with about the 5th biggest world employer - even I can see the maths don't add up. What's needed is radical reform.

We need GPs. We are a society of consumers and we need agriculture.

OP I think you should report your thread and change the title to "Farm inheritance tax" and you will get a more balanced response. The title suggests you want your parents to die to avoid the tax and few will read your follow up where you explain your dad has had suicidal thoughts.

It's crazy farms will be broken up when the govt want economy growth. Putting houses on farm land is not growing the economy but I suspect this is what the tax is all about. I don't know legalities but could he pass it on to you now? Would you be exempt from inheritance tax that way?

I cannot begin to imagine how you are all feeling I did a inheritance tax group Zoom 6 sessions with a company who sent all the info to the government and it was so upsetting seeing how farming and agriculture will be affected we put so much info and insight into this point but again it's gone unheard and people bellowing about 6million maybe Google on how farms and wealth work she doesn't have millions sat in her bank

Well it’s pretty crap for your family, but you won’t get much sympathy here as many people are struggling too, but don’t have a share of a 6 million farm heading their way. I guess farmers should have future proofed policy changes and changed ownership to family when they hit retirement age. Your dad will need a few days to absorb and hopefully you can talk some sense into him. Your family will be able to buy a smaller farm or no farm at all, and live very nicely with that money. Can he sell off some of the land and put it aside for the inheritance tax bill?

Please don't ever be in charge of money
Your understanding of fiscal affairs is dreadful

@Spatulation I get it. My family suffered in the 70s. The farm eventually went to settle the last of the death duties.

I am sorry about the budget and I sm sorry the thread is vicious.

The utter envy and jealousy seeping out of you is laughable.

The man is not a millionaire. He has a farm, just like the farms that feed your family every, single day. You'd rather it be sold, they pay 1M in tax and another 300 houses be built on that property?

You're the type of person that, when all the farms are gone and turned into housing estates will be moaning and groaning when food prices triple because it all has to be imported. Then you'll want the government to pay for your food. FFS!

Whilst I do understand the reasons behind this - big businessmen buying up agricultural land to avoid Inheritance Tax, the threshold is far too low. In most parts of the country, land values are so high that every small family farm will fall into this. This will be devastating to our food security - when these farms have to be sold to pay IT, there won't be any farmers around to feed the nation. The land will no longer be managed and what about all the support industries? The feed merchant, the tractor mechanic not to mention the farm workers - all out of work and having to claim benefits to pay for the expensive imported food. This is a very badly thought out decision that will not affect the people it should but the working man!

Maybe farmers need to go on strike and then people may wake up to their plight, they are already struggling massively

I'm no Jeremy Clarkson fan but watching the farm on amazon has really made me think how hard it is to farm and it's vital to us.
We don't want to rely on imports we need to support our own farmers.

Get tractors clogging up Westminster and stop milk production etc.

Talk about literally cutting off the hand that feeds!

I guess someone has never heard of Capital Gains Tax (including on gifts).

"Changing ownership" on retirement would have resulted in a hefty, completely unnecessary, tax bill.

Jesus wept.

@ChampaignSupernova
The title is fine of course it doesn't say she wants her parents to die.