Farming - kerfuffle

[Solomotree]

interesting how Jeremy Clarkson, one of the biggest vocal opponents of the inheritance tax on farms, literally boasted that he bought the farm to avoid paying it. It’s people like this we need to clamp down on and where people’s ire should be directed. And the vast vast majority of farms will not be affected.

www.theguardian.com/uk-news/2024/nov/01/farmers-shocked-budget-inheritance-tax-estates

But that horrible situation had nothing to do with governments or IHT. And there is no IHT to pay between spouses at all.

There was at that time and we're back here again.

The old man was a fool not to hand it over sooner, his farming son died in his forties. Why leave your farm to a son who'd left as soon as he could. Did he really think his three piece suit surveyor offspring would don wellies and run it because he owned it all.

The grandsons were left with nothing so emigrated to farm elsewhere.

Emigrated to farm elsewhere

because their chances of buying a farm here under the current system were nil….

@justasking111 thanks for posting the link to that article. As I said, I don’t claim to understand much about the details of farming but reading this thread has been interesting.

tbh, my point about Clarkson and his ilk isn’t really about farming per se. My point is that when wealthy people openly say they’ve invested some of their millions with the aim of avoiding tax it makes me angry. Whether it’s farming, off shore bank accounts, non-Dom status, if you’re going to openly exploit these things then don’t be surprised when government decides they’ve had enough. If you live here, you pay the tax you owe in my view.

The sad thing here is that I think the government have looked at the wealthy tax dodgers and taken action in a way that will unfortunately affect those running family farms.

Anyone recall when there were huge woodland grants in Scotland. The wealthy bought up thousands of acres, planted trees and made a fortune. Arabs, americans, and our own Paul McCartney.

I don’t understand this post. The grants would’ve been used to plant trees, so how did they make a fortune? Plus I personally would rather wealth be spent this way than on private jets.

In England a pilot version of the Sustainable Farming Incentive (SFI) scheme began towards the end of 2021, followed by a wider rollout in 2022. That could explain the last 3 years.

Grants, tax breaks. Certainly not because they were tree huggers. Do you really think Bill Gates is the largest farmer in America nearly 270,000 acres because he likes farming

I think Bill Gates is probably the closest thing we have to a true philanthropist currently alive.

He’s one of a few people that gives me a visceral negative reaction.
I think Bill Gates likes people to believe he is a true philanthropist. Everything he does ensures his pockets are filled. I don’t trust him as far as I could throw him.

Perhaps you should read a little bit more into the positive impact he's made in the developing world by donating tens of billions of dollars for education and health, the hundreds of millions of lives he's helped save through his contribution to vaccination programmes, his input into sustainability, Green energy and climate change.

Rather than just deciding you don't like him because he's a weird geek.

"Bill Gates bankrolled select media outlets to the tune of $319 million, including the UK’s Guardian and the BBC - Gript" https://gript.ie/bill-gates-bankrolled-select-media-outlets-to-the-tune-of-319-million-including-the-uks-guardian-and-the-bbc/

This makes me uncomfortable.

If they haven't got the sense to get a lawyer to put their holdings into a trust which avoids IHT, then I have no sympathy for them.

IHT is probably the most easily avoided tax on the books.

Being a weird geek is nothing to do with how I feel about him.

His input into green energy serves himself first and foremost, ditto his dabbling into vegan supplements, fake meats and farming practices that take away all food security and instead rely 100% on big business.

I suppose time will tell.

Farfarout · 02/11/2024 15:00

MrsSkylerWhite · 02/11/2024 12:09
Yep, he’s a dick. Wouldn’t have thought particularly representative of most farmers, either.
**
I've heard farmers say he's done a lot of good.

Sure. But he’s a dick and not representative.

It has a lot to do with circumstances. Trusts are not suitable for a lot of farms for various reasons.
The whole point is the government have pulled the rug from under us. The succession planning we did have in place to allow the farm to be passed on inheritance tax free is now not an option.

@FelixtheAardvark if you haven't got the sense to understand that putting farms in trust causes all manner of headaches that make it unviable for most then I have no sympathy for you either!

I don’t understand how Bill Gates is relevant to a thread about UK tax laws.

https://www.bbc.co.uk/news/articles/c8rlk0d2vk2o

500 farms a year mother of god.

Or 117....in the same report..

I don’t think the general public understand the overall finances/tax position of farmers. Looking at IHT in isolation, makes it hard to understand the impact it will have on our food quality, price and security.

Of course I feel sorry for farming families. I feel more scared for us all in 10 years time.