Why are a tiny number of rich farmers dominating the news cycle?

[InvisibleRadiator]

I've been reading around this inheritance tax issue, and the more I read the more I agree with government policy!

For starters the government thinks this will only affect the 500 richest farms and some think this could be as low as 100 farms!
x.com/DanNeidle/status/1852064433738256394

How on earth have such a rich elite managed to whip everyone up into such a frenzy, making it sound like poor old farmer Giles's kids are going to have to sell the family farm when he dies.
The following article explains how when taking into account the IHT property exemption, a married farming couple would not pay IHT unless their assets exceeded £3 million!
www.independent.co.uk/news/business/inheritance-tax-farmers-protest-maths-b2649181.html

And there are so many concessions such as having 10 years to pay, and being half the rate most others pay! And there are many ways to legally reduce the impact of the tax.

It's clear that wealthy investors have been pushing up land prices, and apparently farmers are involved in less than half the land sales now, when compared to 15 years ago.

And now this tiny band of super rich are trying to plead poverty? I don't believe a word of it.

This final article puts it far more eloquently than I ever could.
www.theguardian.com/commentisfree/2024/nov/17/farmers-have-hoarded-land-for-too-long-inheritance-tax-will-bring-new-life-to-rural-britain

Good on Labour for standing up for the average person and trying to claw back a tiny portion of generations of inherited wealth for our public services!

@InvisibleRadiator

i agree with you.
also farmers voted in huge numbers for Brexit and that is one of the main reasons the country is out of money. No it's not how much we spent on Covid (could explain why but that takes to long).

so now they moan when things change.

they can pass on in general more than others and then pay 50% and then have ten years.

food security my arse we dont have that now due to Brexit.

zero sympathy with farmers and as for clarkson now changing his story what a tosser.

You said there would be no point in the NHS because people would be starving and children would be too hungry to learn.

No point in the NHS treating people if people are starving. No point in having education if children are too hungry to learn.

@Tallerandtall farmers sites for brexit in no greater numbers percentage wise than any other profession.
Don't make sweeping judgments without actually knowing the FACTS.

Farmers are no more responsible for brexit than any other profession

• voted even!

Talk about cutting your nose off to spite your face.

We're all going to pay the price of this ideologically-driven policy (either through significantly higher prices or food shortages). But as long as we can enjoy seeing the thick idiots who voted for Brexit suffer, it's all good.

It's even more important after Brexit that we have a functioning agricultural sector.

Exactly so. There’s been a long standing issue of Labour not understanding rural issues and I am gutted to see that the current leadership haven’t improved on it. I’m a Labour voter, non farming person who eats local food and supports environmental standards and farming as a key part of UK rural living. This move is awful.

Much depends on whether we can make enough writing government supporting articles to eat this time next year or not.

I don't give a toss what colour of tie the PM wears, none of them know anything about the people they are impacting. Now the spin press officers are pushing out endless newsy sounding opinions and articles in their favourite friendly media to cover up the "hairy bollock sticking out of the Y fronts" situation they find themselves in.

They took average land prices and forgot about those stuck in ridiculously high priced areas sitting on over valued land and the borrowing they have on that land. These farmers are not rich nor high income earners but they will suffer thanks to people whose knowledge of land is based on the tacky prints they have hanging on their dining room wall.

Some of us know that the twat faced arrogant prick newspaper opinion writers are less important than they purport to be. All they are good for is supporting whatever BS the government (of any party) wants to push on an unsuspecting public regardless of topic.

Sadly that has yet to get through to a wider public who are currently enjoying kicking the farmers of all incomes because they sound rich and not the private investors, who are rich, taking advantage of tax loopholes meant to help rural areas and farming.

Still smaller farmers aren't political party donors are they so what do they matter?

Why not look at the private investment in landholdings in this country rather than regurgitating the tripe they would rather you read?

This is the position my extended family is in - family farm for 4 generations located in the South of England (provided food in WW2). Not cash rich but has valuable assets due to location and land prices. It’ll be sold when the current owner dies, as no current decedents can afford to take it over (including those that currently farm it) and all appropriate taxes will be paid. I haven’t heard any complaints about the changes to IHT, I guess that nobody in the family has ever had much cash, and we’ve all known for a long time nobody could afford the farm, so the size of the IHT bill is probably quite abstract.

(I’m not against the tax btw, just adding to the point that not all farmers are like JC in terms of wealth etc.)

How on earth can you believe that it only effects 500 farms in total?

Totally agree, this is the right answer. It’s a disgrace, poor farmers. Hopefully it will not go ahead.

Well said. I totally support the farmers on this too.

My understandingis that for probate it’s valued at agricultural value if it doesn’t have planning permission on it. The probate people don’t look at each individual piece of land and decide you could get planning on this so it’s valued at more, even though in reality if it was to be put up for sale it may well sell for more than its agricultural value

The shareholders hold assets in that case that are chargeable to iht. Would still qualify for apr/bpr on the shares if the qualifying conditions are met.

I would prefer if land prices were lower (affects the price of housing and new build costs) but I spent more money on food. And I say that as a london Home owner. Most people under the age of 45 would agree.

Labour wants to force smaller farmers who can't afford complex accounting systems to sell their farms for housing.
It will be very bad for sustainability and environments for wildlife.
Does the Labour party want a higher population?
There must be a reason for the concreting and extra suburbia.

A 3 million farm is not that large and hardly allows a good living for the farmer. It will not be worth working like a trojan to pay taxes and living like a pauper so that your child can take over the farm. The farming life will not be seen as very attractive anyway.

I think instead of healthy, food, grown close to home with clear water and strict safetly protocols, people will have to eat more imported food from Asia.

I don’t know much about farming - but it’s pretty insulting to suggest that this group of people don’t know enough about their own land and businesses to the point they have worked out how this tax is going to effect them. - and you with no knowledge of their affairs are saying it’s not.

Do you know how many children go to school hungry now because their parents cannot afford to feed them?

Push up the price of food as this tax will and there will be many more children in that situation. Do you imagine their parents will prefer that?

You are a homeowner living in the most affluent part of the country. If you cannot foresee the harm this will do to others, then shame on you. I suggest you spend a weekend visiting some ex-mining or steel towns where minimum wage is normal. No, they won't 'prefer to spend more money on food'.

I think they are afraid of the limit being lowered

I can't help but smile a little bitterly at this. I am concerned about food prices and food security, and I voted to stay in the EU because the U.K. is not and hasn't been food self sufficient since before the bloody Corn Laws.

Unfortunately, just over half the people in this country, many of whom are now up in arms about farming inheritance tax, didn't think food prices or food security was a risk then. So what's changed now?

If they spent correspondingly less on rent, their outgoings would be the same. A fall in land prices would reduce housing costs.

I thought James Rebanks put it well. He farms a family farm, not particularly rich and certainly not buying land for tax reasons
https://unherd.com/2024/11/a-farmers-revolt-is-coming/

How they agreed a 15% pay rise for the train drivers

The Govt doesn't employ any train drivers. The train operating companies and TFL may be paying train drivers more, but that's not up to the Govt.

I’m calling absolute bullshit on that. It’s like having to pay £££ more in stamp duty for a house that’s a wreck but will be worth significantly more when done up. It’s the Telegraph, with a very specific agenda.

a council can’t unilaterally decide to earmark someone’s farm for planning either. Sounds more like they were caught out by their own greed, if it’s even true.

Jeremy Clarkson is a cunt.

Because the government doesn't have a track record of talking out of their backside do they? 🙄

Of course they want people to think it I'd just the very rich farmers (because if they admitted how many cash poor farmers that were going to be affected there would be much bigger public outcry). And some members of the Labour Party have such a chip on their shoulder about 'rich' people. They see all the land and expensive machinery and healthy livestock and think someone is wealthy. But they don't realize how expensive farms are to run. Farmers need the machinery, it is not a luxury. By the time they have paid the costs of maintaining it, looking after livestock, crops etc, they barely have any money in the bank.