The UK Budget Oct 2024.... are farmers not fuming?

[theskull1]

Whats the general take from farmers after they removed relief on agriculture for inheritance?

Is this not gonna force a serious number of farmers out of business over time? What is this government up to?

[Milltown Row2]

Whats the general take from farmers after they removed relief on agriculture for inheritance?

Is this not gonna force a serious number of farmers out of business over time? What is this government up to?

Not fully up on that but farmers do a serious amount of gurning

[Armagh18]

Whats the general take from farmers after they removed relief on agriculture for inheritance?

Is this not gonna force a serious number of farmers out of business over time? What is this government up to?

Inheritance tax is f**king disgraceful

[trileacman]

There's an ambivalence to it amongst farmers. Obviously negatively affects the English much more than NI given property prices there.

Anything that dissuades wealthy assholes like Jeremy Clarkson buying land as an asset to increase their wealth can only be a good thing. There's lots of examples here too of rich businessmen buying land and immediately rolling in the diggers and dozers to turn it into some kind of country estate. John Magnier and O'Leary in the south are examples there too.

Whether this change of tax affects the farmers or rich businessmen more remains to be seen.

[trueblue1234]

Will it not make it more likely for big businesses to buy up more small farms? The reality is that it doesn't take a large farm to hit the £1m valuation, so it's going to seriously impact small to medium sized family farming businesses. Will these still be viable?

[Armagh18]

There's an ambivalence to it amongst farmers. Obviously negatively affects the English much more than NI given property prices there.

Anything that dissuades wealthy assholes like Jeremy Clarkson buying land as an asset to increase their wealth can only be a good thing. There's lots of examples here too of rich businessmen buying land and immediately rolling in the diggers and dozers to turn it into some kind of country estate. John Magnier and O'Leary in the south are examples there too.

Whether this change of tax affects the farmers or rich businessmen more remains to be seen.

At least his land is still being farmed and producing

[cryptoGuy]

Will it not make it more likely for big businesses to buy up more small farms? The reality is that it doesn't take a large farm to hit the £1m valuation, so it's going to seriously impact small to medium sized family farming businesses. Will these still be viable?

Billy Gates is yer man. Biggest owner of farmland in the US will he now have a wee eye on the UK?

[bogball88]

Whats the general take from farmers after they removed relief on agriculture for inheritance?

Is this not gonna force a serious number of farmers out of business over time? What is this government up to?

Only for those farms that are worth over £1 million I believe

[RedHand88]

There's an ambivalence to it amongst farmers. Obviously negatively affects the English much more than NI given property prices there.

Anything that dissuades wealthy assholes like Jeremy Clarkson buying land as an asset to increase their wealth can only be a good thing. There's lots of examples here too of rich businessmen buying land and immediately rolling in the diggers and dozers to turn it into some kind of country estate. John Magnier and O'Leary in the south are examples there too.

Whether this change of tax affects the farmers or rich businessmen more remains to be seen.

Why?

[RedHand88]

What i can see happening is the big big boys coming in and buying inherited farms because the children don't have the cash to pay the tax bill. Family farms will dwindle over time and international conglomerates will own everything. It's happened elsewhere.

[johnnycool]

Whats the general take from farmers after they removed relief on agriculture for inheritance?

Is this not gonna force a serious number of farmers out of business over time? What is this government up to?

Only for those farms that are worth over £1 million I believe

a 50 to 70 acre farm would easily hit the £1 Million mark.

I believe the inheritance tax part is on the value of £1M.

There's bound to be ways round it and they'll be found before too long.

[Banks of the Bann]

https://www.nfuonline.com/updates-and-information/labour-has-no-intention-of-changing-apr-says-shadow-defra-secretary/

Whether you've any sympathy for farmers or not, Labour said they wouldn't touch it and they lied. Absolutely shameless.

Mind you after taking winter fuel payments off pensioners nothing would surprise you.

[Milltown Row2]

https://www.nfuonline.com/updates-and-information/labour-has-no-intention-of-changing-apr-says-shadow-defra-secretary/

Whether you've any sympathy for farmers or not, Labour said they wouldn't touch it and they lied. Absolutely shameless.

Mind you after taking winter fuel payments off pensioners nothing would surprise you.

Governments making false claims and people surprised!

Here's the thing, people want better services, better health care, better infrastructure with new roads by passes, improved education structures,  and this and that and the other, but no one wants to pay for it.

Two things in life, death and taxes (for the workers that is)

[johnnycool]

https://www.nfuonline.com/updates-and-information/labour-has-no-intention-of-changing-apr-says-shadow-defra-secretary/

Whether you've any sympathy for farmers or not, Labour said they wouldn't touch it and they lied. Absolutely shameless.

Mind you after taking winter fuel payments off pensioners nothing would surprise you.

Means testing pensioners for winter fuel payments should always have happened, how they've did it could do with a bit of work as there are poor enough pensioners out there who either aren't eligible for benefits or don't know how to claim them.

There are lots of wealthy pensioners out there who don't need it.

I think they've targeted a lot of the right people in this budget although you wouldn't know that as the MSM is in the control of the exceedingly rich who don't want to pay full wack for wee Jonny and Jenny to go to public school or pay more capital gains tax or more tax on their private jets...

The National insurance one I don't know how that will pan out as businesses will want to pass that cost back onto their employees or customers, however they should have done more on the bonuses and wages of these CEO's and extortionate revenues some companies have been making on the back of "the war in Ukraine" and Covid.

[LC]

Not ideal but if you were fortunate enough to inherit a farm with a value of +£1m cand you were struggling to square up HMRC could you just not sell what you need to cover the tax bill?  Is there a timeframe that inheritance tax must be paid within post inheritance?