It doesn't add up. The farm makes no money, they are heavily in debt, but their son saw a bright future in farming! They started at tenants in a business that make no money and somehow managed to buy over £1,000,000 in farmland.
They can pay themselves a lot of money and therefore the "business" isnt making money? They can charge things to the business so it isnt making money? many ways to fiddle the revenue vs profit figure?
They have a farm shop and cafe that is making between 25 and 50k a year profit. She has also already gifted between 25-49% to her son already which will not be hit by the tax.
Farmland is such an asset heavy industry due to so many people buying it specifically to dodge Inheritance tax. Putting a limit on the relief would devalue the land so more small farms are under the relief and making it cheaper to consolidate land. The real issue here is that there is that farmers are being screwed over by the system and cant make any real money with their land. Supermarkets are pushing down sale price of product, the raw materials are expensive, in 2022 the farming subsidies were slashed and access to the capital to increase productivity is gone. Agricultural subsidies should be redirected from aristocrats who dont farm to farmers, who do farm. 'Planting the wildflowers' is the road to ruin.
Target the parasitic rich? instead of pitting farmers and city dwellers against eachother as a distraction while the aristocracy run off with all the cash?
Half of farmland sold last year went to wealthy individuals avoiding inheritance tax. She just said that they are never in the black, that's after 14yrs of a Tory government and Brexit the majority of farmers voted for. Yet it's Labours fault? Give it a rest
She's never been in the black? Sounds like she's not really running a viable business, you can't expect everyone to fund their hobby. Isn't that what the Tories say? (and farmers are overwhelmingly conservative)
Believe me most farmers will struggle to get that reference... I barely got it. We don't really know whats happening with TV shows and films 😅 Just saying I think Clarkson can stick his head where the sun don't shine but yeah, this tax will cause havoc. Expect more expensive and factory farmed food
Clarkson is clear about that, but he also now actually farms his land, deeply cares about those who do the same and are going to suffer under this foolish law. Unsure what point you tried to make there, this issue is incredibly serious for many
I don't remember this fuss when universal credit was cut for the poorest in the country after covid. Nobody said a word about the cut to assisted living allowance for the severely disabled under the Tories. But now multi millionaires have to pay tax like ordinary people. 🎻🎻🎻🎻🎻🎻🎻🎻
Exactly. This whole debate is way too emotionally charged. Why is no one willing to do the sums and say what the genuine impact is to them? I blame Facebook, too many bad actors or ignorant people fueling the feelings of the industry.
@@fylbike No. If the government Acts properly the farmers will get better prices for their produce and the supermarkets will NOT be allowed to push that cost on the public?
@@viewer.123 If the farmers had a Union..... oh wait..... and didnt undercut each other.... they might get better prices? But no they back stab each other everyday. Maybe because they are all Tories?
Brexit was nearly a decade ago. Since then we've had a global pandemic, war in Europe and war in the middle east. You still ranting on about Brexit when there are bigger fish to fry makes it clear you're a bot.
@@NeonVisual brexit has long term effects which compound later events, we know the kremlin funded the brexit campaign which makes its current supporters pro putin just like the scum in germany who are open nazis.
@@NeonVisual He makes a vaild point though. High percentage of farmers voted for Brexit which lost them a lot of money through EU subsidies. If they were this concerned about income why did they vote against their own interest?
@@SlimesmoreUK "wahh wahh wefawendum wahh" is all the public hear at this point. "WAHHH WAHH! BEXIT WEFAWENDUIM WAHH!"! CWASHIN OWT! ANTIDEMOCWATIC CLHLOWINATED CHIKENS! CLIIF EDGE! WAHH BWEXIT WAHH" Etc.
There may be some regional differences but farmers didn't vote 80-90% for Brexit. It was maybe slightly higher than the general population. Now - it should have been 0%, but this idea that somehow they were massively pro Brexit is wrong.
Not a word for the damage the Tories have done in the past decade and a half? I call BS. That's all this is, people like Jeremy Clarkson not wanting to be taxed as they should be.
I guarentee you that the majority of people joining the Farmers protest dont have a clue about how farmers are treated differently to the rest of us. Farmers should be thankful for how theyve been treated and indeed still are. The majority wont pay any inheritance tax, and those that do have 10 years to pay, interest free.
@tombrown407 Cheap food? Most of our food is imported because its cheaper than we can produce. Times have changed from years ago, farmers have enjoyed different inheritance tax rules.
Also worst case, you sell your farm and your kids inherit £1m tax free. Poor kids who wanted to work their butts off 365 rolling in the dirt to feed us will now have to settle for just having a boatload of cash. Will someone please think of the children! Call me cynical but are you telling me thousands of farmers are acting purely altruistically about food security of the nation? They're not just trying to hold onto their millions and not pay tax?
@@tombrown407 It's the supermarkets that gain the most from cheap food. And by most of them paying their staff a poor wage it means that the tax payer has to cover universal credit to allow folks to lead some kind of decent life. Who wants to eat cheap and poor quality chicken....Look what our diet was like in 1950 - we ate a lot healthier and one reason was that we had really good quality food, which is now only produced by a small number of farmers. Farmers were greedy and fell into suppling big supermarkets rather than small butchers.
Farmers should welcome inheritance tax. In fact, you cannot save British farming without an inheritance tax in place. Here's the problem: 1) Farmers are not generating decent profits because their bargaining power has been damaged by consecutive conservative governments obsessed with "deregulation" - so they are forced to sell with minimal margins to a cartel of large food producers and supermarkets. 2) Conservative governments removed inheritance tax from farmers (APR tax relief), winning massive support for Conservatives in the rural areas. That tax break, or loophole, has been used by financial sector and wealth managers (vide Mr Dyson and his 200,000 acres “farm”) to avoid paying inheritance taxes, which would apply to any other estate. This opened a floodgate of capital, including foreign oligarchs and African warlords (and Saudi princes), which raised farmland prices by 370% in the last 30 yrs. Now the same farmers who kept voting Conservative for decades, and were happy to cash in the un-earned profits from land value capital gains, are now crying and protesting... because their farms are suddenly worth millions. They claim they should not be taxed like all other estates because farms are special. Well, thanks to their votes they allowed FINANCIALIZATION of farming - they turned their farms into financial instruments bought and sold on international markets. Conservatives turned the farms into just another asset to trade. This is precisely why all genuine farmers should welcome inheritance tax. It means that dogy tax-avoiding capital will start leaving British farms, and land prices will go down to more proportionate levels, allowing regular farmers to stay UNDER the threshold. The only people affected will be the likes of Sheikh Mohammed bin Rashid al-Maktoum with his 100,000 acres. For a detailed explanation, I refer you to this excellent video from prof. Murphy: th-cam.com/video/s9J0GpnXNhY/w-d-xo.htmlsi=bail5frwbiROO1AP&t=591
@@tombrown407 inheritance tax doesn't affect you in the slightest until you pass the farm on, so the farmers can afford it, but maybe their children can't, but fortunately those children just inherited four million quid's worth of farm. Sell that off to some Clarkson style tax dodger, then live on the remaining millions and stop whining
Everyone seems to be looking in the opposite direction from where the problems are on this discussion? 1) Why are farmers earnings so low in comparison to Asset value invested? Low prices paid by supermarket chains = Profiteering? Lets tackle that? 2) If the land creates no revenue then it is valued incorrectly and therefore should not be valued at millions for inheritance and only when sold via capital gains?
It's funny she mentioned getting married in 1989 because 5 years earlier the inheritance tax relief for farmers was pass into law. Honestly there are so many ways of getting around this just get a good accountant.
Ms Jacobs has done a number of interviews describing their enterprise as a small farm ‘little more than a small holding’. Looking up this farm - they have 600 acres. This is not a small farm. I note Mrs Jacobs has bumped up her history from third generation to fifth generation of farmers for effect as well.
If farming wasn't lucrative, why are the assets worth so much? Also yes she says they've never been in the black...thats becasue farmers choose to spend on anything that is tax deducable as to avoid paying as much tax as possible. Source: My parents and aunties and uncles are farmers. All hard working decent people. But thats just how the industry works.
Exactly. They should be complaining to the government about the stranglehold the food manufacturers and supermarkets have on food prices and the supply chains they control.
What I always find odd is most Farmers always having a nearly brand new top of the range car and farm equipment... And an expensive jacket - hers looked very nice, no tatty work clothes for her.
"If farming wasn't lucrative, why are the assets worth so much?" Because the land *can* be used for much more profitable returns e.g. housing development. Farmers make roughly (government stats) 0.5% return on the value of their assets - which is incredibly low - but food production is essential. Old farmer dies, family gets hit by bill they can only pay by selling farm. Land bought by rich person who doesn't farm, or to a property developer. Less food is produced, food becomes more expensive. We import more, and become more susceptible to global weather causing disruption, food "air" miles much higher and worse for environment, more rainforest gets chopped down for farming globally, lower food production and welfare standards - it goes on and on
@@AlexHamilton86 I agree with some of your points. But I imagine the 0.5% figure is skewed considerably by large farms i.e. high asset value, not farming the entirety of the land resulting in low return. My parents farm averages closer to 5%, though it's very bumpy some years it might be 1% some years it has been %10. Also remember the cost of new machinery, buildings, and new land itself is included before calculating that 0.5% so yes they might only make 0.5% profit in any given year but is it likely they will have increased the value of their fixed assets at the same time.
IHT isn't a great tax, and I know they're not economists but do the farmers who say things like, excuse the exaggeration, 'I have a farm worth £28 million, but it only earns 12 pence profit' ever think through why the market value such a low yielding asset so very high? One of the reasons is that IHT is charged at a much lower rate than other businesses, attracting speculation and wealth hoarders (Mr Clarkson among them), so the tax change will reduce that speculation and lower asset prices, meaning few farms will have to pay it. But this is marginal and for many reasons IHT is uneven and unfair in who it burdens. The bigger issue for farming is the many subsidies doing the same (only slightly less bad since leaving the EU), look at what happened in New Zealand when they cut all farm subsidies in 1984, the price of land collapsed, so the tiny yield on expensive land became a much higher yield on much cheaper land and farming productivity revived and turbo charged the entire economy. So again if we cut subsides, almost no farms would qualify for IHT, but do the farmers who are lucky enough to own land want to revive their industry at the cost of their equity? Just like homeowners say they who want affordable housing but also want their wealth to increase via rising house (read : land) prices, I doubt it.
Labour aren’t going after the farmers, they’re removing an unfair and illogical tax break not available in other areas of the economy. The injustices causing problems for small family farmers should be addressed but in a more transparent fair way.
You understand that's a bad thing right? They're drowning in debt. And the only thing to keep them afloat is getting a loan and putting their assets as collateral if they don't pay back. Eventually if they fail, they could be forced to sell. Davidbaker go away.
called bexit, boris said theyd all vote for it to avoid climate change red tape, they voted for it. but boris lied. so now they cant sell to the eu, so.....there IS no demand. anbd there wont be one lol
This lady spends most of the video explaining how she struggles to make any money but then says her son saw "a bright future" in agriculture. Contradictory much? 🤔As for farmers paying their taxes, so does everyone else but we aren't exempt from inheritance tax.
The difference is you aren't spending thousands on fertiliser, fuel (I mean tractor fuel, not that cheap stuff you get at the petrol station), gallons of oil, animal feed, maintaining sheds, miles and miles worth of plumbing, miles worth of fencing and walls, tractors, heavy equipment and have hundreds or even thousands of animals - I could be here all night naming obscure things that the general public probably don't even know exist all of on top of your household bills
@@viewer.123 Those are all business expenses and, has been pointed out, are tax deductable. The *big* difference is that other businesses are not exempt from IHT
Remind me what the farmers voted for in brexit? Well I have to pay inheretence tax and work hard and still have to pay and I didn’t vote brexit like most farmers.
If my wealthy family put some chickens and a sheep in their garden, and sell the eggs to the neighbours, can I inherit the estimated £1.8m estate with no IHT?
It's not "hoarded" wealth, it's a value in the land that has to be sold in part to cover the inheritance tax. Selling off bits of land emasculates the farm productivity and gradually the whole country will no longer see family owned farms, it will be a few mega businesses with vast tracts of mono-culture and the UK's overall food security will disappear.
@@CatholicSatan Of course it's hoarder wealth. Why do your lot think the rules don't apply to you? Millionaires complaining about tax is nothing new. Sell up and make way for the next generation, you're done. And take your animal farming with you.
I fully back the general principle of widest shoulders carry the load, but when I see these kinds of comments, I wonder how many have even seen a farm. I grew up very rural surrounded by farm-land. The farmers are working from 5am doing the feeds right up until late at night to bring the livestock in for the night. Any profit farmers make is usually invested in equipment to try and make their work a little easier. Vet bills alone for livestock is extortionate. So please don't sit behind your keyboards comparing farmers to dodgy landlords just because one prize t*t decided to speak up for them. Stopped clocks and all that,
And others who have grown up in farming households/communities have said wealthy farmers provide themselves an artificially low wage to cut down on tax owed. If they can't afford to run a a viable business, do what other businesses do, sell up and let someone with the knowledge and ability to turn it round. And sorry, what is the alternative? Back to austerity to hit the lowest paid and most vulnerable in society? No. Time yo taxes those who have access to millions and millions in assets. It's very hard to feel sympathy for these large wealthy farming estates whilst other who need 2-4 jobs just to pay rent on a crummy apartment are paying well over what they should.
@@rgxwrestlingmedia you don’t understand. Why should we pay for farmers to be able to pass on their property tax free? I didn’t get a pay rise for 14 years under the Tories. Now it’s the farmers’ turn
Non-farmers were responsible for 56 per cent of farmland purchases last year. Experts link this to financial advice that recommends the potential tax breaks of investing in farmland.
Forget the IHT - listen to what she is saying here, their farm makes no money. That's what's wrong with farming in the UK. There is no money in it so its an awful career choice. The majority of farms like this will simply be sold at some point because most farms don't have someone that wants to inherit it. Though some will be undoubtedly 'caught out' by this change. But its awful comms by Labour that they should have seen coming a mile off. In England the shift from EU subsidies has been bungled badly and farmers are often struggling. This is the wrong thing to add in at this moment. They should have taken a year and done it better.
You work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K in a meme coin from just a few months ago and now they are multimillionaires.
I want to compliment you, you have said it all. I am a little business owner and I really want to expand my business to the next level by making myself an investor but I really don't know how to go about it..
All of you hating on the farmers; would you rather that huge multinational industrial farming operations take over your land and sell you nothing but glyphosate drenched GMO frankenfoods for the rest of your short existences? Because that's what you seem to be begging for.
@@edmurthwell we should tax these co-operations rather than regular farmers how about that? Will the king pay inheritance tax? How about we force these companies to cough up rather than Farmer Joe
@@viewer.123 did I say we shouldn't do any of those things? As someone who would like to see this country as a republic I think it's funny that you make such ridiculous assumptions. Tell me which farmer will be affected by this, it's quite hard to be affected after death and this change could make farming less attractive to big corporations which could in turn make more small farms possible.
I live in a rural area and I know many farmers, the ones that own their own farms are minted! The tenant farmers however aren't but this doest affect them anyway! But i do know that their rich landowning landlords (duke and duchess ) have tried to get them to protest on their behalf!
The reason that farmland has gotten so expensive is because its exempt from tax and planning. This farm especially the fens are fucked environmentally. This change will make smaller farms more viable because atm the tax system encourages accumulation by the big estates and discourages selling. Look im happy to subudise production of food. But farmland is massively overvalued because of these incentives . She makes a good point about the county farms though. Its important that the councils stop selling those off andaybe even start buying this newly devalued farmland up.
Worzel gummidge is lucky Labour aren't going to back calculate all the special treatment and tax breaks of the last 14 years. These people are destroying the environment, we owe them nothing other than our disrespect.
Wholesale propaganda. How about the thousands of pounds received in subsidies?? RPA payments have been dished out for years simply for owning land. There are many people wishing to become farmers. Very one sided in my opinion.
Sloppy governance by Labour. Perhaps they can make an amendment to separate tax avoiders like Clarkson from the lady in the video based upon how recently they started farming? That can't be hard. Also maybe make legislations to help farmers get fairer prices for their produce. I appreciate that everyone will have to make sacrifices to make up for Tory asset stripping but this will be a one term government if Labour don't incorporate fairness into their reforms.
Nah - I don't buy it. Inheritance tax is a good thing, its time farmers pay their fair share again. Reminder this only applies to properties above £1m - not the everyday people. Also, I get a lot of schadenfreude seeing as farmers in masses voted brexit. Welp, time for the leopards to eat their faces and I'm here for it.
@@doctordeceit2839 yes, for IHT the farm will have an open market value on all the assets. If they are worth less than £3m between a couple on the second death there may be no IHT to pay. They can pay the IHT over 10 years interest free. It’s just a pressure group of what are in truth are rich people who have been used to passing on their wealth tax free for generations. Lots of people inside the M25 end up paying IHT on house values added to their other assets. They don’t go around in Chelsea tractors complaining they are poor, and pay IHT at 40%. We all have to pay our bit.
@@doctordeceit2839 not a big outcry from ordinary folk that pension pots are now within the scope of IHT, Just farmers who have been able to pass down farms for 2 centuries without a bean in death duties.
End animal agriculture. Reduce the labour, carbon footprint and cost of food. Nationalise land and put farming under control of a government organisation. Tackle the exploitation of the buyers.
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I’m born and bred in the Lake District. Most of these “Farms” are camp sites, or full of camping pods. They overwhelmingly voted out of the EU. It’s time to pay the price, like everyone else has been. Also, if 2 parents are handing down, it’s up to 3 million tax exemption. Therefore, small family farms are not affected, Jeremy Clarkson and his wealthy friends, however… my heart bleeds for him.
I think that's the crux of the farmess arguement, they don't make any money. It's an emotional business not a rational one. Maybe in 5yrs time the consequence of this tax will be that people will have to pay rational prices for food. It's going to be quite expensive.
Farmers not paying any inheritance tax was only introduced by Thatcher in 1984, and how did farmers cope prior to 1984? The answer is very well, and farmers then were producing far more than the current 60% of home consumption!
If the value of farmland wasn't massively overinflated because of rich people buying it as a way to dodge taxes, a lot of farmers wouldn't be subject to IHT in the first place.. in the long run this should reduce the value of farmland, which would solve a lot of real farmers problems, and make it easier for new farmers to come into the industry. It sounds like farmers like the idea of their land being worth millions, but don't want to pay tax on it.. they want to have their cake and eat it.
Do farmers never retire? If they hand over their assets to their children at least 7 years before they die, it doesn't count as inheritance and there is no tax to pay. She mentioned council farmland being sold for millions - was it farmers who bought it, or ultra-wealthy tax dodgers? Maybe discouraging tax avoidance would make more farmland available to actual farmers? I would imagine being exempt from tax does make you feel special, but does being asked to pay half the rate than the rest of us with a much higher allowance really make you feel so undervalued? This really seems to be massively blown out of proportion.
The Labour Government should support the farmers in much the same way as the Tory Government supported the Nurses. What was the argument? Any support might fuel inflation?
To be classed as a farm you must have 300 acres of land. At around £10K an acre, they aren't doing bad. The supermarkets are the biggest problem for farmers. Labour are putting £5 billion into farming, so they can be more productive. They get a £3M relief before paying anything.
Why should farmers be any different from anyone else in this country, and an inheritance tax at half the rate of everyone else. Maybe they should have thought about this before voting for Brexit, maybe? Farmers were warned and chose to ignore the warnings. Doesn't even kick in till the farm is worth at least £3 Million and they are given 10 years interest free to pay this tax. Out of the 270,000 farms in the UK this inheritance tax will affect less than 500 farms. Where was the outcry when income support was being cut, or disability benefits were cut both by the tories? And its not as if they have to pay this inheritance tax immediately - its an inheritance tax and will only affect very wealthy farmers/land owners anyway. I have absolutely no sympathy at all for these very rich tax avoiders.
Millions in land assets does not equate to a savings account. Everything is done on multi-year credit schemes, and an operating profit of 0.25% is a good year in many cases.
@NeonVisual Right-wing nationalists repeat tropes from the echo chamber because they don't look beyond their own doorstep to see how the populist playbook works. I've had good innings, so my hope is pinned on future generations' ability to think for themselves. Otherwise, they'll use 15 year-old expressions to avoid the thinky pain of original thoughts.
Should have got a proper job in 1989. The idea of small family farms is a myth. 1.5 percent of farmers will only pay half anyway. Farming destroyed this land. Look at where your food is produced.
This clearly doesn’t add up. It would appear the poorest in society are now farmers and landowners.I note this farmer lists many reasons as to why their plight has become worse. Not a mention of the self inflicted Brexit vote they clearly supported.
The majority of farmers bank offshore and don’t pay tax I. The UK. Rich landowners were given preferential tax status by the Tories which contributed to the current deficit. It’s time to lay up, maybe sell your £150,000 range rovers?
What about other small businesses that are passed down through generations!? A restaurant? Engineering business? ANY other business? They have to pay inheritance tax and never had EU subsidies. This is just squealing to protect the special privileges farmers have enjoyed for decades
Should be 2-3 million pounds to cover small holdings and farms which produce and employ. No trusts or charities for the tax dodgers and billionaires!! Increased welfare and livestock standards with zero import or export of live animals. Increase to welfare and standards are required across the board for all animals in the UK. Putting everyone and everything at risk except the tax dodgers and billionaires.
You can't say you are being accountable if you are in debt, that is a oxymoron. The fact that farmers would rather borrow money to buy new machinery than provide jobs in their local communities, probably needs addressing. And has more to do with their local bank managers ability to offset the return from taking their land at the forfeiture of their debt. Unfortunately it would seem that farmers now have found a voice in Jeremy Clarkson, A man who has enough money to not understand the basics of it. I have not watched any of the Clarkson's farm programme's, but I'm sure that there is a very lack lustre idea to them. And any attempt to show the 'so-called' blight of farmers is offset above his own need to be a prat.
I have huge sympathy for the plight of farmers - balanced with asking what the hell did they think would happen when brexit hit? EU subsidies have gone and theres now a massive cash shortfall that has to be made up....
Why didn’t farmers get as angry with the Tory party as they are with Labour? Tories and Brexit stuffed farmers left, right, and centre. I appreciate this is not a great situation and I understand some of their arguments, but why should to not have to pay inheritance tax, and at half the standard rate? This farmer doesn’t really answer the question when asked. I understand the importance of farming and food security but any other business would be closed and declared bankrupt. There does have to be a better solution to this but I’m not sure what it is. And finally, to think that they are all parading Clarkson like he is a god and in it with them - him and people like him are the reason this is happening, but as per usual, the poorest people seem to be standing up for the rich. Crazy really. HE IS NOT ONE OF YOU!
If she is a tenant farmer as she said Inheritance tax will not apply as she doesn't actually own the land she works. Also if you are working that hard for little or no profit or indeed you are constantly in debt, why would you continue?
so we dont have a island full of battery farms im all for subsidies for goo: food w high standards of lifefor animals but not farmers who wont change or learn t take care of the land or tax dodgers
Fancy that logic. You leave a job as an engineer on about £50K - 70 k pa + paid holidays to become a farmer, forever in debt, earning less than min wage and having no hols ...oomph!!. v odd logic to that.
So they have been running a failing business for decades and now she expects sympathy? I do have some sympathy but not enough in regards to overturning the tax. Farms are important. Sure. But clearly some farming families have previously benefited hugely from an exemption, which is unfair and wrong.
Im confused, if they have debt and assests, you inherit both. If you take on a 1m debt and a 1m asset, net is zero... feels like they need to speak to an accountant
Probably a dumb question, but couldnt they pass their farms on before they pass? (by 7 years) to avoid having to pay the tax, would keep it in the Family, and the people who got into farming to avoid tax wouldnt want to give their wealth away so willingly.
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It doesn't add up. The farm makes no money, they are heavily in debt, but their son saw a bright future in farming!
They started at tenants in a business that make no money and somehow managed to buy over £1,000,000 in farmland.
They can pay themselves a lot of money and therefore the "business" isnt making money? They can charge things to the business so it isnt making money? many ways to fiddle the revenue vs profit figure?
Worth looking at Richard Murphy's analysis of this on his channel...
They have a farm shop and cafe that is making between 25 and 50k a year profit. She has also already gifted between 25-49% to her son already which will not be hit by the tax.
@@garethatkinson2549 Yes. His video on the topic is Brilliant
@@fullovstars9447 spread the word, it needs to get out. beat the fascist press narrative
Farmland is such an asset heavy industry due to so many people buying it specifically to dodge Inheritance tax. Putting a limit on the relief would devalue the land so more small farms are under the relief and making it cheaper to consolidate land. The real issue here is that there is that farmers are being screwed over by the system and cant make any real money with their land. Supermarkets are pushing down sale price of product, the raw materials are expensive, in 2022 the farming subsidies were slashed and access to the capital to increase productivity is gone.
Agricultural subsidies should be redirected from aristocrats who dont farm to farmers, who do farm. 'Planting the wildflowers' is the road to ruin.
They also voted for Brexit.
Target the parasitic rich? instead of pitting farmers and city dwellers against eachother as a distraction while the aristocracy run off with all the cash?
You were going great guns until your wildflower comment. then you ruined it
@@brianbell3836Brexit has nothing to do with this. This is just the Government being incompetent.
Voted brexit, what did they think was going to happen to there business, they voted to receive less money because of resentment to the European Union.
Half of farmland sold last year went to wealthy individuals avoiding inheritance tax. She just said that they are never in the black, that's after 14yrs of a Tory government and Brexit the majority of farmers voted for. Yet it's Labours fault? Give it a rest
Exactly. Brexit was a suicidal move for farmers.
She's never been in the black? Sounds like she's not really running a viable business, you can't expect everyone to fund their hobby. Isn't that what the Tories say? (and farmers are overwhelmingly conservative)
Source of your statistics?
@valtur25 Where are hers?
If she's not in the black, then she pays no inheritance tax.
Have they considered cancelling their Netflix subscriptions?
😂
It’s a good point, renters are always told to eat less avocado, maybe they should try that 🤔
Stop buying fancy coffees
Believe me most farmers will struggle to get that reference... I barely got it. We don't really know whats happening with TV shows and films 😅
Just saying I think Clarkson can stick his head where the sun don't shine but yeah, this tax will cause havoc. Expect more expensive and factory farmed food
no because they are not trying to buy a flat in Clapham
Just a reminder, Jeremy Clarkson whose championing these protests, got into farming to avoid taxes.
Yep; they don’t mention that in the sun.
Whats wrong with legally reducing your tax bill?
@@Joshnpkbecause billionaires have reduced their tax bills farmers will lose their farms. Kapeesh?
Clarkson is clear about that, but he also now actually farms his land, deeply cares about those who do the same and are going to suffer under this foolish law.
Unsure what point you tried to make there, this issue is incredibly serious for many
@@jamesmiller113 Do you think we would be farming the land if he didn't have the Amazon TV deal?
I don't remember this fuss when universal credit was cut for the poorest in the country after covid. Nobody said a word about the cut to assisted living allowance for the severely disabled under the Tories. But now multi millionaires have to pay tax like ordinary people.
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Why are you listening about the water table and lifecycle of sheep? No one is sharing the numbers that count, how much is her land worth?
Exactly. This whole debate is way too emotionally charged. Why is no one willing to do the sums and say what the genuine impact is to them? I blame Facebook, too many bad actors or ignorant people fueling the feelings of the industry.
Student journalists this lot absolutely useless
If farmers are "Asset rich, but cash poor", shouldn't the NFU put more effort into getting them a decent income than fighting against inheritance tax?
Exactly
Yes, the real problem is that the supermarkets are screwing the farmers, the government won't act because the cost of living will rise
Farmers have been protesting exactly for this reason but the general public hasn't noticed
@@fylbike No. If the government Acts properly the farmers will get better prices for their produce and the supermarkets will NOT be allowed to push that cost on the public?
@@viewer.123 If the farmers had a Union..... oh wait..... and didnt undercut each other.... they might get better prices? But no they back stab each other everyday. Maybe because they are all Tories?
So why did they think Brexit would help them ?
Brexit was nearly a decade ago. Since then we've had a global pandemic, war in Europe and war in the middle east.
You still ranting on about Brexit when there are bigger fish to fry makes it clear you're a bot.
@@NeonVisual brexit has long term effects which compound later events, we know the kremlin funded the brexit campaign which makes its current supporters pro putin just like the scum in germany who are open nazis.
@@NeonVisual He makes a vaild point though. High percentage of farmers voted for Brexit which lost them a lot of money through EU subsidies. If they were this concerned about income why did they vote against their own interest?
@@SlimesmoreUK "wahh wahh wefawendum wahh" is all the public hear at this point. "WAHHH WAHH! BEXIT WEFAWENDUIM WAHH!"! CWASHIN OWT! ANTIDEMOCWATIC CLHLOWINATED CHIKENS! CLIIF EDGE! WAHH BWEXIT WAHH"
Etc.
There may be some regional differences but farmers didn't vote 80-90% for Brexit. It was maybe slightly higher than the general population. Now - it should have been 0%, but this idea that somehow they were massively pro Brexit is wrong.
Not a word for the damage the Tories have done in the past decade and a half? I call BS. That's all this is, people like Jeremy Clarkson not wanting to be taxed as they should be.
I guarentee you that the majority of people joining the Farmers protest dont have a clue about how farmers are treated differently to the rest of us. Farmers should be thankful for how theyve been treated and indeed still are. The majority wont pay any inheritance tax, and those that do have 10 years to pay, interest free.
I'm well aware of how they are treated differently, and that difference in treatment is how we have had cheap food for seventy odd years.
@tombrown407 Cheap food? Most of our food is imported because its cheaper than we can produce. Times have changed from years ago, farmers have enjoyed different inheritance tax rules.
Also worst case, you sell your farm and your kids inherit £1m tax free. Poor kids who wanted to work their butts off 365 rolling in the dirt to feed us will now have to settle for just having a boatload of cash. Will someone please think of the children!
Call me cynical but are you telling me thousands of farmers are acting purely altruistically about food security of the nation? They're not just trying to hold onto their millions and not pay tax?
and only pay half what the rest of us pay
@@tombrown407 It's the supermarkets that gain the most from cheap food. And by most of them paying their staff a poor wage it means that the tax payer has to cover universal credit to allow folks to lead some kind of decent life. Who wants to eat cheap and poor quality chicken....Look what our diet was like in 1950 - we ate a lot healthier and one reason was that we had really good quality food, which is now only produced by a small number of farmers. Farmers were greedy and fell into suppling big supermarkets rather than small butchers.
Farmers should welcome inheritance tax. In fact, you cannot save British farming without an inheritance tax in place.
Here's the problem:
1) Farmers are not generating decent profits because their bargaining power has been damaged by consecutive conservative governments obsessed with "deregulation" - so they are forced to sell with minimal margins to a cartel of large food producers and supermarkets.
2) Conservative governments removed inheritance tax from farmers (APR tax relief), winning massive support for Conservatives in the rural areas. That tax break, or loophole, has been used by financial sector and wealth managers (vide Mr Dyson and his 200,000 acres “farm”) to avoid paying inheritance taxes, which would apply to any other estate. This opened a floodgate of capital, including foreign oligarchs and African warlords (and Saudi princes), which raised farmland prices by 370% in the last 30 yrs.
Now the same farmers who kept voting Conservative for decades, and were happy to cash in the un-earned profits from land value capital gains, are now crying and protesting... because their farms are suddenly worth millions. They claim they should not be taxed like all other estates because farms are special. Well, thanks to their votes they allowed FINANCIALIZATION of farming - they turned their farms into financial instruments bought and sold on international markets. Conservatives turned the farms into just another asset to trade.
This is precisely why all genuine farmers should welcome inheritance tax.
It means that dogy tax-avoiding capital will start leaving British farms, and land prices will go down to more proportionate levels, allowing regular farmers to stay UNDER the threshold.
The only people affected will be the likes of Sheikh Mohammed bin Rashid al-Maktoum with his 100,000 acres.
For a detailed explanation, I refer you to this excellent video from prof. Murphy: th-cam.com/video/s9J0GpnXNhY/w-d-xo.htmlsi=bail5frwbiROO1AP&t=591
Quite right.
Excellent points. I hope the future for really hardworking farmers gets better as a result.
I appreciate farmers' struggles, but I'm not exempt from inheritance tax. Why should farmers be?
Because the small farms can't afford it.
@@tombrown407 inheritance tax doesn't affect you in the slightest until you pass the farm on, so the farmers can afford it, but maybe their children can't, but fortunately those children just inherited four million quid's worth of farm. Sell that off to some Clarkson style tax dodger, then live on the remaining millions and stop whining
@@angrypom You clearly have no clue about farming and the way of life it serves and the passion they have....same old left wing t**t.
@@angrypomand who are they going to sell to? The mega rich who you will be whining about owning everything in the future.
@@adam7802 I literally said who they should sell to. Why would I care if Clarkson buys more farms?
Everyone seems to be looking in the opposite direction from where the problems are on this discussion? 1) Why are farmers earnings so low in comparison to Asset value invested? Low prices paid by supermarket chains = Profiteering? Lets tackle that? 2) If the land creates no revenue then it is valued incorrectly and therefore should not be valued at millions for inheritance and only when sold via capital gains?
Brexit
@@brianbell3836 wahh wahh bwexit wefawendum wahh
Correct.
@@NeonVisualGreat argument mate.
It's funny she mentioned getting married in 1989 because 5 years earlier the inheritance tax relief for farmers was pass into law.
Honestly there are so many ways of getting around this just get a good accountant.
Yeah it's super easy
Ms Jacobs has done a number of interviews describing their
enterprise as a small farm ‘little more than a small holding’. Looking up this farm - they have 600 acres. This is not a small farm. I note Mrs Jacobs has bumped up her history from third generation to fifth generation of farmers for effect as well.
If farming wasn't lucrative, why are the assets worth so much? Also yes she says they've never been in the black...thats becasue farmers choose to spend on anything that is tax deducable as to avoid paying as much tax as possible. Source: My parents and aunties and uncles are farmers. All hard working decent people. But thats just how the industry works.
Exactly. They should be complaining to the government about the stranglehold the food manufacturers and supermarkets have on food prices and the supply chains they control.
What I always find odd is most Farmers always having a nearly brand new top of the range car and farm equipment... And an expensive jacket - hers looked very nice, no tatty work clothes for her.
"If farming wasn't lucrative, why are the assets worth so much?"
Because the land *can* be used for much more profitable returns e.g. housing development. Farmers make roughly (government stats) 0.5% return on the value of their assets - which is incredibly low - but food production is essential.
Old farmer dies, family gets hit by bill they can only pay by selling farm. Land bought by rich person who doesn't farm, or to a property developer.
Less food is produced, food becomes more expensive. We import more, and become more susceptible to global weather causing disruption, food "air" miles much higher and worse for environment, more rainforest gets chopped down for farming globally, lower food production and welfare standards - it goes on and on
@@AlexHamilton86 I agree with some of your points. But I imagine the 0.5% figure is skewed considerably by large farms i.e. high asset value, not farming the entirety of the land resulting in low return. My parents farm averages closer to 5%, though it's very bumpy some years it might be 1% some years it has been %10. Also remember the cost of new machinery, buildings, and new land itself is included before calculating that 0.5% so yes they might only make 0.5% profit in any given year but is it likely they will have increased the value of their fixed assets at the same time.
IHT isn't a great tax, and I know they're not economists but do the farmers who say things like, excuse the exaggeration, 'I have a farm worth £28 million, but it only earns 12 pence profit' ever think through why the market value such a low yielding asset so very high?
One of the reasons is that IHT is charged at a much lower rate than other businesses, attracting speculation and wealth hoarders (Mr Clarkson among them), so the tax change will reduce that speculation and lower asset prices, meaning few farms will have to pay it.
But this is marginal and for many reasons IHT is uneven and unfair in who it burdens. The bigger issue for farming is the many subsidies doing the same (only slightly less bad since leaving the EU), look at what happened in New Zealand when they cut all farm subsidies in 1984, the price of land collapsed, so the tiny yield on expensive land became a much higher yield on much cheaper land and farming productivity revived and turbo charged the entire economy.
So again if we cut subsides, almost no farms would qualify for IHT, but do the farmers who are lucky enough to own land want to revive their industry at the cost of their equity? Just like homeowners say they who want affordable housing but also want their wealth to increase via rising house (read : land) prices, I doubt it.
Labour aren’t going after the farmers, they’re removing an unfair and illogical tax break not available in other areas of the economy. The injustices causing problems for small family farmers should be addressed but in a more transparent fair way.
But they are still hitting the farmers anyway. Thus tax is like taking a sledgehammer to a wall to kill a gnat instead of a fly swatter or spray.
price of the farmland is so high , because these billionaires are using it as a tax dodge
but these have bought what the times have told them
Yes, if you live on money borrowed against your assets, which increase in value each year, you don’t pay income tax.
🙄
You understand that's a bad thing right? They're drowning in debt. And the only thing to keep them afloat is getting a loan and putting their assets as collateral if they don't pay back. Eventually if they fail, they could be forced to sell. Davidbaker go away.
With reduced taxes and givernment subsidies, farmers cant survive? Maybe we re-evaluate the supply/demand structure?
called bexit, boris said theyd all vote for it to avoid climate change red tape, they voted for it. but boris lied. so now they cant sell to the eu, so.....there IS no demand. anbd there wont be one lol
Leaving the EU has hit them hard
Smallest violin in the world for the millionaire farmers
It's in assets supported by debt and government subsidiary funds
@ they need to go on a budgeting course then. Feckless
This lady spends most of the video explaining how she struggles to make any money but then says her son saw "a bright future" in agriculture. Contradictory much? 🤔As for farmers paying their taxes, so does everyone else but we aren't exempt from inheritance tax.
The difference is you aren't spending thousands on fertiliser, fuel (I mean tractor fuel, not that cheap stuff you get at the petrol station), gallons of oil, animal feed, maintaining sheds, miles and miles worth of plumbing, miles worth of fencing and walls, tractors, heavy equipment and have hundreds or even thousands of animals - I could be here all night naming obscure things that the general public probably don't even know exist all of on top of your household bills
@@viewer.123 that's all tax deductible though.
@@viewer.123 Those are all business expenses and, has been pointed out, are tax deductable. The *big* difference is that other businesses are not exempt from IHT
Saw as in past tense you muppet.
This is just a land grab to give cheap land to corporate farms.
Remind me what the farmers voted for in brexit? Well I have to pay inheretence tax and work hard and still have to pay and I didn’t vote brexit like most farmers.
Farmers in the same club as the king no inheritance tax and everyone else can get stuffed what a farce
If my wealthy family put some chickens and a sheep in their garden, and sell the eggs to the neighbours, can I inherit the estimated £1.8m estate with no IHT?
If they live in the home then it's a home, not a business, and it is rightly due inheritance tax when their hoarded wealth exceeds a £mil.
It's not "hoarded" wealth, it's a value in the land that has to be sold in part to cover the inheritance tax. Selling off bits of land emasculates the farm productivity and gradually the whole country will no longer see family owned farms, it will be a few mega businesses with vast tracts of mono-culture and the UK's overall food security will disappear.
@@CatholicSatan Of course it's hoarder wealth.
Why do your lot think the rules don't apply to you?
Millionaires complaining about tax is nothing new. Sell up and make way for the next generation, you're done. And take your animal farming with you.
@@CatholicSatan Repeat after me - Tories are no longer in charge and I will not get tax breaks from working people.
@@CatholicSatan You're not special.
@@CatholicSatan So what?
I fully back the general principle of widest shoulders carry the load, but when I see these kinds of comments, I wonder how many have even seen a farm. I grew up very rural surrounded by farm-land. The farmers are working from 5am doing the feeds right up until late at night to bring the livestock in for the night. Any profit farmers make is usually invested in equipment to try and make their work a little easier. Vet bills alone for livestock is extortionate.
So please don't sit behind your keyboards comparing farmers to dodgy landlords just because one prize t*t decided to speak up for them. Stopped clocks and all that,
And others who have grown up in farming households/communities have said wealthy farmers provide themselves an artificially low wage to cut down on tax owed. If they can't afford to run a a viable business, do what other businesses do, sell up and let someone with the knowledge and ability to turn it round.
And sorry, what is the alternative? Back to austerity to hit the lowest paid and most vulnerable in society? No. Time yo taxes those who have access to millions and millions in assets. It's very hard to feel sympathy for these large wealthy farming estates whilst other who need 2-4 jobs just to pay rent on a crummy apartment are paying well over what they should.
@@rgxwrestlingmedia you don’t understand. Why should we pay for farmers to be able to pass on their property tax free? I didn’t get a pay rise for 14 years under the Tories. Now it’s the farmers’ turn
Non-farmers were responsible for 56 per cent of farmland purchases last year. Experts link this to financial advice that recommends the potential tax breaks of investing in farmland.
Forget the IHT - listen to what she is saying here, their farm makes no money. That's what's wrong with farming in the UK. There is no money in it so its an awful career choice.
The majority of farms like this will simply be sold at some point because most farms don't have someone that wants to inherit it. Though some will be undoubtedly 'caught out' by this change.
But its awful comms by Labour that they should have seen coming a mile off. In England the shift from EU subsidies has been bungled badly and farmers are often struggling. This is the wrong thing to add in at this moment. They should have taken a year and done it better.
did she say her son doesnt want t take it on?
'if he comes back'
soundslike he'd not get inheritance taxed but then sell?
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All of you hating on the farmers; would you rather that huge multinational industrial farming operations take over your land and sell you nothing but glyphosate drenched GMO frankenfoods for the rest of your short existences? Because that's what you seem to be begging for.
Small farms won't be effected. I want lots of small farming cooperatives please.
Having specific tax loopholes for farming is one sure fire way to attract those big corporations you mention.
@@edmurthwell we should tax these co-operations rather than regular farmers how about that? Will the king pay inheritance tax? How about we force these companies to cough up rather than Farmer Joe
@@zax1998LUWhat they don't mention is that many small farms are unproductive and set up by the wealthy as their little pet project
@@viewer.123 did I say we shouldn't do any of those things? As someone who would like to see this country as a republic I think it's funny that you make such ridiculous assumptions. Tell me which farmer will be affected by this, it's quite hard to be affected after death and this change could make farming less attractive to big corporations which could in turn make more small farms possible.
I live in a rural area and I know many farmers, the ones that own their own farms are minted! The tenant farmers however aren't but this doest affect them anyway! But i do know that their rich landowning landlords (duke and duchess ) have tried to get them to protest on their behalf!
Destroying family faming is NOT supporting farming.
The reason that farmland has gotten so expensive is because its exempt from tax and planning. This farm especially the fens are fucked environmentally. This change will make smaller farms more viable because atm the tax system encourages accumulation by the big estates and discourages selling. Look im happy to subudise production of food. But farmland is massively overvalued because of these incentives . She makes a good point about the county farms though. Its important that the councils stop selling those off andaybe even start buying this newly devalued farmland up.
Worzel gummidge is lucky Labour aren't going to back calculate all the special treatment and tax breaks of the last 14 years.
These people are destroying the environment, we owe them nothing other than our disrespect.
Sounds like the real problem is farmers not being paid enough to do the job. Not this whilst tax thing.
Wholesale propaganda. How about the thousands of pounds received in subsidies?? RPA payments have been dished out for years simply for owning land. There are many people wishing to become farmers. Very one sided in my opinion.
not enuf since brexit alas.
we do need t protect our food standards but 2 rejig of the tax t stop it being abused has t be good
I'm still amazed that anyone is inheriting farms rather than being gifted shares in a business that owns a farm.
This new inheritance tax impacts both family farms and family businesses.
Sloppy governance by Labour. Perhaps they can make an amendment to separate tax avoiders like Clarkson from the lady in the video based upon how recently they started farming? That can't be hard.
Also maybe make legislations to help farmers get fairer prices for their produce.
I appreciate that everyone will have to make sacrifices to make up for Tory asset stripping but this will be a one term government if Labour don't incorporate fairness into their reforms.
Why in the world would your kids want to farm if you’ve lost money every year for the last 35?
Isn't Jeremy Clarkson a multi-millionaire.
Yes
And a climate denier.
Nah - I don't buy it. Inheritance tax is a good thing, its time farmers pay their fair share again. Reminder this only applies to properties above £1m - not the everyday people.
Also, I get a lot of schadenfreude seeing as farmers in masses voted brexit. Welp, time for the leopards to eat their faces and I'm here for it.
You’re breaking my heart.
This is about IHT - if you are not able to pass on millions as you borrowed so much, what’s the problem?
Because its calculated based on assets not just cash. The infrastructure, land, equipment and even animals count as assets.
@@doctordeceit2839 yes, for IHT the farm will have an open market value on all the assets. If they are worth less than £3m between a couple on the second death there may be no IHT to pay.
They can pay the IHT over 10 years interest free.
It’s just a pressure group of what are in truth are rich people who have been used to passing on their wealth tax free for generations. Lots of people inside the M25 end up paying IHT on house values added to their other assets. They don’t go around in Chelsea tractors complaining they are poor, and pay IHT at 40%.
We all have to pay our bit.
@@doctordeceit2839 not a big outcry from ordinary folk that pension pots are now within the scope of IHT, Just farmers who have been able to pass down farms for 2 centuries without a bean in death duties.
How many of these farmers voted for Brexit? Own up now.
End animal agriculture. Reduce the labour, carbon footprint and cost of food. Nationalise land and put farming under control of a government organisation. Tackle the exploitation of the buyers.
Alright, Castro.
Perfectly put.
Rejoin the EU.
Aye mate, all the civil servants on their 4 day work week gonna farm our land? 😂
ok pol pot
Its about time farm owners are paying their inheritance taxes ... Just like all of us...
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I’m born and bred in the Lake District. Most of these “Farms” are camp sites, or full of camping pods. They overwhelmingly voted out of the EU. It’s time to pay the price, like everyone else has been.
Also, if 2 parents are handing down, it’s up to 3 million tax exemption. Therefore, small family farms are not affected, Jeremy Clarkson and his wealthy friends, however… my heart bleeds for him.
We need farmers. We don't need thieving corrupt politicians.
When overvaluing an asset backfires..... pay up, just like the rest of us.
Hyperbole much. I doubt the farm that makes no profit is going to hit the threshold.
I think that's the crux of the farmess arguement, they don't make any money. It's an emotional business not a rational one. Maybe in 5yrs time the consequence of this tax will be that people will have to pay rational prices for food. It's going to be quite expensive.
Farmers not paying any inheritance tax was only introduced by Thatcher in 1984, and how did farmers cope prior to 1984? The answer is very well, and farmers then were producing far more than the current 60% of home consumption!
If the value of farmland wasn't massively overinflated because of rich people buying it as a way to dodge taxes, a lot of farmers wouldn't be subject to IHT in the first place.. in the long run this should reduce the value of farmland, which would solve a lot of real farmers problems, and make it easier for new farmers to come into the industry.
It sounds like farmers like the idea of their land being worth millions, but don't want to pay tax on it.. they want to have their cake and eat it.
Ava wants a wealth tax. That’s farmers.
I thought the 20% rate inheritance tax was fair.
After listening to her story I now think it should be the full 40%.
This woman actually realized that she has access to a credit line for an obscene amount of money. This is something most people don't have.
Just pay your taxes ffs, farmers are all loaded
You know all farmers do you? If so do you ask for discount on a ball of wool??
no they are not, but many are.
im waiting t see the spacifics.
if it gets clarkson but not good farms
Do farmers never retire? If they hand over their assets to their children at least 7 years before they die, it doesn't count as inheritance and there is no tax to pay. She mentioned council farmland being sold for millions - was it farmers who bought it, or ultra-wealthy tax dodgers? Maybe discouraging tax avoidance would make more farmland available to actual farmers? I would imagine being exempt from tax does make you feel special, but does being asked to pay half the rate than the rest of us with a much higher allowance really make you feel so undervalued? This really seems to be massively blown out of proportion.
If you can't make a profit, then you are in the wrong business. Everyone has to pay tax.
Don’t ask farmers to pay their way for gods sake.
The Labour Government should support the farmers in much the same way as the Tory Government supported the Nurses. What was the argument? Any support might fuel inflation?
To be classed as a farm you must have 300 acres of land. At around £10K an acre, they aren't doing bad. The supermarkets are the biggest problem for farmers. Labour are putting £5 billion into farming, so they can be more productive. They get a £3M relief before paying anything.
Comments telling me no one here understands the situation the majority of farmers are in or don't want to.
Why should farmers be any different from anyone else in this country, and an inheritance tax at half the rate of everyone else. Maybe they should have thought about this before voting for Brexit, maybe? Farmers were warned and chose to ignore the warnings. Doesn't even kick in till the farm is worth at least £3 Million and they are given 10 years interest free to pay this tax. Out of the 270,000 farms in the UK this inheritance tax will affect less than 500 farms. Where was the outcry when income support was being cut, or disability benefits were cut both by the tories? And its not as if they have to pay this inheritance tax immediately - its an inheritance tax and will only affect very wealthy farmers/land owners anyway. I have absolutely no sympathy at all for these very rich tax avoiders.
millionaires complaining about tax
Millions in land assets does not equate to a savings account. Everything is done on multi-year credit schemes, and an operating profit of 0.25% is a good year in many cases.
@@danmayberry1185 Check your privilege boomer
@NeonVisual Right-wing nationalists repeat tropes from the echo chamber because they don't look beyond their own doorstep to see how the populist playbook works. I've had good innings, so my hope is pinned on future generations' ability to think for themselves. Otherwise, they'll use 15 year-old expressions to avoid the thinky pain of original thoughts.
@@NeonVisual You don't know the first thing about my circumstances. But that 15 year-old expression is a banger.
@@danmayberry1185 i would love to be able to pass on 1.5 mill worth of property free of tax
Should have got a proper job in 1989. The idea of small family farms is a myth.
1.5 percent of farmers will only pay half anyway.
Farming destroyed this land.
Look at where your food is produced.
Ruining the farming industry and their Inheritance tax aside Why are we still not taxing billionaires properly? Look further up..
This clearly doesn’t add up. It would appear the poorest in society are now farmers and landowners.I note this farmer lists many reasons as to why their plight has become worse. Not a mention of the self inflicted Brexit vote they clearly supported.
Are these the same Farmers that voted for Brexit, a move that harmed more than the inheritance tax change will?
Well if Farmers hadn’t voted overwhelmingly for Brexit…..
The majority of farmers bank offshore and don’t pay tax I. The UK. Rich landowners were given preferential tax status by the Tories which contributed to the current deficit. It’s time to lay up, maybe sell your £150,000 range rovers?
For the animals not the farmers🐮
What about other small businesses that are passed down through generations!? A restaurant? Engineering business? ANY other business? They have to pay inheritance tax and never had EU subsidies. This is just squealing to protect the special privileges farmers have enjoyed for decades
Should be 2-3 million pounds to cover small holdings and farms which produce and employ. No trusts or charities for the tax dodgers and billionaires!!
Increased welfare and livestock standards with zero import or export of live animals. Increase to welfare and standards are required across the board for all animals in the UK.
Putting everyone and everything at risk except the tax dodgers and billionaires.
You can't say you are being accountable if you are in debt, that is a oxymoron.
The fact that farmers would rather borrow money to buy new machinery than provide jobs in their local communities, probably needs addressing. And has more to do with their local bank managers ability to offset the return from taking their land at the forfeiture of their debt.
Unfortunately it would seem that farmers now have found a voice in Jeremy Clarkson, A man who has enough money to not understand the basics of it. I have not watched any of the Clarkson's farm programme's, but I'm sure that there is a very lack lustre idea to them. And any attempt to show the 'so-called' blight of farmers is offset above his own need to be a prat.
Has nobody advised them to stop drinking flat whites and eat less avocado on toast?
Why pass on the farm to your offspring when someone can scoop it up and offer them a possible farm manager role(minus rent).
This would not finish them as they would be dead.
I have huge sympathy for the plight of farmers - balanced with asking what the hell did they think would happen when brexit hit? EU subsidies have gone and theres now a massive cash shortfall that has to be made up....
If there's debts in the farm that goes against the value of the assets in the estate when looking at inheritance tax.
Brexit screwed farming, but the media are piling on Labour
Pay your taxes like everyone else !!
King Charles and other landowners must be quaking in their Barbour wellingtons
Why didn’t farmers get as angry with the Tory party as they are with Labour? Tories and Brexit stuffed farmers left, right, and centre. I appreciate this is not a great situation and I understand some of their arguments, but why should to not have to pay inheritance tax, and at half the standard rate?
This farmer doesn’t really answer the question when asked. I understand the importance of farming and food security but any other business would be closed and declared bankrupt. There does have to be a better solution to this but I’m not sure what it is.
And finally, to think that they are all parading Clarkson like he is a god and in it with them - him and people like him are the reason this is happening, but as per usual, the poorest people seem to be standing up for the rich. Crazy really. HE IS NOT ONE OF YOU!
If she is a tenant farmer as she said Inheritance tax will not apply as she doesn't actually own the land she works. Also if you are working that hard for little or no profit or indeed you are constantly in debt, why would you continue?
so we dont have a island full of battery farms
im all for subsidies for goo: food w high standards of lifefor animals but not farmers who wont change or learn t take care of the land or tax dodgers
Fancy that logic.
You leave a job as an engineer on about £50K - 70 k pa + paid holidays to become a farmer, forever in debt, earning less than min wage and having no hols ...oomph!!. v odd logic to that.
So they have been running a failing business for decades and now she expects sympathy? I do have some sympathy but not enough in regards to overturning the tax. Farms are important. Sure. But clearly some farming families have previously benefited hugely from an exemption, which is unfair and wrong.
I'm confused, if they have huge debt on the assets, then surely they will fall below the threshold?
The thumbnail planted this in my brain: "I'm something of a farmer myself"
Great audio as always guys, well done.
Im confused, if they have debt and assests, you inherit both. If you take on a 1m debt and a 1m asset, net is zero... feels like they need to speak to an accountant
Probably a dumb question, but couldnt they pass their farms on before they pass? (by 7 years) to avoid having to pay the tax, would keep it in the Family, and the people who got into farming to avoid tax wouldnt want to give their wealth away so willingly.
If you don't carry on - will you have sold the farm then? The asset is not going to disappear but you will benefit from it.
Actually seeing a non cancerous comment section for once
All the green agenda policies should be at least reviewed Cameron was so wrong on quite few of them...
Don’t believe a word she says. Let’s see the accounts for the farm instead of this “oh poor me”.
They're still getting preferential treatment, they are lucky.