Us farmers must take a stand against this and show we can’t be walked over, if this slides and nothing is done, what’s next? It’s our land it’s our culture we have the power to bring the country to its knees we have too!
@@jamesalexander8638 you wi t though will you. Because you know how good you've actually got it amd if you start trying to block RDC's or whatever the public won't take kind to millionaires causing trouble because they have to pay tax for once.
Thanks Olly and Martin, so important to talk about all this. This is potentially the biggest crisis facing farmers and food security, it will take some doing to get the message across but somehow we have to. We all need to pull together not have one criticising another like some I,ve seen. Unity, that’s essential
As a Farmers son who is not in farming, this is a worring time for me. I couldn't go shopping in Covid times because the lack of food on the shelves pushed my anxiety out the roof. This food uncertain that this budget is going to cause is now starting to rise my anxiety again. We need farmers and food.....yes farms are bigger now but they have to be because it's now a numbers game.
I feel your pain why this shower didn’t put vat on gambling it’s a luxury it does around 15 billion a year that would bring in a tidy sum instead of this unfair tax to farmers 😢
Could you get a national tv debate where the farmers are the audience asking the questions and on the stage Parliament members the answers to your questions im farmers son but working as a vehicle technician not enough money to employ another son in the family run farm ☹
Tax is immoral, what is it actually used for? Income tax was introduced, temporarily, to pay for the Napoleonic war! Of the thousands of taxes, what does the state actually do with them? We need a spreadsheet of all tax revenues. There’s going to be stratospheric waste propping up a bloated, inefficient “state”! And that will be the same for all countries… 🤬 Interesting video and keep happy. 👍 Best wishes, Colin.
great discussion on a lighter note can i be Martin adopted son 😁 worth 20% farming is a way of life and the passion as Martin and you Olly show is immense
Olly you said you need the scale to get the cost down which has reasonable logic machinery spread accross more acres etc. But has the scale brought more profit to the business? Its increased turnover, has it increased profit?
Where a number of MPs have said they don't see as food security as important as they can just import food with other people thinking the same such as like in Singapore that import 100% of their food but they seem to forget that because of that groceries in Singapore are 20% more expensive as brokers etc knows they have to buy it so charge more and that is neglecting the fact that it can end up causing more damage to the environment where you see more sourced from Brazil and Thailand where there are issues surrounding deforestation of rainforests even now if you go into Morrisons while a lot of their fresh meat is British if you look at the back of a lot of their ready meals or things like their chicken nuggets they are over 90% of the time sourced from Brazil and Thailand already
I do strongly believe the threshold should have been set at 3 million as is it looks like every farm over 75 acres will likely be affected, I am still deep in legal research mode, but at a cursory glance that’s what it looks like so far.
Hi Olly Martin, thank you for your help, to all out there all ways someone worse off, Spanish 200 passed away, look after yourself and your family s, in
A practical solution might be starting a fund which every farmer effected could contribute to that would then be used to ingage legal professionals to challange this law through the courts,,,a statutory act of parliament requires the consent of the governed to have the force of law is where id start,,if the social contract is the product of force that is symptomatic of a tyranny which has been unlawful since the time of magna carta......
It is “claimed” this tax was brought in to stop super rich buying land to avoid tax, but they could of done that through the “active farmer status” as even Dyson actually farms and develops farming practices, however for the family farm this tax is not sustainable or able to be funded through non existent profits, so what will happen is lawyers will get rich, actual family farms will be disincentivized, and pushed out of business, it’s the land they are after apart from the politics of envy
It will be interesting to see what the other political parties are thinking on this issue. Hopefully the Labour government will be gone at the next election and this crazy policy will be reversed.
I'm not from the farming community, but I definitely have sympathy here. As you say, £1 million isn't a great deal when you are talking about heavy machinery and land, and farming doesn't make a great deal of profit, if any. I feel like they are ignoring how important local food production is. £5 million seems fair. I don't mind farms worth more than that having to pay a bit. I would much rather them put a 50% tax on inheritance over say 50 million. To start getting these wealth hoarders under control, rather than them target family farms. The problem with Dyson is he is doing it specifically to avoid tax. Not saying it is bad for the industry, it is bad for the country though. Your argument for the double cab pick ups sort of proves their point. Their point is that you're using it for non business, so should be paying the tax. I believe it is 2027 when the UK carbon tax is coming into force. I have to deal with the EU version, it's called CBAM if you want to look at how it works. Basically, if any EU company buys a product from outside the EU which is produced using a more emission intensive process than it would be in the EU. The company will need to buy carbon credits to make up the difference in emissions. Trying to both reduce emissions and increase local purchasing. Have you started passing significant wealth to your children yet?
They are also bringing personal pensions into IHT so if you died with £500k in your pot and lots of people will have that , your allowance will be gone , so what’s the point of saving ?
As far as I believe if the farm is in con acre ie rented out for over 3 years then there is no inheritance tax . So why not create two farm Ltd companies and the owner in one company rent the farm to the son or daughter running the other company. The time limit only issue as not any help in short term for some I know but one avenue to look at
You’d be stuffed registering as a charity Ol’s profits from developing land or property purchases are taxed if you are a charity there are special VAT rules though. I left the NHS and requalified in law and I had had a real terms pay cut for over 10 years with the NHS, you have nursing staff having to swing by food banks, that is the reality and junior doctors have been on less than minimum wage but have tens of thousands in student loans to repay. It’s been horrific
What about the millionaires that are planting trees on arable land to gain green energy points. It's not tenants or company directors who pay but the actual landowners who pay.
Could you not make your farm a “farming corporation” and just take a wage as a director and assistant directors therefore no single person is responsible for inheritance in the event of a death
Gift all farm assets to a limited company in return for shares. Make sure that it is actively trading (which it is as a farm). Make use of Hold Over Relief when transferring all shares to your children 7 years before you die. No IHT or CGT ✅. As long as the child doesn't sell the farm there will be no CGT due to be paid. Am I correct?
@@martinwilliams9458 There is not taxation on holdover relief. CGT will only ever be paid if the shares in the farm LLC business is sold. As long as the shares are never sold there will be no gain realised and therefore no CGT liability.
There is no tax on Holdover, it is a tax relief to defer CGT, correct. As long as the shares in the farm LLC business are never sold by the individual that is gifted the shares, they will never realise a gain and therefore never see a CGT liability to pay.
I'm a farmer with a private pension and it's the same for me. The relief only applies to land and buildings in agricultural use, any investments and pensions the farmer has is taxed in the same way as everyone else.
I can’t understand why they didn’t just apply a wealth tax on all of those with in excess of 10 million, there has been so much support for it cross party, we can’t bury our heads in the sand and not pretend that the last 14 years hasn’t happened and the country hasn’t been run into the ground. Brexit was a catastrophe. There is an issue of finite resources, so purchasing land and agricultural machinery to evade tax and taking land out of circulation is no good. I hate it but I see some reasoning behind it. Assets don’t equate to disposable income and you have to really be able to trust the people you put assets in their names because once they are signed over, legally they have the ability to sell
Just be grateful you're only now paying 20% IHT on anything over £1 million while real working people have paid 40% IHT on anything over £325000 for years!
@avafw60 real working people are ordinary people who don't inherit millions of pounds in assets tax-free from daddy, so they have a ready-made business to run were they are instantly the boss. Also, real working people don't get benefits like subsidies and grants and have to earn their money through their own graft. Real working people also don't get paid to not do their jobs, like when farmers get paid from the government not to grow crops. The government doesn't pay real working people like brickies, not to lay bricks you see.
Us farmers must take a stand against this and show we can’t be walked over, if this slides and nothing is done, what’s next? It’s our land it’s our culture we have the power to bring the country to its knees we have too!
@@jamesalexander8638 you wi t though will you. Because you know how good you've actually got it amd if you start trying to block RDC's or whatever the public won't take kind to millionaires causing trouble because they have to pay tax for once.
@ who put 50p in the gobshite?
Thanks Olly and Martin, so important to talk about all this. This is potentially the biggest crisis facing farmers and food security, it will take some doing to get the message across but somehow we have to.
We all need to pull together not have one criticising another like some I,ve seen. Unity, that’s essential
Thanks Olly for your interesting life. Most people think farming and horticulture is easy, how wrong they are
As a Farmers son who is not in farming, this is a worring time for me. I couldn't go shopping in Covid times because the lack of food on the shelves pushed my anxiety out the roof. This food uncertain that this budget is going to cause is now starting to rise my anxiety again. We need farmers and food.....yes farms are bigger now but they have to be because it's now a numbers game.
It sunk into me straight away. I’m not a farmer but I’ve spent the last 10 years building a business that supplies farmers.
I feel your pain why this shower didn’t put vat on gambling it’s a luxury it does around 15 billion a year that would bring in a tidy sum instead of this unfair tax to farmers 😢
Could you get a national tv debate where the farmers are the audience asking the questions and on the stage Parliament members the answers to your questions im farmers son but working as a vehicle technician not enough money to employ another son in the family run farm ☹
Tax is immoral, what is it actually used for? Income tax was introduced, temporarily, to pay for the Napoleonic war! Of the thousands of taxes, what does the state actually do with them? We need a spreadsheet of all tax revenues. There’s going to be stratospheric waste propping up a bloated, inefficient “state”! And that will be the same for all countries… 🤬 Interesting video and keep happy. 👍 Best wishes, Colin.
great discussion on a lighter note can i be Martin adopted son 😁 worth 20% farming is a way of life and the passion as Martin and you Olly show is immense
Good chat interesting comment and thought, was in ag contracting no highway maintenance, enjoy your videos
Welsh farmer in Western Australia but still have family in south Wales, so watching intently
Olly you said you need the scale to get the cost down which has reasonable logic machinery spread accross more acres etc. But has the scale brought more profit to the business? Its increased turnover, has it increased profit?
Land prices in Northern Ireland are 20 thousand plus an acre so won’t take a big farm for a tax bill
Love the idea of Mr Musk turning off all the Teslas!
Where a number of MPs have said they don't see as food security as important as they can just import food with other people thinking the same such as like in Singapore that import 100% of their food but they seem to forget that because of that groceries in Singapore are 20% more expensive as brokers etc knows they have to buy it so charge more and that is neglecting the fact that it can end up causing more damage to the environment where you see more sourced from Brazil and Thailand where there are issues surrounding deforestation of rainforests even now if you go into Morrisons while a lot of their fresh meat is British if you look at the back of a lot of their ready meals or things like their chicken nuggets they are over 90% of the time sourced from Brazil and Thailand already
Farming is also the only industry that has no control over over the inputs or the sale prices and we pay freight both ways.
ONLY way to make a statement is to close the farm gate for 10 days between now and Jan 1st 2025.
I do strongly believe the threshold should have been set at 3 million as is it looks like every farm over 75 acres will likely be affected, I am still deep in legal research mode, but at a cursory glance that’s what it looks like so far.
Hi Olly Martin, thank you for your help, to all out there all ways someone worse off, Spanish 200 passed away, look after yourself and your family s, in
So sad they targeted Farmers and the sneaked in the double cab pickup tax. They expect you to buy two vehicles now.
It`s a paper valuation we are being taxed on.
Don’t forget about capital gains tax when selling land
Does inheritance tax apply to the royal family
MPs need to open the conversation and talk to farmers as you feed the Country and get little reward other than a good life
It's a disaster we need a revolution
You need to follow Michael Yon his ex military turned reporter and has been following the destruction of farming around the world.
Well done guys
A practical solution might be starting a fund which every farmer effected could contribute to that would then be used to ingage legal professionals to challange this law through the courts,,,a statutory act of parliament requires the consent of the governed to have the force of law is where id start,,if the social contract is the product of force that is symptomatic of a tyranny which has been unlawful since the time of magna carta......
It is “claimed” this tax was brought in to stop super rich buying land to avoid tax, but they could of done that through the “active farmer status” as even Dyson actually farms and develops farming practices, however for the family farm this tax is not sustainable or able to be funded through non existent profits, so what will happen is lawyers will get rich, actual family farms will be disincentivized, and pushed out of business, it’s the land they are after apart from the politics of envy
It will be interesting to see what the other political parties are thinking on this issue. Hopefully the Labour government will be gone at the next election and this crazy policy will be reversed.
I'm not from the farming community, but I definitely have sympathy here.
As you say, £1 million isn't a great deal when you are talking about heavy machinery and land, and farming doesn't make a great deal of profit, if any.
I feel like they are ignoring how important local food production is. £5 million seems fair. I don't mind farms worth more than that having to pay a bit. I would much rather them put a 50% tax on inheritance over say 50 million. To start getting these wealth hoarders under control, rather than them target family farms.
The problem with Dyson is he is doing it specifically to avoid tax. Not saying it is bad for the industry, it is bad for the country though.
Your argument for the double cab pick ups sort of proves their point. Their point is that you're using it for non business, so should be paying the tax.
I believe it is 2027 when the UK carbon tax is coming into force.
I have to deal with the EU version, it's called CBAM if you want to look at how it works. Basically, if any EU company buys a product from outside the EU which is produced using a more emission intensive process than it would be in the EU. The company will need to buy carbon credits to make up the difference in emissions.
Trying to both reduce emissions and increase local purchasing.
Have you started passing significant wealth to your children yet?
If you buy a farm today and die tomorrow, if 85% is mortgage, do you pay tax on the whole worth?
They are also bringing personal pensions into IHT so if you died with £500k in your pot and lots of people will have that , your allowance will be gone , so what’s the point of saving ?
What could we do at the NEC farm innovation show this week 6th and 7th November
As far as I believe if the farm is in con acre ie rented out for over 3 years then there is no inheritance tax . So why not create two farm Ltd companies and the owner in one company rent the farm to the son or daughter running the other company. The time limit only issue as not any help in short term for some I know but one avenue to look at
Can you please send me a link for Martin channel
What about everyone else who has to pay40% IHT🤔
What role has the disaster that is Brexit had to play in the income stream coming in to the exchequer?
Ye can all wear the shirts with farm around and find out at the protests
You’d be stuffed registering as a charity Ol’s profits from developing land or property
purchases are taxed if you are a charity there are special VAT rules though.
I left the NHS and requalified in law and I had had a real terms pay cut for over 10 years with the NHS, you have nursing staff having to swing by food banks, that is the reality and junior doctors have been on less than minimum wage but have tens of thousands in student loans to repay.
It’s been horrific
What about the millionaires that are planting trees on arable land to gain green energy points. It's not tenants or company directors who pay but the actual landowners who pay.
nigel farage .. he's your man
Sell the farm to next of kin for just under the 1 million pounds then gift adds the money back towards the cost
Supermarkets collectively make profits of approx 20 bn pounds, why not tax the these profits.
Grassmen covers it 100percent no farmers no food no future
Why dont the farmers go to the supermarket and give away free food and milk.
Could you not make your farm a “farming corporation” and just take a wage as a director and assistant directors therefore no single person is responsible for inheritance in the event of a death
Gift all farm assets to a limited company in return for shares. Make sure that it is actively trading (which it is as a farm). Make use of Hold Over Relief when transferring all shares to your children 7 years before you die. No IHT or CGT ✅. As long as the child doesn't sell the farm there will be no CGT due to be paid. Am I correct?
If using holdover the tax rate is fixed higher than the 20% but paid later...
@@martinwilliams9458yes but CGT will only ever be paid if the shares in the farm are sold. If these shares are never sold then CGT will never be paid
@@martinwilliams9458 There is not taxation on holdover relief. CGT will only ever be paid if the shares in the farm LLC business is sold. As long as the shares are never sold there will be no gain realised and therefore no CGT liability.
There is no tax on Holdover, it is a tax relief to defer CGT, correct. As long as the shares in the farm LLC business are never sold by the individual that is gifted the shares, they will never realise a gain and therefore never see a CGT liability to pay.
@oliverstevens851 indeed.
It is at a higher rate at point of sale than apr at time, based on values.
Olly,are you the same fella that said farmers shouldn't protest about prices they were getting for their produce earlier on in the year.
I am a far m worker with a private pension if I die they want 20% of it
I'm a farmer with a private pension and it's the same for me. The relief only applies to land and buildings in agricultural use, any investments and pensions the farmer has is taxed in the same way as everyone else.
Hi form ayrshire
I can’t understand why they didn’t just apply a wealth tax on all of those with in excess of 10 million, there has been so much support for it cross party, we can’t bury our heads in the sand and not pretend that the last 14 years hasn’t happened and the country hasn’t been run into the ground. Brexit was a catastrophe.
There is an issue of finite resources, so purchasing land and agricultural machinery to evade tax and taking land out of circulation is no good.
I hate it but I see some reasoning behind it.
Assets don’t equate to disposable income and you have to really be able to trust the people you put assets in their names because once they are signed over, legally they have the ability to sell
die in debt but worth 1m over that debt?
Has this anything to do with ye leaving Europe
Hi
I see you are both Conservative voters.
I didn't actually vote in the last election.
Personally, I didn't feel any side was worthy to govern.
It seems, I was proved correctly.
Just be grateful you're only now paying 20% IHT on anything over £1 million while real working people have paid 40% IHT on anything over £325000 for years!
What do you eat?
@tomvalentine9985 I eat food, like every other human on earth.
@joey10-49 ah right. Was wondering if you were a 'real working person'
Real working people !!!
What do you think farmers are ??
Farmings not a 9-5 job you know!!!
@avafw60 real working people are ordinary people who don't inherit millions of pounds in assets tax-free from daddy, so they have a ready-made business to run were they are instantly the boss. Also, real working people don't get benefits like subsidies and grants and have to earn their money through their own graft. Real working people also don't get paid to not do their jobs, like when farmers get paid from the government not to grow crops. The government doesn't pay real working people like brickies, not to lay bricks you see.
Hi