Farmers on the march

[ReganAndCarter]

Although to be fair farmers on the whole voted for brexshit...

Even though the facts were out there that they would lose out!

Turkeys and Christmas?

Yes, I think they realised their mistake immediately. At least the ones who are honest about it. Same with fishermen. But then we all got screwed.

 

[ellal]

Yes, I think they realised their mistake immediately. At least the ones who are honest about it. Same with fishermen. But then we all got screwed.

Yep...

But there are still dishonest people out there (thankfully an ever dwindling bunch) who ignorantly believe it was a good 'result' yet still refuse to tell us what we have gained!

 

[fillyboy]

Yes, I think they realised their mistake immediately. At least the ones who are honest about it. Same with fishermen. But then we all got screwed.

Although not widely acknowledged, there have been benefits to UK fishing, whether that continues remains to be seen, potentially it's a giveaway for Starmer to ingratiate himself with the EU whilst sticking two fingers up to the USA.
Let's see which way he goes.

 

[ellal]

Although not widely acknowledged, there have been benefits to UK fishing, whether that continues remains to be seen, potentially it's a giveaway for Starmer to ingratiate himself with the EU whilst sticking two fingers up to the USA.
Let's see which way he goes.

More brexshiteer bullshit...

There have been no benefits to UK fishermen whatsoever...

The farmers got shafted in the same way...

Along with everyone in the UK!

 

[JohnD]

Farming is a special case

The pie industry is a special case. Surely you are not suggesting that multimillionaires with pie shops should received less handouts than multimillionaires with farms.

 

[Odds]

Here's a thought provoking idea.

Farmers who sell land should do so for house building.

Aye. Affordable housing for all those migrants seeking work in the UK.
A fine idea.

 

[motorbiking]

Good

If he is avoiding paying tax, what benefit is it being in the U.K.?


You don’t seem to realise that people like Dyson investing in farms to avoid tax is making farm land very expensive….resulting in farming being very expensive.

And more and more farmers having to pay inheritance tax due to the value of their farms. A Quick Look at the data suggests 25-30% of farms would have tax bills around half a million. That has to be paid within 10 years from a business that has around 50-60k profit per year.

Of course only a small minority would be effected each year, but they’d all have that burden sitting on them.

Who would want to be farmer.

Maybe now you understand why they are upset ?

 

[JohnD]

Maybe now you understand why they are upset ?

We are talking about tax handouts to multimillionaires.

Nobody likes having their handouts reduced.

Should the handout to a multimillionaire who owns a chain of pie shops be different to one who owns a stack of gold bars, some fields, a portfolio of shares, or a few boats?

Why?

 

[ajohn]

A Quick Look at the data suggests 25-30% of farms would have tax bills around half a million

C4 did the calc for single owner £2.2m farm. I should have made notes but one point is they finish with more than a £1m limit. Go to 2 and things change. The missing info as far as C4 is concerned is income and ability to pay. They don't argue with the numbers effected.

The gov say 500 a year will be checked. Others come up with different numbers. it's not clear where these come from other than changing per year to for ever. The valuations the gov use are based on actual data.

 

[Notch7]

Although not widely acknowledged, there have been benefits to UK fishing

no there has not

poor Filly still desperately spreading brexit propaganda and lies

Broken Promises​

A report published by the University of York in 2022 found that despite promises of radical reforms to help the industry ‘take back control’ of British waters and increased quota shares, the reality was far from that.

The Brexit deal that was signed gave EU vessels continued access to British waters, and increased new regulations and logistical hurdles, making exporting slower and more expensive. Fish is a product where freshness is key and many UK fisherman lost customers as a result.

The report found that small boat fishermen have seen few, if any benefits. Instead, there have been increased costs and challenges. Lead author of the York study, Dr Stewart, said:

“Many people in coastal communities who were pinning their hopes on post-Brexit reforms feel betrayed and this comes at a significant cost to their wellbeing and mental health.”

Former Brexit party MEP, June Mummery, despite campaigning for Brexit, has been very vocal about the damage done. She said in 2023:

“What fishing industry? We’ve completely lost it. The industry is practically gone and is on its last legs.”

For an industry where nine out of 10 people voted to Leave the EU, this has been a bitter pill to swallow.

Decreased exports​

The increased red tape, increased costs, and labour shortages in the processing section of the industry saw seafood exports fall from 452 thousand tonnes in 2019 to 330 thousand tonnes in 2022 according to government figures.

Loss of quotas​

Despite all the promises, British fishermen did not receive any immediate increase in the quantity of fish they were able to net in British waters. Instead, EU vessels would have their quota reduced by 25 per cent over five and a half years.

In foreign waters British fishermen gained increased quotas in species they didn’t want and very little increases in the fish they did.

Depending on the type of fish caught by each vessel, some vessels not only saw their quotas halve, but have also been forced to travel further north to catch those fish, increasing their time at sea with increased costs as a consequence. A new deal with Norway in 2023 is thought to have gone some way to alleviate these issues but not nearly far enough for many of the fishermen and women involved in the industry.

 

[Munroast]

And more and more farmers having to pay inheritance tax due to the value of their farms. A Quick Look at the data suggests 25-30% of farms would have tax bills around half a million. That has to be paid within 10 years from a business that has around 50-60k profit per year.

Of course only a small minority would be effected each year, but they’d all have that burden sitting on them.

Who would want to be farmer.

Maybe now you understand why they are upset ?

considering the ones around me, and I live in a very rural area - I would love to experience that sort of wealth, and to of had it all given to me untaxed by daddy.

the new IHT rules are still far too lenient, make it the same for everyone.

 

[Notch7]

And more and more farmers having to pay inheritance tax due to the value of their farms.

not true

A Quick Look at the data suggests 25-30% of farms would have tax bills around half a million.

funny how youve not provided the data

I guess its the same BS when you claimed a typical SE farm was 350 acres

Of course only a small minority would be effected each year

yeah the ones using farms as a means to avoid IHT


the IHT loophole has lead to an increase in demand for farm land leading to increased farm values..............making farming more expensive




Poor Motorbiking always grifting for millionaires

 

[JohnD]

A Quick Look at the data suggests 25-30% of farms would have tax bills around half a million.

Show us the calculation to support your assertion. What do you claim is the probate value of the 25-30% of farms you have in mind? Where did you find that number?

"From April 2026, inheritance tax relief for business and for agricultural assets will be capped at £1mn, with a new reduced rate of 20% being charged above that (rather than the standard inheritance tax rate of 40%). The tax would be payable in instalments over 10 years interest free."

So 20% tax totalling half a million means it was charged on £2,500,000

After £1 million tax free

And deducting the debts, loans and mortgages

So three and a half million net.

And possibly the family home allowance if the farmhouse is inherited by a descendant (very probable)

And this relates to farms where the deceased owner died before his retirement and succession plans took effect.

 

[Deleted member 317777]

Show us the calculation to support your assertion. What do you claim is the probate value of the 25-30% of farms you have in mind? Where did you find that number?

"From April 2026, inheritance tax relief for business and for agricultural assets will be capped at £1mn, with a new reduced rate of 20% being charged above that (rather than the standard inheritance tax rate of 40%). The tax would be payable in instalments over 10 years interest free."

So 20% tax totalling half a million means it was charged on £2,500,000

After £1 million tax free

And deducting the debts, loans and mortgages

So three and a half million net.

And possibly the family home allowance if the farmhouse is inherited by a descendant (very probable)

And this relates to farms where the deceased owner died before his retirement and succession plans took effect.

Whats your point ?

 

[motorbiking]

Poor notch asks a question, doesn’t like the answer. Poor JohnD doesn’t like being ignored when he’s trolling