Farmers Could Be Arrested.

[nicebloke1]

If they take their tractors to the rally in central London this Monday. Yep so they should be, upsetting peoples working lives and destorying trade.

[Hymie]

The PE article does explain how farms that would otherwise pay a few hundred thousand in tax could minimise the liability – such an option would not work for those super rich with farmland worth > £5 million.

[tommy39]

but reeves is already doing that,"upsetting peoples working lives and destorying trade."

[nicebloke1]

16.55. No one has really looked at the in's and outs of it. It was just seen as a great excuse to have a dig at the government.

[newmodarmy]

^ on both sides.

And it makes a change for people to look for an excuse to have a go at the government... never happened before Keir took over as PM?

[fripfrip]

Atheist 13:55,why don't they work in their own country?

[Old_Geezer]

It would still be interesting to understand what hoops need to be jumped through to make everything all right after all.

 

Does anyone know a link to a summary ?

[New Judge]

“The PE article does explain how farms that would otherwise pay a few hundred thousand in tax could minimise the liability”

No it doesn’t. It explains how they might meet that liability, not how they might minimise it.

We’ll leave aside your flippancy in describing that liability as “a few hundred thousand” as if it was £4.50. Most farmers do not have a few hundred thousand lying about ready to pay the taxman when  family member dies. Their money is usually tied up in plant and land.

It relies on an example constructed by NFU Mutual (the insurance arm of the National Farmers’ Union) where a farmer dies leaving a 300 acre farm valued at £4m, resulting in an IHT bill of £340,000.

Firstly, I don’t know how they arrive at that figure but let’s leave that to one side. The article goes on to say that the £340k bill, which can be spread over ten years interest free, whilst being “inconvenient”, is not an insoluble financial burden.

It suggest that any  tenant farmer would be more than happy to pay  rent of £34k per annum for a 300 acre farm, especially as it would cease to be payable after ten years. It doesn't mention why the cost of renting farmland is used to illustrate the size of a taxbill. Nor does it mention whether any such farmer would be happy to pay rent – even for a limited period -  to use a farm he already owns.

If that is not acceptable, there is a plan B which provides an “even easier” way to meet the tax demand. The heir to the farm could simply sell off 34 acres of it . Dead easy – assuming he can sell  such a relatively small package. Of course that would leave him with only 88% of the farm (with consequent loss of capacity and income). It will also saddle him with a neighbour – possibly one of the rich toffs whom The Chancellor insists are the only ones who will be affected by this scheme - on the other 12% and he may not operate in the farmer’s best interests.

Other than suggesting the farmer dies before April 2026, when the new tax kicks in, “Bio-Waste Spreader” has no suggestions for limiting the liability to pay the new tax and in fact seems to suggest it is entirely reasonable that a family has to sell  part of their farm to be allowed to continue working the rest of it.

[Togo]

//The heir to the farm could simply sell off 34 acres of it .//

They could sell it to the travelling community   ...   the plot could be right next to the most troublesome "neighbour" or maybe an MP, perhaps adjacent to a "government or council building. That would focus the focus groupies. Of course plod would like nothing better than arresting a few farmers then they could take away their shotgun licences. Starmer is very aware that they are the only group of people who could defend themselves when push comes to shove and they don't want that. We were disarmed many moons ago and shamefully let it happen to us.  

[david small]

Theft impure and not simple. I've been at the sharp end of the inheritance tax swindle and it was devastating.

[gulliver1]

The British Farmers did lose their marbles when they were radicalised by BJTDH and voted for Brexit and now they have lost their lucrative  subsidy from the EU, It's called shooting one self in both feet,,Suckers..

[newmodarmy]

^Another stupid post. Not the poster of course, just his post (again)

[gulliver1]

NJ 17.23 "Most Farmers do not have a few hundred thousand lying about ready to pay the taxman when family members die"   Niether does Joe Bloggs the average working man . But he has to find it.

[ToraToraTora]

18:56 I think you are wrong it's both.

[newmodarmy]

Gulliver (TDH)- can you give an example of an average working man who has to pay IHT?

And do you not see the difference between (a) passing on a family business/farmland to sons and daughters and (b) getting left a wad of cash, maybe a house you don't live in and some jewellery you can sell?

[ToraToraTora]

NMA you were right at 18:56. I have never encountered a person so dim. It's not to do with agreement or not but just the sheer stone wall thickness that is impenatrable and cannot be resoned with. I have many a debate and with people who are diametrically opposed to many of my views but we can at least reason with each other. You get none of that with this poster.

[gulliver1]

TTT @ 19.05 As TGL ..The Ghastly Lady Said ..When the insults start flying.  That person has not one single iota of a political argument left in their tiny little brain.🤣🤣🤣🤣😎 Got it!.

[ToraToraTora]

19:05.....and he's the smart one!

[gulliver1]

TTT @ 19.05. And you wanted to be a mod . Those two Brain surgeons  both  looking into your ears at the same time and seeing each other has put the mockers on that one sunshine.