The Labour Government

inbetween said:
I think it's already demonstrable though that the tax this raises is meaningless, more so if it's reduced further which it will be because nobody and certainly not the rich will just gladly pay it.

So is this now ideological or is it actually tangible and I'm missing something?

As mentioned, the max amount raised by this per year is the same as 2 days national debt repayments. It would pay for a whopping 0.27% increase in the NHS budget, hardly enough to buy a few rubber gloves in the public procurement world.

In the grand scheme of government I can't believe that anybody cared enough to look at it, except farmers obviously.
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Every little bit helps. Besides, the rest of us are not exempt, most countries do not exempt agricultural land and I see no issue with imposing this tax on wealthy landowners.

Most farms will not breach the threshold and if everyone else wants to suck rich man’s dick that’s down to them. I hear Dyson loves a good suck on his equipment :)
 
Ohrodneyrodney said:
Depends what “broadest shoulders” means. If it’s asset values yes, if it’s income generation then no. For any expenditure whether it’s capital equipment or tax payments you need income. Asset values do
not help you to cover expenditure. House equity does not help you to pay your bills, unless you borrow against it but then you need the income to pay back your borrowing.
Add up the land, house values, capital equipment of any farm and loads are caught up in this, with absolutely no chance of the tax being paid.
The govt will have no choice but to change this.
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How did farms cope before this tax was dropped by the Tories?

If you have a £3.5m farm, then selling £10k of land a year in order to inherit that business, seems a small price to pay. With the 20% rate, the £1m allowance *on top* of up to £2m that everyone else gets, and the decade to pay, farming is already being singled out as a special case. Every other inherited business is taxed more.

I don't think Labour will back down. As time passes, plenty of farmers will realise it won't affect them. They won't be competing with people who are only interested in avoiding tax. Farmers who genuinely want to pass it on to family will get advice, and realise it's not hugely complicated to do that long before they die.
 
It's the latest cause ramped up by the cunts on GBeebies/TalkTV and other 'media' outlets. Along with the non story RW journalist claiming she's been silenced from speaking the truth to attack the new "socialist" government who's "authoritarian" actions are "killing free speech" etc.

Some people have been told they have pay a bit more into the system after 14 years of being given everything by the Tories and they pick up their sticks and have a jolly good protest in the big city.
 
Churchlawtonblue said:
Well it's not Bob. Most people in business lease plant and vehicles. The payments are spread out making expensive things affordable. I can't believe you do not know this?
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To be fair to Bob, haven't we been told that all this equipment adds up, and is counted towards inheritance tax?

I've seen plenty of talk about £500k combine harvesters in the media and on here today. If they're leased, doesn't that mean a lot less farmers are likely to be hit with the tax at all?
 
bluenova said:
To be fair to Bob, haven't we been told that all this equipment adds up, and is counted towards inheritance tax?

I've seen plenty of talk about £500k combine harvesters in the media and on here today. If they're leased, doesn't that mean a lot less farmers are likely to be hit with the tax at all?
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True, some have said that and its clearly depends on the type of finance deal.
 
A decade or so ago, we were told that we were all in it together by Cameron, Osborne and the Lib-Dem shysters. We lived through years of Austerity to supposedly pay the National Debt down. Not only did it not pay a penny piece down, but the cuts disproportionately disadvantaged big cities and towns mainly in the North.
But it seems we weren't all in together at all. The Tories have always looked after their farmer friends, and happily they are now gone. Mots of the boo-hooing comes purely from self-interest, including the odious Jeremy Clarkson. The wheel has turned.
 
Churchlawtonblue said:
True, some have said that and its clearly depends on the type of finance deal.
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I don't think any of us are close to understanding the incomes of farmers, but it just all feels like there's a lot of spin going on.

The 'farmer' we're being asked to imagine is the humblest of family farmers, barely scraping by, and working till they drop dead. Far too normal, and living such a simple life, that they never would imagine having an accountant or lawyer, who would advise on passing on the business long before they die.

Yet, they also have above average sized farms, farmhouses worth a million pounds, and millions of pounds worth of equipment that is owned outright, and no mortgage or loans to offset.

Not sure the two match up, which is why I think the government are so adamant it's not going to affect huge numbers of farmers.
 
bluenova said:
I don't think any of us are close to understanding the incomes of farmers, but it just all feels like there's a lot of spin going on.

The 'farmer' we're being asked to imagine is the humblest of family farmers, barely scraping by, and working till they drop dead. Far too normal, and living such a simple life, that they never would imagine having an accountant or lawyer, who would advise on passing on the business long before they die.

Yet, they also have above average sized farms, farmhouses worth a million pounds, and millions of pounds worth of equipment that is owned outright, and no mortgage or loans to offset.

Not sure the two match up, which is why I think the government are so adamant it's not going to affect huge numbers of farmers.
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I suspect the real figure is somewhere inbetween.
 
Uncle Wally One Ball said:
I lost respect for farmers back during the foot and mouth outbreak which they milked and by deliberately spreading by selling barrels of infected cattle blood for lots of money on the black market between eachother in order to claim the govt money that was on offer for them
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Mate - sheep farms around here - there were restrictions on movement and it was common knowledge that farmers were buying/selling sheep and moving them in the dead of night. Far from every movement but a certain number did result in FnM outbreaks
 
BobKowalski said:
You mean the equipment is leased. How do they afford the monthly payments? What with them being so poor and all that. And does the lease allow for damages while *checks notes* driving through police barricades?

It all has a bit of a ‘Landed Gentry Go On a Jolly Protest’ vibe with Lord Farquaad leading the way.
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Yes it is - Like expensive SUV's and EV's are - however if its leased how is that included in payment of IHT?
 
Kirkstall Blue said:
Blue collar workers demand a pay increase they’re troublemakers they don’t deserve it but landed gentry protecting their £5 million plus inheritance well that’s okay for some.
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there will be people on here who have had a hip replacement after Labour settled the strikes and people who have enjoyed a few months regular commuting rather than a nightmare when Labour settled the rail disputes who will still moan about those settlements and don't want Clarkson to be taxed.
 
Brewster's millions said:
Funny how the blocking the ambulances argument gets a lot of mentions on here today, but not when the pro-Hamas rabble have been out polluting the streets every weekend for the past year.
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Whoosh...

The original post just reminded us of the length prison sentences for Just Stop Oil protestors who caused delays.
 
If they are using assets worth many millions of pounds to make no return, are they actually undertaking useful economic activity? I know that they think they do because they believe that they are producing food. I do not dispute this. What I am saying, however, is that if they believe that statement to be true but that it is not possible to make money as a result, then they should not be blaming the government for imposing a tax charge on the value of land, but should instead be asking the question as to who does make that return when it is obvious that there is a vast market for food in the UK, which must be exploiting them if they are not making money. Shouldn't they, in fact, be going to the government and saying. “Please help us make money?” rather than “Please stop taxing?” Aren't the farmers protesting, in other words, about exactly the wrong thing?

www.taxresearch.org.uk

Farmers protesting about inheritance tax have got their econonics and arguments wrong

The argument about farmers having to pay inheritance tax at half the normal rate on transfers of their property that they might make on death exceeding £2 million or more in value at that time is one that Labour does, most definitely, have to win. I do not make the arguments...
www.taxresearch.org.uk
 
Vic said:
If they are using assets worth many millions of pounds to make no return, are they actually undertaking useful economic activity? I know that they think they do because they believe that they are producing food. I do not dispute this. What I am saying, however, is that if they believe that statement to be true but that it is not possible to make money as a result, then they should not be blaming the government for imposing a tax charge on the value of land, but should instead be asking the question as to who does make that return when it is obvious that there is a vast market for food in the UK, which must be exploiting them if they are not making money. Shouldn't they, in fact, be going to the government and saying. “Please help us make money?” rather than “Please stop taxing?” Aren't the farmers protesting, in other words, about exactly the wrong thing?

www.taxresearch.org.uk

Farmers protesting about inheritance tax have got their econonics and arguments wrong

The argument about farmers having to pay inheritance tax at half the normal rate on transfers of their property that they might make on death exceeding £2 million or more in value at that time is one that Labour does, most definitely, have to win. I do not make the arguments...
www.taxresearch.org.uk
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I largely agree with the principle of this.
 
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