The Labour Government

[MCFC1993]

I bet there's a few Just Stop Oil prisoners serving 30 month jail sentences that are watching on with intrigue.

I've just seen 2 tractors drive through a barricade.

 

[Alan Harper's Tash]

I bet there's a few Just Stop Oil prisoners serving 30 month jail sentences that are watching on with intrigue.

I've just seen 2 tractors drive through a barricade.

They should be learning. Hire some tractors and paint them orange. Sure fire way for the public to support them.

 

[bluenova]

The governments own figures show return on investment (ie value of assets employed) at 0.5% so a farm with £1m worth of land provides a profit (after all costs, salaries etc) of £5k.

Link here https://www.gov.uk/government/stati...-statistics-notice#return-on-capital-employed

Now that’s quite technical so a better view is provided here https://rural.struttandparker.com/w...rable-profitability-forecasts_Winter23_24.pdf

Here we’re looking at around £250 profit per hectare planted - if the average farm is 80 hectares thats about £20k income the farmer has to live on (they won’t have housing costs or probity even utilities to pay out of that) but it’s not a kings ransom and if you have to start trying to pay a mortgage to cover IHT it’s not going to be viable.

Farmers aren’t wealthy nor are they on the arses - but they are a lot nearer being on their arses. I also get that it’s used as a tax fiddle by some - distinguish working farms is probably not easy either.

Technically, surely a lot are wealthy, if they're sitting on such valuable land?

But something has clearly gone wrong if farmland is so valuable, yet so economically unproductive.

If you were going to spend government money on improving the situation, do you really think removing IHT, making farmland the ultimate tax dodge, and driving up land value beyond it's farming value, was the right way to go in 1992?

 

[jacko74]

Inheritance for the richest farmers ? and look at the uproar.

Well its not necessarily only the very richest farmers, and if the aim was to stop rich people avoiding IHT then there were plenty of far better ways to do it.

That they chose to do it this way tells you a money grab isn't really the aim.

 

[jacko74]

Amazon and others paying more ni.

Those rules apply to all employers, from Amazon through to your local family owned corner shop... so hardly specifically targeting just the huge corporate entities.

 

[kaz7]

Poor rich farmers , can only leave three million to the kids, then they pay only 20% inh tax on the rest whilst the rest of us have to pay 40%

Stop whinging ffs , the rich hate paying tax , barely going to a affect any of them , it is only 4% of the population

 

[inbetween]

The governments own figures show return on investment (ie value of assets employed) at 0.5% so a farm with £1m worth of land provides a profit (after all costs, salaries etc) of £5k.

Link here https://www.gov.uk/government/stati...-statistics-notice#return-on-capital-employed

Now that’s quite technical so a better view is provided here https://rural.struttandparker.com/w...rable-profitability-forecasts_Winter23_24.pdf

Here we’re looking at around £250 profit per hectare planted - if the average farm is 80 hectares thats about £20k income the farmer has to live on (they won’t have housing costs or probity even utilities to pay out of that) but it’s not a kings ransom and if you have to start trying to pay a mortgage to cover IHT it’s not going to be viable.

Farmers aren’t wealthy nor are they on the arses - but they are a lot nearer being on their arses. I also get that it’s used as a tax fiddle by some - distinguish working farms is probably not easy either.

This is getting so many headlines but the reality is the tax it will raise is utterly irrelevant.

The amount that it will raise is worth around 3 days of annual national debt repayments.

People are talking as though it will help people to get more GP appointments and fix the NHS but it's completely laughable, it will do/change absolutely nothing.

They'll spend more on HS2 over the next few months then they will ever raise from inheritance tax on farmers.

 

[stonerblue]

Those rules apply to all employers, from Amazon through to your local family owned corner shop... so hardly specifically targeting just the huge corporate entities.

How many employees does the local, family owned corner shop have?

 

[bluenova]

Those rules apply to all employers, from Amazon through to your local family owned corner shop... so hardly specifically targeting just the huge corporate entities.

Most family owned corner shops will be paying the same, or less employers NI, surely?

The doubling of the employment allowance means small businesses, with a handful of employees, will pay less.

 

[Brewster's millions]

Well its not necessarily only the very richest farmers, and if the aim was to stop rich people avoiding IHT then there were plenty of far better ways to do it.

That they chose to do it this way tells you a money grab isn't really the aim.

It’s purely about class prejudice, throwing a bone to the left of the party.

You only have to look at the people on here defending it to see the motivation behind it.