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[News] Farmers



A

abc

Well-known member
Jan 6, 2007
1,390
Herr Tubthumper said:
Why, in your opinion, not?
Click to expand...

My understanding is that IHT will apply to farmland in Ltd cos too. But even if I am wrong, for smaller family farms becoming a Ltd co adds a lot of costs and complications for businesses that are already making small profits. Another issue is that a farmhouse in a company would be subject to CGT. They often cannot be separated from the land in the eyes of the HMRC.

It is certainly not straightforward and I guess if it was, then there would be no reason for farmers to demonstrate or any point in the gov changing the rules in the first place!

Ps im not an accountant so please correct any of my statements that are wrong!
 




S

Springal

Well-known member
Feb 12, 2005
24,785
GOSBTS
Just a reminder as well last year the major supermarket chains made over £4bn of profit between them as well
 




beorhthelm

beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
36,024
Bodian said:
Because that's the reality.
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in some cases, maybe. if you applied similar to the authors suggested level you'd end up at £6m or something higher. in either case, seems inflating potential relief from £1m to £3m is just to avoid the principle.
 
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B

Bodian

Well-known member
May 3, 2012
14,274
Cumbria
Eh? Isn't this rather defeating their argument? The argument is that farmers cannot afford the IHT and it will make them all bankrupt - because they are struggling financially already. Yet the accusation is that Labour are targeting 'wealthy landowners'.....

1732044916687.png
 




vegster

vegster

Sanity Clause
May 5, 2008
28,273
Its taken a while but, it seems the right wing media has found a good opportunity to bash the government here using farmers. The facts are that few will be affected and even then they are paying only a small amount over ten years, interest free.. even BBC Verify have said this is so. at least we have all forgotten about Michelle Mone and the Teesside Freeport scandals along with all the others.
 


K

Kinky Gerbil

Im The Scatman
NSC Patron
Jul 16, 2003
58,792
hassocks
Springal said:
Just a reminder as well last year the major supermarket chains made over £4bn of profit between them as well
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May have misheard the report earlier, but I think someone said tescos profits are around 3 percent, so the margin is fairly small

Sainsburys only made 137 million after tax, how much will be wiped out with increases NI/wage etc?


Only had one ear on it, so may have misheard
 






BrightonCottager

BrightonCottager

Well-known member
Sep 30, 2013
2,770
Brighton
Springal said:
We’re all to blame anyway for giving all our money to supermarkets.

Last year I discovered I can go to Trenchmore Farm near Cowfold, pay the same price /kg for a roasting joint of Sussex beef of significantly better quality as Sainsbury’s will charge you as one example.

Pork seems a bit more tricky, I try to use a local tenant farmer but his bacon is £5 a pack which is a lot more than supermarket but significantly better quality.

Chicken is pretty difficult as well given the terrible conditions we accept for cheap supermarket chicken

But we are all lazy and want the convenience of a supermarket and don’t really care about farmers, unless the media tells us to be
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Mrs BC buys organic lamb directly from a farm near Sheffield Park for £9 or £10 / kg which she says is far superior to anything available in the shops here. And I'm happy because it keeps her away from 'Butcher Boy' in Barfields (which @Brovion will be pleased to hear).
 




WATFORD zero

WATFORD zero

Well-known member
NSC Patron
Jul 10, 2003
27,778
PILTDOWN MAN said:
Many of which are not viable.

Many are owned by people with other jobs and are hobby farmers
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But the simple facts are

WATFORD zero said:
64% of farms in the UK are under 100 acres (50% under 50 acres).
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So you're telling us that 'professional' farmers are dying on their arse, whilst claiming over 50 % of the farmers in Britain who do it for a living are actually hobbyists who are running businesses that aren't viable (I thought there was a law against that) ???

It's almost like getting Jeremy Clarkson and Andrew Lloyd Webber to explain the case for Multi millionaire farmers to be the exception when they pass on their businesses to their children :facepalm:
 
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drew

drew

Drew
NSC Patron
Oct 3, 2006
23,629
Burgess Hill
Not sure if there have been any comments on this but why can't the farmers 'gift' the farm to their children and, providing they don't die within 7 years, it won't be subject to IHT? Also, take out life insurance for the next 7 years to cover IHT if you die within that period!
 


WATFORD zero

WATFORD zero

Well-known member
NSC Patron
Jul 10, 2003
27,778
abc said:
My understanding is that IHT will apply to farmland in Ltd cos too. But even if I am wrong, for smaller family farms becoming a Ltd co adds a lot of costs and complications for businesses that are already making small profits. Another issue is that a farmhouse in a company would be subject to CGT. They often cannot be separated from the land in the eyes of the HMRC.

It is certainly not straightforward and I guess if it was, then there would be no reason for farmers to demonstrate or any point in the gov changing the rules in the first place!

Ps im not an accountant so please correct any of my statements that are wrong!
Click to expand...

The moment you have a limited company with shareholders, the rules are completely and utterly different, on account of the fact a 'ltd company' and 'a family' are not the same. It's what the vast majority of 'family owned' businesses do.

That's where you are completely wrong. Sorry :shrug:
 


WATFORD zero

WATFORD zero

Well-known member
NSC Patron
Jul 10, 2003
27,778
drew said:
Not sure if there have been any comments on this but why can't the farmers 'gift' the farm to their children and, providing they don't die within 7 years, it won't be subject to IHT? Also, take out life insurance for the next 7 years to cover IHT if you die within that period!
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What, like normal people 😲
 




Harry Wilson's tackle

Harry Wilson's tackle

Harry Wilson's Tackle
NSC Patron
Oct 8, 2003
56,179
Faversham
abc said:
Many countries around the world have massively lower production costs than the uk (no idea specifically about Chile) due to everything from wages, legislation and land costs to environmental and welfare standards. Furthermore, most countries subsidise their farmers, we no longer do in the Uk (except for payments to grow wild flowers not food).

By all means, close down our farms and buy in everything from abroad. You may find you have some very empty shelves in the supermarket.
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I don't want to close the farms.

I'd rather see massive tariffs on absurdly imported cheap food from miles away.
 
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ManOfSussex

ManOfSussex

We wunt be druv
Apr 11, 2016
15,174
Rape of Hastings, Sussex
drew said:
Not sure if there have been any comments on this but why can't the farmers 'gift' the farm to their children and, providing they don't die within 7 years, it won't be subject to IHT? Also, take out life insurance for the next 7 years to cover IHT if you die within that period!
Click to expand...
Because they make pigs smoke and give beefburgers to swans.
 


A

abc

Well-known member
Jan 6, 2007
1,390
WATFORD zero said:
The moment you have a limited company with shareholders, the rules are completely and utterly different, on account of the fact a 'ltd company' and 'a family' are not the same. It's what the vast majority of 'family owned' businesses do.

That's where you are completely wrong. Sorry :shrug:
Click to expand...

Fair enough, I am now better informed!
 




A1X

A1X

Well-known member
NSC Patron
Sep 1, 2017
20,558
Deepest, darkest Sussex
 


PILTDOWN MAN

PILTDOWN MAN

Well-known member
NSC Patron
Sep 15, 2004
19,635
Hurst Green
WATFORD zero said:
But the simple facts are



So you're telling us that 'professional' farmers are dying on their arse, whilst claiming over 50 % of the farmers in Britain who do it for a living are actually hobbyists who are running businesses that aren't viable (I thought there was a law against that) ???

It's almost like getting Jeremy Clarkson and Andrew Lloyd Webber to explain the case for Multi millionaire farmers to be the exception when they pass on their businesses to their children :facepalm:
Click to expand...
You do realise the classification of a farm includes non producing ones with horses on? Many smallholdings with farm in their name are no more than large gardens with big pets.
 


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