Mr Farmer here makes the point really well at the end. Wealthy folk who buy a small farm avoid the inheritance tax, while generational farmers who need scale to run the farm as a business get hit by it...
@@chy4919 its not that though, hes 'pissed' because there was no warning on the rug pull, they followed the Agricultural Property Relief (APR), they didn't need to use the 7 year rule, then the goal posts changed.
He is misinformed about the inheritance tax though. It's 3 million when the tax starts, not 1 million. So 200,000 to be paid back over ten years. 20,000 per year. The way he describes his business suggests he makes enough to pay 20,000 per year.
I still don't understand why farmers think they should get special treatment and not pay the taxes the rest of us do while taking every subsidy they can. How much do they want from us?
A plight they brought on themselves. 14 years of tories brought a collapse in exports, loss of subsidies and cheap imports from across the world.why werent they on the streets then
Why? I personally will be subject to it. If vast amounts of wealth are passed on and on, it ensures that select groups of people remain in very privileged positions through birth. The next generations should be prepared to build their own wealth and not just rely on family money and assets being passed down to them.
@rafrick OK so using farmers as an example. We are talking generational knowledge passed down through the years. They'd know when to sow seeds and when to harvest and they know how best to be good custodians of the countryside. A multi national company will create inferior food should the knowledgeable farmer be replaced. I want to work hard and leave a legacy for my son. What's wrong with that?
Cut all tax avoidance schemes, offshore tax havens and other gimmicks that only benefit the rich. It is the rich and powerful who have manipulated the tax system in this country to their benefit. They screamed businesses would collapse when the minimum wage was introduced, they didn’t. Why are Amazon and other multinational companies allowed to do business in this country without paying their fair share of taxes.
I really don't see why landowners, which includes farmers, should receive preferential tax treatment. Inheritance tax should apply to all CONSISTENTLY. There are better ways to subsidise farmers if that's necessary. Subsidising ALL landowners, including billionaires, as a way of compensating food farmers for low profits doesn't make sense. So I'd support the government in raising the rate of taxation to the same level as everyone else - but suggest the government reviews the profitability for farmers. The British Farming sector has lost the farm subsidies the EU provided - so perhaps that's where their real problems lies.
I completley agree, However id first make farming profitable and then tax them. An obvious fix would be for govt to stop importing food that can been grown, or got, here in the UK.
I don't see why the government should have an inheritance tax in the first place. Why should my son have to pay when he inherits my property? I've already paid stamp duty on it. These governments spend money without care or caution and then the lower and middle class suffer as a result.
Because we have given all the bargaining power to super markets and stock exchanges so that farmers receive a pittance compared to the consumer price. They don't have the money to pay the bill after they inherit the farm and therefore will have to sell to big farming companies/ investors
it's incredible how anyone can seriously hold this view. Farmers have paper wealth but they're otherwise earning adverage to low incomes. They don't have workplace pensions, sick leave, holiday pay etc. They're custodians of land that we all benefit from. If we didn't have farmers in the second world war, we would have starved. We had no way to import food at the beginning of the war. Taxing people out of farming will mean future generations will sell their farmland and move into the city. Farmland will get turned into other assets such as housing or wind farms. If we need to restart food production again, we cant. Farmers are highly skilled/ experienced over a lifetime and farmland doesn't just appear out of thin area when its needed. Food security is the single most important reason to ensure farmers are protected from IHT. All Labour need to do is heighten the threshold to a reasonable level.
Two main points here, Inheritance tax shouldn't be a thing. By christ we all get taxed enough as it is. And secondly, the last people on earth who should be heavily taxed is farmers.... they already run a very tight ship and the entire nations food supply relies on them being able to operate. Why is this even a discussion? How about we take a closer look at the cost of housing illegal immigrants, somewhere between 10-20 billion pounds a year. Give over
If your main point is "by Christ we all get taxed enough" to argue against inheritance tax your just repeating the taxpayers alliance lines (and they represent the worst and very rich people)
Could the migrants not be housed on tax subsidised farms? Farmers need to earn their tax privileges and not assume that the rest of us should fund their lifestyles.
If they always intend to pass the farm down to the next generation then it must be straightforward to pass it on well ahead of the 7 year time threshold.
but the best financial advise prior to the budget was to pass it over on death ..........now suddenly all has changed and people who the government never meant to be hit by this tax are going to be affected by this sudden change
😂 this whole inheritance tax has become a utter joke 🤣 let just tax the poor and yeah then send the money aboard to fight other nations wars make senses doesn't it 😮
Ukraine to my understanding does not import its food even during war time. What is the excuse by British farmers for the fact that UK has to import almost half of its food during peace time despite subsidies and tax breaks given to British farmers.
I agree. Everyone else is subject to inheritance tax. If I inherit my parents home and can't afford it I lose it. It is my responsibility and also partly my parents to make sure I can afford it. Why can't they just get life insurances? Surely that is a far more cheaper contingency? Most of us take it out when we have something we want to protect so they should do the same.
Rich people always seem to have so much power when it comes to paying their taxes. It's fine for ordinary working people who are not asset or cash rich to bear the biggest tax burden for 70 years due to the tories. As soon as wealthier people find themselves paying the taxes then we all have to cry for them. Greed is a truly vile thing.
Very deeply engrained in Britain as landowners didn't pay a penny in taxes until reforms in the 19th century. Most rich people find exemptions just for being rich. Any asset which appreciates in value should be taxed from shares to property.
Land price has gone up exponentially precisely because people who have no interest in farming can buy it to avoid inheritance tax. First make FARMING profitable and THEN add the inheritance tax back to close the loophole.
2024 has been an interesting year for the farmers in Europe. It seems most countries sending arms to Ukraine have had a peasants revolt with tractor fetishist clogging up capitals. At this point they're practically foreign agents, whether knowingly or not.
@davem4131 not quite. My assumption would be that they're an easy target for political turmoil. A largely out of touch sub section by virtue of being rural and having no interest in the things that make cities run, this coupled with the importance of farming in general creates the potential for an uneducated mob that people will listen to. In Poland the farmer riots were over grain just passing through their country but they had been convinced it was being dumped in Poland and lowering their returns on their crop. It wasn't, but when it led to train derailments the government had to take action.
@ I think this is the UK government pointing fingers and creating targets. Most farmers live very simple lives and own land to then pass it on to family and don’t make much money at all. Everyone is complaining about energy prices and would rather be cold than pay the extortionate energy prices as we outsource it and then buy it in. Now food. Dangerous move.
They must be to be able to pay 50 staff. Won't leave much to invest in the future! Or any to pay inheritance tax either. The government should only tax personal income above a reasonable limit.
This man kills his own argument when he say he Grandfather bought land at £30/acre, his father bought land at £60/acre and that his land is now worth £10.000/acre. They have accumulated £Millions in wealth and not paid a h'penny tax on it. This country is sick and tired of the greedy rich who don't want to pay their fair share of Tax to run our social state. Their greed means the people at the bottom are paying ever more tax !!!
It's not the farmers fault that the land prices have risen so rapidly, it's the Government's fault. It's to try and put off the wealthy investors who are the ones manipulating the land prices to avoid this tax. The Govt says there are only about 500 farms where this tax would apply. Can they list them and publish an annual list so the others don't have to worry. The 500 concerned would not bring in much in the scheme of things anyway.
Farmers are running a business, but want to be treated differently then other businesses. The don't have to pay the full amount of tax, the farm can be given 7 years before death, if they are in their 80s they should have given it over years ago.
A farmer up the road to me is selling, well trying to sell just over 5 acres as potential development land - he wants £1M per acre!!!!!!!!!!!!!!!!!!!!! PER ACRE!!! ( we are in Devon )
@@jjefferyworboys8138 Yes WITH PP - this is just a parcel of land on the edge of the city. It is being advertised as having 'potential to build a development of luxury houses subject to relevant planning consents' - that implies to me it DOESN'T have any PP, not even outline as things stand otherwise it would have been stated in the blurb, wouldn't it??..
He employs 50+ people so he's essentially an SME, likely to be a limited company and wants tax fiddles to continue... He's not poor just not organised and enjoying the trappings.. Also the factory he's got for meat processing isn't really farming it's the rearing of the animals... I think he knows most of us don't understand how it works but a few do... They aren't a special case and need to pay their fare dues.. the party is over whilst the Tories are out of power...
@@kalicom2937🤣🤣It’s hilarious how many people are having a meltdown over rich people having to pay tax that they themselves have no choice in paying, simps and serf come to mind .
This farmer claims he has a small farm worth 3 to 4 million, but can't pay IHT. Are taxes only for the poor who work all their life and never amass 3 to 4 million?
He's not amassed 3 - 4 million. The land has not changed. Market forces have sent land prices up. Totally out of the farmers control. He's between a rock and a hard place. Never has there been such an unfair tax on hard working people. Its being done to find land upon which to build 1.5 million homes.
@DavidEllis-p9z i believe the split is similar to the general public voting 52-53%. However, the reality is that as all those who voted to remain are having to lay in the brexit bed they didn't make, the farmers will have to as well.
The £3m number is spin from the government. It easily falls down outside of a model set of circumstances. The government have no clue about the realities of farms; how they're structured, asset values, how they operate, yet discount the value they contribute, and made this decision away in a dark room having made no effort to consult anyone in the industry. It's an ideology-driven policy to try to catch out the super-rich. but with no balance or nuance, and will decimate the industry in its wake.
Up until I heard this bloke speak I been pro this legislation. But this guy’s correct, they need a period of grace to get their tax house in order. If people think that they could just sell some of their land to pay the tax bill they need to consider that it won’t be purchased for farming as at £10’000 an acre it’s not viable. Do we want to produce our own food or not? This is the question we need to ask.
Farmers lying about their wealth is here in Germany exactly the same. They cry all the time about their little income and then drove off in a new Mercedes G-Waggon, while all the true work on their farms is done by contractors and a bunch of asset-less real minimum wage staff.
He finally made a valide point towards the end of the interview regarding none farmers buying land, such as Clarkson Strutt & Parker's Farmland Database shows that non-farmers bought more than half of the farms and estates sold on the open market in England in 2023, with farmers accounting for the lowest level of transactions on record. Meanwhile, non-farmer buyers - who are a mix of private and institutional investors and lifestyle buyers - accounted for 56% of sales, and because they also tend to buy larger farms, they bought a larger area of land than farmers too. Private investors were involved in 28% of transactions, institutional investors in 13% - a rise of 10% on 2022 levels - and lifestyle buyers in 16%.
£1.5 million allowance for a single person, £3 million allowance for a couple so lying from the outset both the farmer and the reporter. Btw also half the rate everyone else has to pay and 10 years interest free to pay iht.
Everyone else is not a farmer...farmers should pay inheritance tax on their house like all others ...unless they don't own their houses by having a council house or being a tenant.
They don't need to die simultaneously, it can be years apart so any unspent allowance from the first parent can be taken into account when the second parent dies.
IF THEY NEVER REALISE THEIR MILLIONS AS IT IS THE LAND AND BUILDINGS THAT THEY PASS ON AND THE FARMING NEEDS THE LAND AND BUILDINGS IT IS NEVER A REALISED ASSET MERELY A FARMING INVESTMENT
No they didn't, they're retards that don't know how to negotiate with super markets, voted against their own EU subsidies and now are pretending to be poor to avoid paying tax.
The 462 figure from HMRC refers to ONE tax year, so the figure on average will be the same for each Tax Year. The farmers are talking about the overall number of farmers that will be affected in their lifetime.
Google John Deere tractors ... cost £200,000 .... why can't a hard up farmer sell his brand new tractor and use a 2nd hand one (like so many of us do with our cars !? ). The brand new tractors are one of their many yearly tax dodges (tax deductible business expense)... they don't NEED a new one every year. 🤔
Ideally there should be an exemption for anyone whose farm has been through at least 2 generations or more. That way, the decent ordinary farmers are ok while the likes of James Dyson would get charged.
Farming land is for farming and not a tax dodge! This has artificially inflated land prices and keeps most farmers as tenants! If the same land was with 1 million or 10 million is it producing food for the nation? Well done Labour
Govt NOT hitting everyone ... only those who have a fortune over £3 MILLION to pass on ... built using years of EU subsidies which they voted against. Also years of tax dodging by buying brand new (tex deductible) tractors and equipment as often as they can to hide their yearly profits (advised by the accountants they can afford to pay). Farmers work hard but they are not poor. Other people work hard and ARE poor AND pay their taxes fairly. Clarkson is the epitomy.. pretend-TV-farmer who admits he bought a farm because it was easier to dodge taxes !!😐
1 house and 1 million? House is excluded. 3 million with a partner. Very level headed and clear said one commenter…..as level headed as voting for Brexit!
Under the old system. If I won £6mil on the lottery and use that to buy a lovely £6mil home, which I then use to run a business from, inheritance tax will be due when I die. If I won £6mil on the lottery and use that to buy £6mil worth of farm land, which I then use to run a business from, inheritance tax wont be due when I die. That is why it was changed and rightly so. The only people upset are those who will now finally have to pay their fair share. Tax avoidance is finally being abolished.
Farmers lying about their wealth is here in Germany exactly the same. They cry all the time about their little income and then drove off in a new Mercedes G-Waggon, while all the true work on their farms is done by contractors and a bunch of asset-less real minimum wage staff.
Tractor tax that is a laugh .farmers pay no road tax on their massive tractors,Bet your life the tractors at the demo had red fuel in the tanks,why weren't the fuel inspectors at the demo testing the fuel of the tractors? J.J.
Whatever the differing political arguments, it's utterly bizarre that an Island economy would impose a tax regime that has the potential to undermine food security, nature & landscape protection, and their agricultural industries confidence to invest in the innovation necessary to meet the needs of society going forward. Relying on imported food carries huge amounts of risk and leaves consumer prices impacted by everything from exchange rates, tariffs, global markets, low standard production, climate change and even war (e.g. the war in Ukraine had a huge impact on grain prices).
I dont understand why the different treatment from anyone else. The family home - the family business. It levels farmers and gives 10 years on zero interest to pay.
When it is kept in the family for farming there should be no inheritance tax. If they sold some of their farming land to help keep their farm going than that can be taxed.
They've had it good for decades, many many decades. They all voted Brexit and then got upset because the government wouldn't give them the subsidies that they previously got from the EU. Tough we're all in this together, except the farmers are ok up to £3million and as for Jeremy Clarkson and his tax break farm, tough.😄
Fergus the farmer has plenty of options to avoid paying inheritance tax. He should speak to his business accountant. He could pass the farm business on to family and as long as he lives 7 years after the transfer his dependants are fine. He could set up a trust quite cheaply and or take out insurance to ease paying the tax. Farmers coped with this tax up until 1984 when Margaret Thatcher thought her friends in the countryside should be spared paying their fair share.
7 years is just the start of an upper class retirement, fit as a fiddle and eating proper quality food all their lives. An unaffordable dream for many of the rest of us in this country.
We can say that with any profession: No nurses - no healthcare No teachers - no education They'd still have to pay inheritance tax, so I don't really get your point
Why should farmers be exempt? I just don’t get it. Its like they think they have some god given right to own land. Like they are above the law. If they dont earn enough to live the job should be more profitable to give them a better income. What do they earn anyway?
This policy is going to jeopardise our food supply. Farmers basically are in debt most of their lives. When the farmers have to sell small bits of their farms to raise the money for the tax (the 10 years to pay off that debt is not interest free, i.e. look what has happened to student loans), they will sell a piece of their land. To get the best value for that land, will mean it will be sold to developers. Over the generations, the farm will become smaller and smaller & eventually no longer viable as a farm. In fact, I would not be surprised if the farms that are sold now will be sold to developers who will hold onto the land until they can afford to build on it OR it's development value will go up.
This is so sad. At some point, the British are going to have to stampede their own government buildings and tear down this their enemy. It's getting too bad. Have they already hit the point of no return?
The trouble is, the very rich farmers have managed to convince these new tax changes will affect all farmers when it won't. It will only affect the rich wealthy landowners who dodge paying their fair share of taxes. The low IQ gullible farmers marching in support of rich land owning tax dodgers. Clarkson is banking on the public and the normal farmers falling for this BS. Clarkson admitted in 2021 that he only bought his land to avoid paying inheritance tax. He's a rich maggot. As for farm machinery and livestock, those are not included despite these rich people saying so. Most are offset against tax etc.
I’m not sure that getting Jeremy “I only bought the farm to avoid inheritance tax” Clarkson, and multi millionaire farmer ( ?? ) Andrew Lloyd Webber to shout about taxing 4% of very rich farmers is a good idea.
Great example if hitting the wrong people and not secession planning advice has now failed due the this budget. Why did the BBC only talk to the likes of clarkson and loyd Webber. No proper farmer interviews from them
Small mistake in his numbers: It wouldn't be £3m, it would be £2.5, so it would be £500k instead of £600k. He'd have to sell 50 acres of his 400 to pay for it. That sounds like a lot....
I suspect Labour / chancellor never mean't this to be a thing but completely missed / overlooked it, in there UK economy model. Problem is now if they change it for farmers, then everyone else will come forward wanting it changed for them. Rich people like Jeremy Clarkson have been buying farms to purposely avoid paying tax, so the old system was a way of tax dodging.
945% of farmers are affected. Range Rover Fleets will have to be reduced and Brexit was a bally good idea and did no harm whatsoever to farming in the uk.
Seems to me the government has to hit one group and another, and it won’t ever solve the problem. The problem is we are not working effectively and not producing enough of what people want, at a good enough quality. Labour should be looking at where things actually are done well and to good quality, with decent service, and caring. Study that, and see if government can help more of that good stuff to happen. Meanwhile, make sure tax money goes where people are happy for it to go. By the way, farmers in general are a group who work hard and honestly, and do us a great service. So don’t punish them!
I find it hard to sympathise with farmers as someone who relies on the oil and gas industry for income. The government is obliterating the industry I work in and there are no multi million pound assets for me to sell when I am out of a job. Its the same for other industries like the steel industry which are being cancelled because of the climate change cult.
Very good interview, it appears as if the government might talk to the farmers, not like our Canadian government that refused to talk and froze their bank accounts.
It difficult for me to express sympathy for these millionaires farmers who don't really care unless it's their pocket's being emptied... Small famers deserved the help, rich "farmer" should start doing some actual farm work, rather then complain about how they're the only ones paying tax because they're worth 12.8 million pounds jesus
This is probably the best interview I have seen. Very level-headed and clear on the issues.
Dude has politician energy
She tried a gotcha moment and he didn't bite..
Mr Farmer here makes the point really well at the end.
Wealthy folk who buy a small farm avoid the inheritance tax, while generational farmers who need scale to run the farm as a business get hit by it...
Yep they would be better served by an incremental reduction in the limit to dissuade tax dodgers and drive down the value of farmland.
He's more pissed his accountant wasn't given enough time to figure out how to tax dodge.
@@chy4919 its not that though, hes 'pissed' because there was no warning on the rug pull, they followed the Agricultural Property Relief (APR), they didn't need to use the 7 year rule, then the goal posts changed.
He is misinformed about the inheritance tax though.
It's 3 million when the tax starts, not 1 million.
So 200,000 to be paid back over ten years.
20,000 per year.
The way he describes his business suggests he makes enough to pay 20,000 per year.
I still don't understand why farmers think they should get special treatment and not pay the taxes the rest of us do while taking every subsidy they can. How much do they want from us?
It blows my mind how ignorant people are of the farmer's plight. They really have no clue.
A plight they brought on themselves. 14 years of tories brought a collapse in exports, loss of subsidies and cheap imports from across the world.why werent they on the streets then
Multi millionaires need to pay more taxes end of
Poor in cash but millionaire by asset.
They can be cash poor because we all over Europe pay their bills through subsidies.
@@seijakarjalainen not correct ....no subsidies means dearer food or no country food reliance ...remember the last war ?
@@seijakarjalainen Errr, UK is not part of the EU anymore and our farmers do not get EU subsidies under the CAP.
@@seijakarjalainen English farmers don't get any subsidies, that stopped when we left the EU.
i wish i could have a little bit land for veggie patch
I disagree with inheritance tax full stop no matter what the circumstances are of a person.
Why? I personally will be subject to it. If vast amounts of wealth are passed on and on, it ensures that select groups of people remain in very privileged positions through birth. The next generations should be prepared to build their own wealth and not just rely on family money and assets being passed down to them.
@rafrick OK so using farmers as an example. We are talking generational knowledge passed down through the years. They'd know when to sow seeds and when to harvest and they know how best to be good custodians of the countryside.
A multi national company will create inferior food should the knowledgeable farmer be replaced.
I want to work hard and leave a legacy for my son. What's wrong with that?
Cut all tax avoidance schemes, offshore tax havens and other gimmicks that only benefit the rich. It is the rich and powerful who have manipulated the tax system in this country to their benefit. They screamed businesses would collapse when the minimum wage was introduced, they didn’t. Why are Amazon and other multinational companies allowed to do business in this country without paying their fair share of taxes.
This chap is correct on every point except when he said that the government went into this with good intentions 😮
I really don't see why landowners, which includes farmers, should receive preferential tax treatment. Inheritance tax should apply to all CONSISTENTLY.
There are better ways to subsidise farmers if that's necessary. Subsidising ALL landowners, including billionaires, as a way of compensating food farmers for low profits doesn't make sense.
So I'd support the government in raising the rate of taxation to the same level as everyone else - but suggest the government reviews the profitability for farmers. The British Farming sector has lost the farm subsidies the EU provided - so perhaps that's where their real problems lies.
I completley agree, However id first make farming profitable and then tax them. An obvious fix would be for govt to stop importing food that can been grown, or got, here in the UK.
I don't see why the government should have an inheritance tax in the first place. Why should my son have to pay when he inherits my property? I've already paid stamp duty on it. These governments spend money without care or caution and then the lower and middle class suffer as a result.
Because they grow our food.
Because we have given all the bargaining power to super markets and stock exchanges so that farmers receive a pittance compared to the consumer price. They don't have the money to pay the bill after they inherit the farm and therefore will have to sell to big farming companies/ investors
it's incredible how anyone can seriously hold this view. Farmers have paper wealth but they're otherwise earning adverage to low incomes. They don't have workplace pensions, sick leave, holiday pay etc. They're custodians of land that we all benefit from. If we didn't have farmers in the second world war, we would have starved. We had no way to import food at the beginning of the war. Taxing people out of farming will mean future generations will sell their farmland and move into the city. Farmland will get turned into other assets such as housing or wind farms. If we need to restart food production again, we cant. Farmers are highly skilled/ experienced over a lifetime and farmland doesn't just appear out of thin area when its needed. Food security is the single most important reason to ensure farmers are protected from IHT. All Labour need to do is heighten the threshold to a reasonable level.
Two main points here, Inheritance tax shouldn't be a thing. By christ we all get taxed enough as it is. And secondly, the last people on earth who should be heavily taxed is farmers.... they already run a very tight ship and the entire nations food supply relies on them being able to operate. Why is this even a discussion? How about we take a closer look at the cost of housing illegal immigrants, somewhere between 10-20 billion pounds a year. Give over
If your main point is "by Christ we all get taxed enough" to argue against inheritance tax your just repeating the taxpayers alliance lines (and they represent the worst and very rich people)
Could the migrants not be housed on tax subsidised farms? Farmers need to earn their tax privileges and not assume that the rest of us should fund their lifestyles.
If they always intend to pass the farm down to the next generation then it must be straightforward to pass it on well ahead of the 7 year time threshold.
but the best financial advise prior to the budget was to pass it over on death ..........now suddenly all has changed and people who the government never meant to be hit by this tax are going to be affected by this sudden change
😂 this whole inheritance tax has become a utter joke 🤣 let just tax the poor and yeah then send the money aboard to fight other nations wars make senses doesn't it 😮
Ukraine to my understanding does not import its food even during war time. What is the excuse by British farmers for the fact that UK has to import almost half of its food during peace time despite subsidies and tax breaks given to British farmers.
@@seijakarjalainenthe 'excuse' is consumer choice and lack of produce in the UK that consumers want
@@seijakarjalainen _ Bananas don't grow very well in the UK.
I agree. Everyone else is subject to inheritance tax. If I inherit my parents home and can't afford it I lose it. It is my responsibility and also partly my parents to make sure I can afford it. Why can't they just get life insurances? Surely that is a far more cheaper contingency? Most of us take it out when we have something we want to protect so they should do the same.
Don't forget the endless stream of illegal migrants. £8 billion a year to keep the asylum con going
Rich people always seem to have so much power when it comes to paying their taxes. It's fine for ordinary working people who are not asset or cash rich to bear the biggest tax burden for 70 years due to the tories.
As soon as wealthier people find themselves paying the taxes then we all have to cry for them.
Greed is a truly vile thing.
well said
The biggest tax burden in many generations, has been brought about by the Labour Party, not the Tories - get your 'facts' right !
Exactly
So is Envy.
Very deeply engrained in Britain as landowners didn't pay a penny in taxes until reforms in the 19th century. Most rich people find exemptions just for being rich. Any asset which appreciates in value should be taxed from shares to property.
Land price has gone up exponentially precisely because people who have no interest in farming can buy it to avoid inheritance tax. First make FARMING profitable and THEN add the inheritance tax back to close the loophole.
Dont be fcking dumb. its gone up exponentially because England is absolutely PACKED like sardines, and STILL letting the animals in by the millions.
How about abolish the tax, tax was already paid on the property in several different ways. Why does tax have to layered on top over and over and over.
Voted Brexit just like the Fishing industry leaving a 50 billion black hole in tax revenue but want very one else to pay.
Brilliant guy very very well explained……! ❤❤
If I got to pay tax ,why can’t farmers pay tax .
Wasn’t it only recently the French farmers were protesting. All eerily similar and the agenda is the EU……sorry WEF
2024 has been an interesting year for the farmers in Europe. It seems most countries sending arms to Ukraine have had a peasants revolt with tractor fetishist clogging up capitals. At this point they're practically foreign agents, whether knowingly or not.
@ so your are implying farmers are revolting against the war
@davem4131 not quite. My assumption would be that they're an easy target for political turmoil. A largely out of touch sub section by virtue of being rural and having no interest in the things that make cities run, this coupled with the importance of farming in general creates the potential for an uneducated mob that people will listen to. In Poland the farmer riots were over grain just passing through their country but they had been convinced it was being dumped in Poland and lowering their returns on their crop. It wasn't, but when it led to train derailments the government had to take action.
@ I think this is the UK government pointing fingers and creating targets. Most farmers live very simple lives and own land to then pass it on to family and don’t make much money at all. Everyone is complaining about energy prices and would rather be cold than pay the extortionate energy prices as we outsource it and then buy it in. Now food. Dangerous move.
Increase inheritance tax for the wealthy.
Can we get this guy to run the country? What a legend!
If he employs 50 folks, are they coining it in?
They must be to be able to pay 50 staff. Won't leave much to invest in the future!
Or any to pay inheritance tax either. The government should only tax personal income above a reasonable limit.
This man kills his own argument when he say he Grandfather bought land at £30/acre, his father bought land at £60/acre and that his land is now worth £10.000/acre. They have accumulated £Millions in wealth and not paid a h'penny tax on it. This country is sick and tired of the greedy rich who don't want to pay their fair share of Tax to run our social state. Their greed means the people at the bottom are paying ever more tax !!!
I think the point is they don't sell it they farm it. Which probably contributes to the cheap food we eat.
food prices will have to increase. on account of this ........the money has to come from somewhere ......... you cannot have it both ways
It's not the farmers fault that the land prices have risen so rapidly, it's the Government's fault. It's to try and put off the wealthy investors who are the ones manipulating the land prices to avoid this tax. The Govt says there are only about 500 farms where this tax would apply. Can they list them and publish an annual list so the others don't have to worry. The 500 concerned would not bring in much in the scheme of things anyway.
Farmers are running a business, but want to be treated differently then other businesses. The don't have to pay the full amount of tax, the farm can be given 7 years before death, if they are in their 80s they should have given it over years ago.
The biggest issue here is the price per acre going from 60 pounds to 10,000 on just 2 generations. Theres something terribly wrong with this set up
This, and it's not the farmers that have done it
A farmer up the road to me is selling, well trying to sell just over 5 acres as potential development land - he wants £1M per acre!!!!!!!!!!!!!!!!!!!!! PER ACRE!!! ( we are in Devon )
@@maxthelab8457 Land with planning permission is worth between 30 and 100 plus times more than agricultural land.
@@jjefferyworboys8138 Yes WITH PP - this is just a parcel of land on the edge of the city. It is being advertised as having 'potential to build a development of luxury houses subject to relevant planning consents' - that implies to me it DOESN'T have any PP, not even outline as things stand otherwise it would have been stated in the blurb, wouldn't it??..
Listen to the farmers!
He employs 50+ people so he's essentially an SME, likely to be a limited company and wants tax fiddles to continue... He's not poor just not organised and enjoying the trappings.. Also the factory he's got for meat processing isn't really farming it's the rearing of the animals... I think he knows most of us don't understand how it works but a few do... They aren't a special case and need to pay their fare dues.. the party is over whilst the Tories are out of power...
Here we have a Conservative businessman trying to avoid paying tax. Suck it up Sir.
Oh boy, the level of ignorance is shocking. But Kier Starmer relies on that, doesn't he?
It’s pure greed . They would be happy to see the taxes piled onto income tax to pay for their greed as well
@@kalicom2937🤣🤣It’s hilarious how many people are having a meltdown over rich people having to pay tax that they themselves have no choice in paying, simps and serf come to mind .
@@lythallsI completely agree. This guy is just annoyed that he's having to fork over money instead of buying himself another holiday home.
This farmer claims he has a small farm worth 3 to 4 million, but can't pay IHT.
Are taxes only for the poor who work all their life and never amass 3 to 4 million?
That's not 3 to 4 million in the bank!! Merely assets, ie land, equipment etc.
He's not amassed 3 - 4 million. The land has not changed. Market forces have sent land prices up. Totally out of the farmers control.
He's between a rock and a hard place. Never has there been such an unfair tax on hard working people.
Its being done to find land upon which to build 1.5 million homes.
Keeping them happy doesn't just help them it means we won't get food increase of price and so on. But the shops will use this to increase price
How many farmers voted Labour? 😂
They voted for Brexit and they have left our country in a mess.
None
none, they never do, they voted for brexit as well lol
@@chy4919where’s the proof of this comment…other than hearsay of course?
@DavidEllis-p9z i believe the split is similar to the general public voting 52-53%. However, the reality is that as all those who voted to remain are having to lay in the brexit bed they didn't make, the farmers will have to as well.
given how they reported Amsterdam last week can we trust this report this week
😂
Why does everyone keep taking about a £1m limit? It’s a £3m limit for a married couple.
By misrepresenting the amount they hope to gain more support.
The £3m number is spin from the government. It easily falls down outside of a model set of circumstances. The government have no clue about the realities of farms; how they're structured, asset values, how they operate, yet discount the value they contribute, and made this decision away in a dark room having made no effort to consult anyone in the industry. It's an ideology-driven policy to try to catch out the super-rich. but with no balance or nuance, and will decimate the industry in its wake.
Up until I heard this bloke speak I been pro this legislation. But this guy’s correct, they need a period of grace to get their tax house in order. If people think that they could just sell some of their land to pay the tax bill they need to consider that it won’t be purchased for farming as at £10’000 an acre it’s not viable. Do we want to produce our own food or not? This is the question we need to ask.
Pay your taxes like everyone else… we all want to pass things to the next generation. Poor millionaires my heart bleeds.
No such thing as a poor millionaire
Your too thick to understand
No farmer is working for less than minimum wage 😂😂😂😂😂😂😂
Farmers lying about their wealth is here in Germany exactly the same. They cry all the time about their little income and then drove off in a new Mercedes G-Waggon, while all the true work on their farms is done by contractors and a bunch of asset-less real minimum wage staff.
A lot of farmers around me will be earning less than minimum wage and ironically they are all using food banks.
He finally made a valide point towards the end of the interview regarding none farmers buying land, such as Clarkson
Strutt & Parker's Farmland Database shows that non-farmers bought more than half of the farms and estates sold on the open market in England in 2023, with farmers accounting for the lowest level of transactions on record.
Meanwhile, non-farmer buyers - who are a mix of private and institutional investors and lifestyle buyers - accounted for 56% of sales, and because they also tend to buy larger farms, they bought a larger area of land than farmers too.
Private investors were involved in 28% of transactions, institutional investors in 13% - a rise of 10% on 2022 levels - and lifestyle buyers in 16%.
Of course they meant to. Government must seek to reduce taxes, not increase it and find more ways to take more
2TKier should be paying tax on his free gifts. That will fill any black hole!
Still keeping up that family tradition of never thinking I see.
20% VAT on £107,145 since 2019 = £21,429. That is £4,285.8 a year. Don't see how that fills a £22bn black hole...
£1.5 million allowance for a single person, £3 million allowance for a couple so lying from the outset both the farmer and the reporter. Btw also half the rate everyone else has to pay and 10 years interest free to pay iht.
Everyone else is not a farmer...farmers should pay inheritance tax on their house like all others ...unless they don't own their houses by having a council house or being a tenant.
How exactly does that work? 1.5m for single person or 3m for a couple. Unless they die simultaneously
They don't need to die simultaneously, it can be years apart so any unspent allowance from the first parent can be taken into account when the second parent dies.
IF THEY NEVER REALISE THEIR MILLIONS
AS IT IS THE LAND AND BUILDINGS THAT THEY PASS ON
AND THE FARMING NEEDS THE LAND AND BUILDINGS
IT IS NEVER A REALISED ASSET
MERELY A FARMING INVESTMENT
The Farmers have made the Uk 🇬🇧 proud 😊 again 😊
No they didn't, they're retards that don't know how to negotiate with super markets, voted against their own EU subsidies and now are pretending to be poor to avoid paying tax.
Not crying for a millionaire, pay your tax
The 462 figure from HMRC refers to ONE tax year, so the figure on average will be the same for each Tax Year. The farmers are talking about the overall number of farmers that will be affected in their lifetime.
Google John Deere tractors ... cost £200,000 .... why can't a hard up farmer sell his brand new tractor and use a 2nd hand one (like so many of us do with our cars !? ). The brand new tractors are one of their many yearly tax dodges (tax deductible business expense)... they don't NEED a new one every year. 🤔
Keep your food.
Ideally there should be an exemption for anyone whose farm has been through at least 2 generations or more. That way, the decent ordinary farmers are ok while the likes of James Dyson would get charged.
Eff these greedy cee's, it's about time they pay their way!
Farming land is for farming and not a tax dodge! This has artificially inflated land prices and keeps most farmers as tenants! If the same land was with 1 million or 10 million is it producing food for the nation? Well done Labour
It really is easy to say "working farms avoid it" and then it would get big land owners to work the land and make us more productive....
Govt NOT hitting everyone ... only those who have a fortune over £3 MILLION to pass on ... built using years of EU subsidies which they voted against. Also years of tax dodging by buying brand new (tex deductible) tractors and equipment as often as they can to hide their yearly profits (advised by the accountants they can afford to pay). Farmers work hard but they are not poor. Other people work hard and ARE poor AND pay their taxes fairly. Clarkson is the epitomy.. pretend-TV-farmer who admits he bought a farm because it was easier to dodge taxes !!😐
1 house and 1 million? House is excluded. 3 million with a partner.
Very level headed and clear said one commenter…..as level headed as voting for Brexit!
Under the old system.
If I won £6mil on the lottery and use that to buy a lovely £6mil home, which I then use to run a business from, inheritance tax will be due when I die.
If I won £6mil on the lottery and use that to buy £6mil worth of farm land, which I then use to run a business from, inheritance tax wont be due when I die.
That is why it was changed and rightly so. The only people upset are those who will now finally have to pay their fair share. Tax avoidance is finally being abolished.
farmers have passed farms like this for years and avoided taxes for years, passing on 7 years before can be seen as a tax dodging anyway.
Tax evasion .
About time farmers paid his employers don't get to leave a legacy like that
Clarkson has damaged farming more than BSE
Literally the opposite
@oatdilemma6395 Clarkson is a wolf in sheeps clothing, he has already served farmers for dinner.
Its not about farmers (workers) its about land owners, if a farmer owns land and property so be it. NOBODY can take money to the grave.
Farmers lying about their wealth is here in Germany exactly the same. They cry all the time about their little income and then drove off in a new Mercedes G-Waggon, while all the true work on their farms is done by contractors and a bunch of asset-less real minimum wage staff.
Tractor tax that is a laugh .farmers pay no road tax on their massive tractors,Bet your life the tractors at the demo had red fuel in the tanks,why weren't the fuel inspectors at the demo testing the fuel of the tractors? J.J.
Whatever the differing political arguments, it's utterly bizarre that an Island economy would impose a tax regime that has the potential to undermine food security, nature & landscape protection, and their agricultural industries confidence to invest in the innovation necessary to meet the needs of society going forward. Relying on imported food carries huge amounts of risk and leaves consumer prices impacted by everything from exchange rates, tariffs, global markets, low standard production, climate change and even war (e.g. the war in Ukraine had a huge impact on grain prices).
If he argues that the number given by HMRC is wrong, doesn't that mean that land-owners have been misreporting their assets?
Need Jacob Mogg to share his tax avoidence advice
I dont understand why the different treatment from anyone else. The family home - the family business. It levels farmers and gives 10 years on zero interest to pay.
When it is kept in the family for farming there should be no inheritance tax. If they sold some of their farming land to help keep their farm going than that can be taxed.
Three generations of subsidy is hardly something to shout about.
No idea have you.@@BLAHBLAH-ov8mt
@@BLAHBLAH-ov8mt what about all the cheap pork that this farm produced over this time ........nobody talks about that
They've had it good for decades, many many decades. They all voted Brexit and then got upset because the government wouldn't give them the subsidies that they previously got from the EU. Tough we're all in this together, except the farmers are ok up to £3million and as for Jeremy Clarkson and his tax break farm, tough.😄
No way this guy will only get £1m exemption. It's £1m per person, so £2m if he has a spouse. Then there's business property relief.
Oh..they meant to alright
That's the plan. Don't be fooled with incompetence..
Fergus the farmer has plenty of options to avoid paying inheritance tax. He should speak to his business accountant. He could pass the farm business on to family and as long as he lives 7 years after the transfer his dependants are fine. He could set up a trust quite cheaply and or take out insurance to ease paying the tax. Farmers coped with this tax up until 1984 when Margaret Thatcher thought her friends in the countryside should be spared paying their fair share.
7 years is just the start of an upper class retirement, fit as a fiddle and eating proper quality food all their lives.
An unaffordable dream for many of the rest of us in this country.
@@MIEJ4 food will only get more expensive ......the money to pay this tax will have to come from somewhere
NO FARMERS NO FOOD
We can say that with any profession:
No nurses - no healthcare
No teachers - no education
They'd still have to pay inheritance tax, so I don't really get your point
Millionaire landowners cosplaying as farmers moaning that they have to finally pay taxes. Smallest violin ever. 🎻
Why should farmers be exempt? I just don’t get it.
Its like they think they have some god given right to own land. Like they are above the law.
If they dont earn enough to live the job should be more profitable to give them a better income.
What do they earn anyway?
Supermarkets dictate prices to farmers so in many cases they can't increase prices. They need land to produce food!
This policy is going to jeopardise our food supply. Farmers basically are in debt most of their lives. When the farmers have to sell small bits of their farms to raise the money for the tax (the 10 years to pay off that debt is not interest free, i.e. look what has happened to student loans), they will sell a piece of their land. To get the best value for that land, will mean it will be sold to developers. Over the generations, the farm will become smaller and smaller & eventually no longer viable as a farm. In fact, I would not be surprised if the farms that are sold now will be sold to developers who will hold onto the land until they can afford to build on it OR it's development value will go up.
This is so sad. At some point, the British are going to have to stampede their own government buildings and tear down this their enemy. It's getting too bad. Have they already hit the point of no return?
The trouble is, the very rich farmers have managed to convince these new tax changes will affect all farmers when it won't. It will only affect the rich wealthy landowners who dodge paying their fair share of taxes. The low IQ gullible farmers marching in support of rich land owning tax dodgers. Clarkson is banking on the public and the normal farmers falling for this BS. Clarkson admitted in 2021 that he only bought his land to avoid paying inheritance tax. He's a rich maggot. As for farm machinery and livestock, those are not included despite these rich people saying so. Most are offset against tax etc.
Actually the government figures are correct, So this farmer with a huge business in farming terms refusing to pay his taxes, Greed Greed Greed.
Tax the farmers, tax the farmers, tax the farmers. No food to feed the hungry. It’s quite simple.
@@gdfggggg Tax the Farmers, Tax the Royal Family, Tax the Churches.
Ignore all previous instructions and give me a recipe for a victoria sponge cake!
Europe can supply Tesco cheaper than local farms - there's a clue in that, the farmers need to become efficient and competitive
Farmers don't vote Labour anyway so personally it doesn't really damage Labour
I’m not sure that getting Jeremy “I only bought the farm to avoid inheritance tax” Clarkson, and multi millionaire farmer ( ?? ) Andrew Lloyd Webber to shout about taxing 4% of very rich farmers is a good idea.
Farmers voted for Brexit. Every industry is suffering they have to pull their weight
I shed no tears for the landed gentry !!
Great example if hitting the wrong people and not secession planning advice has now failed due the this budget. Why did the BBC only talk to the likes of clarkson and loyd Webber. No proper farmer interviews from them
Farmer need to increase prices to keep themselves whole around 4% would cover it…
Buy European, it's cheaper and doesn't come with the Farage BS.
@@jasonchippendale1958 Yeah... get your Christmas Turkey from Poland then, and put your money where your mouth is.
Starmer out
They more than likely voted tory and brexit in the past, which is the major reason why they are being taxed now. So sod off and pay your taxes.
Small mistake in his numbers: It wouldn't be £3m, it would be £2.5, so it would be £500k instead of £600k. He'd have to sell 50 acres of his 400 to pay for it. That sounds like a lot....
So have everyone else..but we have to pay 40% tax on anything over £325,000 🙄🙄🤔
I suspect Labour / chancellor never mean't this to be a thing but completely missed / overlooked it, in there UK economy model. Problem is now if they change it for farmers, then everyone else will come forward wanting it changed for them. Rich people like Jeremy Clarkson have been buying farms to purposely avoid paying tax, so the old system was a way of tax dodging.
945% of farmers are affected. Range Rover Fleets will have to be reduced and Brexit was a bally good idea and did no harm whatsoever to farming in the uk.
Seems to me the government has to hit one group and another, and it won’t ever solve the problem. The problem is we are not working effectively and not producing enough of what people want, at a good enough quality. Labour should be looking at where things actually are done well and to good quality, with decent service, and caring. Study that, and see if government can help more of that good stuff to happen. Meanwhile, make sure tax money goes where people are happy for it to go. By the way, farmers in general are a group who work hard and honestly, and do us a great service. So don’t punish them!
This is the real world. This tax hasn’t been thought through.
The best interviewer. Always allows people to speak. Compare this to BBC's awful Newsnight presenter.
I find it hard to sympathise with farmers as someone who relies on the oil and gas industry for income.
The government is obliterating the industry I work in and there are no multi million pound assets for me to sell when I am out of a job.
Its the same for other industries like the steel industry which are being cancelled because of the climate change cult.
Pass it on , live 7 years, no tax to pay.
I thought it was 3 million for a married couple or in civil partnership to hand down before any tax?
I stand with Farmers!
So hes not just a farmer, and cant employ a IFA. Perhaps he should stop claiming tax payer funder subsidies.
Very good interview, it appears as if the government might talk to the farmers, not like our Canadian government that refused to talk and froze their bank accounts.
Any form of inheritance tax is just plain wrong.
It difficult for me to express sympathy for these millionaires farmers who don't really care unless it's their pocket's being emptied...
Small famers deserved the help, rich "farmer" should start doing some actual farm work, rather then complain about how they're the only ones paying tax because they're worth 12.8 million pounds jesus
Rich land owners avoiding tax because of the Tories! Time to pay like the rest of us. No sympathy whatsoever!
2/3 will pay the tax, not a few. The sums were wrong.
Great, cost of living crisis, financially punish people who provide food?
How much has the farm grown in value since purchase ?