According to the Daily Mail on 3rd May this year: Jeremy Clarkson bought his 312-acre farm in 2012 for £4.25million so that: "he would not be required pay death duties on the land" #Budget2024 - ThreadSky

ottoenglish.bsky.social • 148 days ago

According to the Daily Mail on 3rd May this year:

Jeremy Clarkson bought his 312-acre farm in 2012 for £4.25million so that:

"he would not be required pay death duties on the land"

#Budget2024

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Comments

karenroberts.bsky.social•148 days ago

Dyson did same. Also woodland (which has similar relief).

geewalsh.bsky.social•148 days ago

I think he's also having an "art gallery" built on his estate, which is no doubt part of some "sound financial planning".

alanrew.bsky.social•148 days ago

Very good thread by tax expert Dan Neidle on this

https://bsky.app/profile/danneidle.bsky.social/post/3l7sm2yd27k2n

chippygirl.bsky.social•148 days ago

Confirming what we always knew, that his farm, show, books, shop was only ever a grift and a con

Hopefully he will sell up and the town will be rid of him

nlwa.bsky.social•148 days ago

dburx.bsky.social•148 days ago

If it's true the value of this land was artificially high due to the tax benefits, and Clarkson sells at a loss, my humour will greatly improve.

dawnbritten.bsky.social•148 days ago

Yarkshire’s not best pleased.

osteoconnor.bsky.social•148 days ago

pmarsha11.bsky.social•148 days ago

He’s also a remainer though he’s keeping very quiet about it. Not saying much about the massive impact Brexit has had on UK farming.

hyarner.bsky.social•148 days ago

Oh dear. Never mind eh?...

cooraysmith.bsky.social•148 days ago

Actual, literal lol.

geoffbrock.bsky.social•148 days ago

😄

tsunami65.bsky.social•148 days ago

Tax dodgers, what a MASSIVE surprise 🙄🙄

stevepeers.bsky.social•148 days ago

I have sympathy for long standing family farmers. I wonder if some sort of qualifying period of ownership would be a fair compromise.

o-loughl.in•148 days ago

The caveat that I would put in place, how do you pick out those who want to become farmers, who are the "2nd son", etc from those who are looking at tax avoidance.

danielincornwall.bsky.social•148 days ago

It's not immediately clear why the older generation wouldn't pass on the farm to tkidswhen they retire, generally at an age where it's cost effective to insure their lives with a decreasing-balance 7 year policy. (If it's because they want to retain a rental stream in retirement IHT seems fair).

branx.bsky.social•148 days ago

I think the Gov may have to have a rethink about the very small family run 'real' farms..... That sounds like an idea.

eightbittony.bsky.social•148 days ago

They're unlikely to be impacted.

https://bsky.app/profile/danneidle.bsky.social/post/3l7sm2yd27k2n

virginiagjh.bsky.social•148 days ago

I read on @danneidle.bsky.social thread the vast majority will be unaffected -but of course Clarkson is leading all the stories -which amazed me that as foul 🤢as he was about Meghan Markle he still appears to be fit and proper to receive press coverage

dickiedavies.bsky.social•147 days ago

https://bsky.app/profile/danneidle.bsky.social/post/3l7te2pmzev25

curiousiguana.bsky.social•148 days ago

As with any inheritance tax, if father gives the farm to son when he hits 60 then lives for 7 years, none is payable.

If father has life insurance it'll pay the tax.

curiousiguana.bsky.social•148 days ago

But I have a suggestion. For every £1 of farming income from the land, £10 is taken off inheritance tax. That would mean working, productive land isn't taxed but landowners are.

martinmorrey.bsky.social•148 days ago

To paraphrase the New Testament:
"It is easier for £4.25 million to go through a tax loophole than for someone who is rich to get their job on Top Gear back”

maxiedoggie.bsky.social•148 days ago

Not withstanding his comments, and how awful Clarkson is, death duties on farms are an aberration.
Farming is on its knees and small farms already struggle to survive. How to kill off a critical industry / sector!
@lizwebster.bsky.social really interested in your views on this?

drengur.bsky.social•148 days ago

Agreed... Farms are operating on razor thin margins and inheritance tax will make it all but impossible to hand them down.

In general I agree with inheritance tax but there's some legitimate exceptions.

maxiedoggie.bsky.social•148 days ago

Agree. Threat to food security / food prices….

eightbittony.bsky.social•148 days ago

I recommend this thread.

https://bsky.app/profile/danneidle.bsky.social/post/3l7sm2yd27k2n

maxiedoggie.bsky.social•148 days ago

Except he hasn’t taken into account farm machinery and other assets.…. Eg: a combine harvester is circa 1/2m….
This is where this goes off the rails…

alexjw.bsky.social•147 days ago

Someone needs to reassure him that I won’t pay ´death duties’ as he will be dead…

virginiagjh.bsky.social•148 days ago

@danneidle.bsky.social in answer to your previous question about farmers it’s Clarkson bellyaching his tax dodge will no longer work

yakhunt.net•148 days ago

Here's hoping he doesn't make five years

rantyhighwayman.bsky.social•148 days ago

Meanwhile, the manufacturers of small violins are seeing a real boost.

chrissamsdad.bsky.social•148 days ago

Death and taxes eh?

whisperingwind.co.uk•148 days ago

Won't someone please think of the millionaires?

paulruskin.bsky.social•148 days ago

Oh dear, how sad, never mind.

pascalr57.bsky.social•148 days ago

Self confessed, at least he didn't try to claim otherwise and I'm sure his TV show more than paid for it.

andrewrobertson.bsky.social•148 days ago

And has probably earned a significant amount of that that in Amazon royalties / payments for his Farm programme.

retrogem.bsky.social•147 days ago

Ah. Hopefully they'll outlast him. And I like Clarksons farm. He talks a lot of sense in it. Well, the people who order his chaos do. Not him, really.

gussets.bsky.social•148 days ago

Warms your cockles, doesn't it 😄

dickiedavies.bsky.social•148 days ago

Also in large swathes of the country Farms are run by Tenant farmers usually owned by landed gentry. Round these parts a lot of land is owned by the Dutchy of Cornwall. They may have to sell the farms to tenants to pay DD which is a good thing

drengur.bsky.social•148 days ago

Aren't the landed gentry more or less exempt from inheritance tax? Or at least they are able to use mechanisms to avoid most of it...

dickiedavies.bsky.social•148 days ago

Because of the exemption for farms.(See also the National Trust)

kirstenelliott.bsky.social•148 days ago

There's a certain inventive and tax savvy knight of the realm who lives near Bath who's probably weeping into his vacuum cleaner for the same reason.

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