‘Why is it unfair that some farmers - some farmers - will have to pay half the inheritance tax of everyone else?’ ‘We’re making 0.5% return on producing this country’s food’ NFU President Tom Bradshaw on #Newsnight - ThreadSky

vicderbyshire.bsky.social • 106 days ago

‘Why is it unfair that some farmers - some farmers - will have to pay half the inheritance tax of everyone else?’

‘We’re making 0.5% return on producing this country’s food’

NFU President Tom Bradshaw on #Newsnight

Comments

obsidianwalker.bsky.social•105 days ago

Not sure that’s the argument he thinks it is.

tweedlerc.bsky.social•103 days ago

5% when measured against a highly inflated price of land. I'd change the rules...OK sod ya you winging shits. Pay 40% IHT like the rest of the country

juliapulia.bsky.social•103 days ago

But they’re not. Pure lies.

mev202.bsky.social•105 days ago

https://www.bbc.co.uk/news/articles/c8rlk0d2vk2o so few will actually pay this. This is the media, yet again similar to the £6000 clothes story, blowing this well out of proportion. Also, you can still hand down the farm and pay nothing as long as you love another 7 years.

derekwellicome.bsky.social•105 days ago

NFU should have done their job in obtaining better returns for farmers, they have been useless!

galaxatron.bsky.social•106 days ago

Why should farmers be exempt from paying tax. Do a lot of work for them in the building industry and they always want to pay cash. To a man.

bendybedale.bsky.social•105 days ago

Here’s an idea

Why not give tenant farmers the right to buy?

1/3 of farmers are tenant, owned by wealthier farmers

bendybedale.bsky.social•103 days ago

It would also crystallise capital gains, which when the Duke of Westminster who owns 20% of this land and hasn’t paid tax in 1,000 years, may just return some of the country’s wealth back

itchykoo.bsky.social•105 days ago

0.5% sounds like an admission of failure from the 'union boss' (copyright Daily Fail, Scum, & every other right wing rag!)

chelseamatt.bsky.social•106 days ago

What about the people who own farms and have tenant farmers? I wonder what their profit margin will be on their vast land banks?

Are they simply having them operate to accrue capital gains? IHT will affect more of them than actual farming families.

quigonsmith.bsky.social•105 days ago

Whiniest people in the world.

anniefitz163.bsky.social•105 days ago

All family businesses pay inheritance tax it should be all or none not sure why farmers should get 20% and 10 years to pay it. The zero IHT seems a hangover from not taxing the rich landowners - i feel for them just like I feel for pensioners, like myself, whose pensions will be IHT taxed after 2027

theonlypeterkay.bsky.social•104 days ago

See if you can get interview with @richardmurphy.bsky.social before @mrjamesob.bsky.social His explanation of the economics is compelling, as is his argument that inheritance tax will ultimately erode land prices, reducing tax liability to zero. Monopsonists need addressing! https://youtu.be/s9J0GpnXNhY?feature=shared

jeanwood.bsky.social•104 days ago

Eroding land prices is a good thing. If farmers never want to sell their farms then it doesn’t matter how much land is to them and it should reduce any tax burden, shouldn’t it?

theonlypeterkay.bsky.social•104 days ago

Exactly right - and it will disincentivise fat cats from hoarding viable farm land in unproductive artificial grouse moors etc.

jeanwood.bsky.social•104 days ago

Yep. I’m in an ex farming family (tenants) but many friends have land so I can’t say this out loud but it seems logical to me. And it hits those billionaires where it hurts. And my friends in their 60s can pass the farm on now but I suspect they want the control. As their fathers did before them.

jeanwood.bsky.social•104 days ago

And actually reducing the cost of land means rent for tenant farmers would reduce making tenant farming more viable than it is. It wasn’t viable for my nephew to take on the tenancy so they just walked away and sold the machinery. Farm taken in hand so more profits to the land owning Lord owning it.

theonlypeterkay.bsky.social•104 days ago

Seems sound. Government will have to address the monopsonists in a meaningful way. We’ll need to be willing to pay more for our food. Government will have to sort out the economy to pay workers a proper living wage. Leaving things as they are, isn’t an option.

adhddude.bsky.social•105 days ago

That is utter misinformation. And actually, why are they not putting effort into fighting supermarket groups and the govt to provide better support.

societyspeaks.bsky.social•105 days ago

Join this important discussion on SocietySpeaks: What do you think of the inheritance tax on farmers?

https://societyspeaks.io/discussions/16/what-do-you-think-of-the-inheritance-tax-on-farmers

pwc50.bsky.social•106 days ago

Would like to know how the NFU explains this 👇 & exactly why so many farmers are led up the garden path by the right wing press & commentators
https://bsky.app/profile/danneidle.bsky.social/post/3l7sm2yd27k2n

stargirl1620.bsky.social•105 days ago

📌

jimdixonwriter.bsky.social•106 days ago

NFU always conflate ‘family farms’ with ‘corporate farming’. Fact is they are a pressure group for the latter feigning concern for the former. But it is always the interests of the big farms that win out. This IHT row is about corporate and multi-millionaire owners, not family farms.

prettyhatmachine.bsky.social•105 days ago

This is true, however it is noticeable how Reeves is still refusing to go after the City of London Hedge Funds that are the most egregious tax avoiders?

I wonder why?

https://www.opendemocracy.net/en/labour-city-banks-finance-2m-donations-bankers-bonuses-u-turn-rachel-reeves/

eelp.bsky.social•105 days ago

More rich people complaining about paying tax while the rest of us have no choice or get out deals

ruthr1.bsky.social•105 days ago

Superb interview Vic ! He had no answer that was credible and you exposed that beautifully!

carltbarker.bsky.social•105 days ago

I am reminded that the original meaning of the word "farmer" was "tax collector". They ended up owning all the land when the people who actually worked the land couldn't pay their taxes https://en.m.wiktionary.org/wiki/farmer#:~:text=English-,Etymology,to%20farm%20%2B%E2%80%8E%20%2Der.

nahr.bsky.social•105 days ago

Pretty sure this is about wealth avoiding tax.

Tax their assets.

You can tax my assets too, I own a small sofa.

kieronf.bsky.social•105 days ago

Surely the question is why farmers are only making 0.5% return? 🤔

dcb00.bsky.social•105 days ago

They are making 0.5% return to pay Supermarket shareholders.

eleritudor.bsky.social•105 days ago

When a third of UK children are living in poverty

mickbell.bsky.social•105 days ago

Then let someone else do it. You have the land, sell the land and let someone else do it.

afkperry.bsky.social•106 days ago

The farmers need to take it up with the supermarkets

anyoldname.bsky.social•106 days ago

The average male life expectancy is 85. Why would a farmer still be holding a farm in his name at age 78+ (so <7 yrs from gifting to avoid IHT) if it wasn't for the sole reason of storing wealth tax free. If he was intending ultimately to give it away to children he'd have already done so.

lulu-mri.bsky.social•106 days ago

Exactly - seen it so many times - if it’s a family business, why have the next generation not been given authority?

paulineharrison.bsky.social•105 days ago

I'm from farming stock. Exactly this.

Real farmers hand operations over to their kids. Ok they still keep a hand in the farming but ownership is handed down long before a will reading.

Hobby farmers & wealthy tax dodgers on the other hand.....

prettyhatmachine.bsky.social•105 days ago

Farmers worried about inheritance tax should turn their firms in worker owned cooperatives.

Watch the wealthy investors bribe that crook Reeves some more to stop that trick.

officialstehee.bsky.social•105 days ago

Can you remind me how they pay for all of the huge assets that will be seen rolling around Westminster today?

wohyeahwohyeah.bsky.social•104 days ago

Thatcher opened a loophole to help the very rich. Labour are closing it. If you have £2,500,000 in land on top of everything else you're richer than nearly everyone else in the country.

katywaghorn.bsky.social•105 days ago

I would like to hear people discussing the financial impact of Brexit on farmers, particularly as many of them voted Leave.

disqualified.bsky.social•106 days ago

The farm owners should take it up with the supermarkets. Most small farmers I’ve met rent the land from farm owners. This is the stuff of Tory think tanks and reform wanking sheds.

gampajml.bsky.social•105 days ago

Well done Vic....keep asking the questions.

fiftieswoman1.bsky.social•105 days ago

andyd.net•105 days ago

That’s quite telling but before I share it with some friends, can you name the source?

prettyhatmachine.bsky.social•105 days ago

More of an argument to be rid of the parasite aristocracy. Especially that inbred parasite scum Charles Windsor.

encaypee.bsky.social•105 days ago

I am struggling to feel sympathy.
The people raging at Labour, the ones pleading “won’t someone help these poor people with over £1M in land assets”. These are the same people who would squeal if the big supermarkets were forced to reduce their enormous profits a little by paying farmers more.

ldw1.bsky.social•106 days ago

Hmm. This analysis sounds more plausible. https://www.theguardian.com/commentisfree/2024/nov/17/farmers-have-hoarded-land-for-too-long-inheritance-tax-will-bring-new-life-to-rural-britain

sherwood1.bsky.social•105 days ago

So presumably, anyone who isn't well paid could inherit a wealthy relatives estate and be able to avoid IHT, simply because they had an undervalued job or a stingy employer. As the farmer's union maybe they should be asking him why he's failed to get them a fair return on what they produce

sullytheelder.bsky.social•105 days ago

When I reached 21 my dad passed on some words of wisdom the had been passed on to him on his 21st.
"Two things you will never encounter in your life are a contented farmer or a dead donkey."
33 years and 4 days later this has remained true.

jaz73.bsky.social•105 days ago

No one believes them.
Maybe we should just stop the subsidies

ttothehaz.theroadrunner.co.uk•106 days ago

He can March along with tax avoider Clarkson and extreme right wing racist Nick Griffin. What splendid company.

denys-whitley.bsky.social•106 days ago

That's 0.5% return on a highly over-inflated asset cost thanks to land being used as a tax-avoidance scheme for the wealthy.

mikedlondon.bsky.social•105 days ago

Yes, I was thinking won't the land value drop as a result of the closure of the IHT loophole.

And the actual value of the land is largely irrelevant to 'family farm owners' who will just pass on the land and have no plans to sell it.

debif.bsky.social•105 days ago

I don’t feel I know much about farming but it strikes me that people who make a tiny profit from their lifestyle want to pay no tax on their assets so their family can maintain their lifestyle.

kjx13.bsky.social•105 days ago

I must have missed the NFU’s equally vocal and well publicised protest marches about how Universal Credit is failing family farmers, how the replacement for subsidies is up in the air, how health and public services are inaccessible in rural area and how supermarkets shaft farmers with payments?

newmaniod08.bsky.social•105 days ago

£3m for a couple to pass on tax free sounds quite generous.

planetbelfast.bsky.social•106 days ago

Desperate nonsense

prettyhatmachine.bsky.social•105 days ago

Yes but that’s enough about Labour trying to tax farmers because Reeves and Starmer have taken millions in bribes not to tax hedge funds and bankers.

https://www.opendemocracy.net/en/labour-city-banks-finance-2m-donations-bankers-bonuses-u-turn-rachel-reeves/

hifilarry.bsky.social•105 days ago

Ahh. But fewer millions than the Tories.

prettyhatmachine.bsky.social•105 days ago

Because they haven’t got as good at corruption. Give them time.

touristcol.bsky.social•105 days ago

Trying to tax 0.005% of farmers.

prettyhatmachine.bsky.social•105 days ago

Which makes the entire exercise even more stupid and pointless.

The Hedge Funds are the larger target, deliberately avoided because Reeves and Starmer are taking bribes. Just like the Tories did.

https://positivemoney.org/work/financial-and-democracy/

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