lost track of the number of journalists writing that farmers will get hit with IHT above a £1m threshold *for their entire estate*
ignoring the reality that it’s £1m of land per person on top of existing IHT threshold of up to £1m (£3m max)
feels like a major comms failure by government as well
ignoring the reality that it’s £1m of land per person on top of existing IHT threshold of up to £1m (£3m max)
feels like a major comms failure by government as well
Comments
https://youtu.be/lhCJ7uUPqNw
Certain sections of the media are simply choosing to be disingenuous.
What's really annoying about the Beeb's coverage is that they are in possession of the full facts. Ben Chu has done an excellent piece on this for BBC Verify (it's on his feed here).
shouldn’t be that complicated
It’s been amateurish and naive
It’s been a poor effort from the start in making any type of case for progressive policy
And you’re right it’s like brexit again
We didn’t fight that properly either we just assumed we were right
This is a deliberate choice to obfuscate.
But I think you know this.
Well the shoe is pinching now.
The fact that the rightwing press & verifiable tax dodgers are so adamant that 'poor farmer' will suffer, makes their argument highly suspect.
So lets wait a year or two & see the facts.
Tax planning will help hugely, 7 years of reducing liability.
Any other small family business has to pay 40% straight away.
With careful tax planning on IT anyone can reduce their liability & farmers have the extra support of a 20% reduction & 10 yrs to pay .
Starmer must find an Alistair Campbell replacement.
Dangerous times.
Stay strong Rachel.
But all we get is MSM wittering on about their screw ups. Even the guardian joined in.
👇🤡💩
What puzzles me is why don’t they use the 1975 CTT rule, no £ limit BUT relief only for farmers working the land in question? Fairer, better targeted
I pay more attention than most, I'm still not 100%.
40% need it in five words or fewer, all caps, Helvetica Bold.
IHT was removed by John Major / Norman Lamont.
Agricultural land prices increased as it was then seen as a route to not pay IHT by the wealthy.
Real farmer were priced out
The 3 million figure was clearly and unambiguously communicated. It just wasn't chosen by the media as the message to pass on.
Not to mention that hardly any journalists point out that if the farm is given to children more than seven years before the death of the owner, it is totally exempt from inheritance tax.
Both new taxes protect the sane businesses and ask the large ones to pay their way
Plus IHT planning available legally
Have we all just forgotten just how bad the right wing media are at reporting stuff when the population votes against what they have told it to?
The press just choose to scaremonger.
Only 20% & 10 years to pay after death.
If your estate is £1.5 mill you pay on the .5 over the threshold.
Husband & Wife can claim joint £3 mill exemption.
Start planning now & clear in 7 yrs
Labour could paint their plans on a side of a cliff in big letters, and they'd still make lies up to make everything look bad
The government - and most tax lawyers have stated the facts endlessly.
Media has, for the most part, ignored it.
I'm sure the farmers have real worries - media certainly repeats that they do,
But I don't see a debate in media as there USED to be.
Lazy journalism at best (politically biased journalism at worst)
Any farmer who believes this right wing shite doesn't deserve to stay in business. But I guess that's how the likes of Farage works - stirring up hatred through misinformation
More like paid shills.
Useless.
Problem is the press don’t report it.
Torsten Bell is brilliant.
But I do agree, Labour need to try to up their comms.
Anyone would have told them that cutting winter fuel benefits to such a low threshold as a first move would make them immediately unpopular and give the press a field day for example.
How many times have we seen incorrect info fill a void of uncertainty?
Maybe, it’s down to how long in opposition, but they are afraid to upset anyone.
Nearly every farmer where I live sends their kids to private school, have multiple horses for fun and drive £40k+ 4x4s tough.
Private school put through by semi-retired grandparents. They work hard, but are not on the breadline.
Most made (on paper) 30-50k.
1. The company values will be stated at cost not market value won't they?
2. A value of £5m would give an annual IHT bill of £40k. (£2m x 20%/10). Is the farm still viable with pre-tax profits of £50k?
Sorry if I've misunderstood.
Probably wages for the other half for doing the books etc, wages for other family members.
They really do work hard and I am not knocking that. But nurses, carers etc also work hard. Most folks do nowadays.
I’ve never met a farmer using a food bank.
£3 million @ 5% is £150,000 pa
£5 million @ 5% is £250,000 pa.
and thats just standard savings accounts.
very poor return on capital in farming if profit is only 30/50k
No-one corrected the maths.
And no-one pointed out, they won't have to pay anything, because they'll be dead.
The changes should benefit younger farmers.
Complete comms failure by the Government.
They need to find a way to get the message through before the RW media run with their own take, and they need to make the message clear and simple as they announce a new policy, not wait and then try to either firefight it or stonewall.
Big mistake.
“ https://www.cla.org.uk/news/changes-to-inheritance-tax-frequently-asked-questions/
£0) https://www.cla.org.uk/news/changes-to-inheritance-tax-frequently-asked-questions/
Listened to latest podcast on farming. I'm surprised nobody has drawn the distinction between farmers and landowners, given that a third of all farms in UK are tenanted, so won't be affected.
Seems to me big landowners are gaslighting small farmers to fight their battles.
Most farms are well geared with loans: https://www.gov.uk/government/statistics/balance-sheet-analysis-and-farming-performance-england/balance-sheet-analysis-and-farming-performance-england-202223-statistics-notice
Most machinery is leased, not owned.
And farmers have significant liquidity and ability to borrow.
IHT is in short a bad tax, as is the BPR change, that over the next few years will disincentive business investment and growth. Why take the risk when the tax man will get the benefit.
It's an 'all our media leans right and deliberately obfuscates anything the government does' problem
Get real or fail at comms people, it's not all a conspiracy. Newspapers are in the *current affairs based entertainment* business not 'truthkeeping' or whatevs.
Give them an opportunity dramatise & *they are obliged to take it*
And there in lies the largest challenge of our generation.
People need to wake up or we will end up like 🇺🇸
Someone like @torstenbell.bsky.social who has general economic credibility - get him on BBC/ITV/etc. with some killer graphs / figures, and emphasise that farmers are *still* getting a great deal.
For example,Angela Rayner explained it at PMQs, but it wasn’t reported anywhere I could see.
But yes, Labour need to try harder to explain themselves on several different policies.