West Ham Online

Will be descending on London today to protest about maybe having to pay inheritance tax.
Who do they think they are? THE ROYAL FAMILY!

The threshold for a married couple could be £3m before they pay a penny

BRANDED wrote: ↑19 Nov 2024, 15:51 I’ve got a brand new combine harvester
 

I’ve got a brand new combine harvester

 

One thing I'm not sure gets mentioned enough (read some but not all the thread) is the cost of non-land assets in real farming.

If you want to survive as a farmer that actually feeds a bunch of people (as opposed to a hobby or even high end speciality farmer) your equipment is in the millions, without the land.  

For instance a top end John Deere combine (combine-harvester, in British parlance)  is over a 1,000,000 CND.  Even half that in GBP for one piece of equipment means things add up  to that 2 mill mark fast. 

This one is used and 2 years old, 740h of use,  and going for 600,000 £,  for instance.

https://www.mascus.co.uk/agriculture/co ... nsmpo.html

Tax is just transferring your wealth to the state. Marxism. 
 

Anyone who thinks paying tax on something you've already paid tax on, simply because you died is a fucking idiot. The sums are irrelevant.

It's the most unpopular tax for a reason. 

"I've seen the big eared boys on farms"

ray winstone" wrote: ↑19 Nov 2024, 12:20

Leavemyarcelona wrote: ↑19 Nov 2024, 11:24

ray winstone" wrote: ↑19 Nov 2024, 10:24

Nice. Have you nothing better to do than act the cսnt all day? I was hoping the new site would rid us of thicko's like you, shame.

Why? So no one can challenge the bollox you spout. Why don't you do what The Guardian did?

'Challenge'? Why not 'challenge' me then instead of making inane remarks, or are you too thick for that?

Leavemyarcelona wrote: ↑19 Nov 2024, 11:24

ray winstone" wrote: ↑19 Nov 2024, 10:24

Takashi Miike" wrote: ↑19 Nov 2024, 09:37

or even better, punch you

Nice. Have you nothing better to do than act the cսnt all day? I was hoping the new site would rid us of thicko's like you, shame.

Why? So no one can challenge the bollox you spout. Why don't you do what The Guardian did?

Mike Oxsaw" wrote: ↑19 Nov 2024, 09:33 ..."I don't want to be condescending towards them but many farmers I worked with are accute (sic) businessmen, they are very good with figures and can see quickly opportunities to make more from less. "...

But isn't that exactly the type of person the country needs to get and keep the economy going?

ray winstone" wrote: ↑19 Nov 2024, 10:24

Takashi Miike" wrote: ↑19 Nov 2024, 09:37

ray winstone" wrote: ↑19 Nov 2024, 09:05 Hoping Clarkson turns up today and punches a copper, that would get everyone onside!

or even better, punch you

Nice. Have you nothing better to do than act the cսnt all day? I was hoping the new site would rid us of thicko's like you, shame.

Good luck to the carrot crunchers. This government is failing big time. How long have they been in 4months? And have managed to piss off the majority on this island. 

Takashi Miike" wrote: ↑19 Nov 2024, 09:37

ray winstone" wrote: ↑19 Nov 2024, 09:05 Hoping Clarkson turns up today and punches a copper, that would get everyone onside!

or even better, punch you

I have nothing but the deepest, most sincere admiration for my local farmer’s business acumen. He also clearly loves his job as he certainly doesn’t need the money.

First off. Nobody likes change. Secondly. They sure as shit don’t want to pay for it. And finally. You will never. Ever. Meet a poor farmer.!

ray winstone" wrote: ↑19 Nov 2024, 09:05 Hoping Clarkson turns up today and punches a copper, that would get everyone onside!

..."I don't want to be condescending towards them but many farmers I worked with are accute (sic) businessmen, they are very good with figures and can see quickly opportunities to make more from less. "...

But isn't that exactly the type of person the country needs to get and keep the economy going?

All of this is headline catching and manna to the, predominantly, right wing press. What has caused most of the ire is that farmers, in order to prepare for this, needed longer term advanced warning and it understandably did not happen. 

Many of the farmers are tenants so are unaffected either way by government but they tend to get screwed over by the big retail chains instead.

The bigger farms can avoid tax on their total assets up to around £3M so other than the press screaming blue murder I cannot see the sentient rest of us having much sympathy.

Many people acquired farmland in order to offset inheritance tax now they have been caught in a trap but their liability is still only half what the non land owning rest of us are liable for.

That's where I disagree with you, goose. It's only an opinion but based on what I've seen, the other farmers locally snap up land which becomes available not only from what you might think of as neighbouring farms (adjacent) but also land twenty miles away or more. Often they already have the machinery, labour etc and as such reap the rewards of economies of scale.

I don't want to be condescending towards them but many farmers I worked with are accute businessmen, they are very good with figures and can see quickly opportunities to make more from less. You should see the number of vineyards which have sprung up in the last five years around here, before that it was peas and beans, before that oilseed rape.

Some are experimenting with heritage varieties of grain, crops for special expensive oils, hemp, all sorts. It was a real eye opener for me.

What they dislike most is people who nick their equipment (let's not go there, please) and the unpredictable weather.

Oh, I guess we'd better add paying inheritance tax to that.


While writing, it occurs to me that I am talking about arable land here and not livestock farming, of which I know little.

Hoping Clarkson turns up today and punches a copper, that would get everyone onside!

Fuck em 
Amount of money we got to spunk up to his Majesty's tax office from my lates mums estate.

Alan Partridge had it right all along.



 

I cant talk about farmers without thinking of this:

To answer Franks question, they would sell of a portion of land to pay the tax. That portion of land in isolation isn’t enough to be farmed so will likely come out of the food chain.

the other eventuality is selling the entire farm, which will likely be used for something other than farming (purely because the returns are so low).

Myself and my brothers have just gone through this sorting out Inheritance Tax and unlike the farmers we have to pay the full 40% with interest kicking in at the end of November.
So if we have have to pay it so should they. Many won't have to pay it and also a lot of them are not farmers that are moaning they are wealthy land owners who got hold of the land years ago to avoid Inheritance Tax.

I agree with you about those using land as a tax loophole but I'm not sure how you get from farmers having to sell land to pay inheritance tax, to it being removed from the food chain.

I am not, as you can probably guess, a farmer nor do I own acres of land but I have some small experience of agriculture having worked in the sector for 3 years during which I met a lot of farmers. In my experience farmers bought up land when it became available. Many farmed on additional land which did not belong to them, not only as tennant farmers but also as owners of neighbouring farms, using the opportunity to make use of land which was not being farmed by others around them. Presumably, they wouldn't pay tax on this land as they don't own it, but lease it.

I am aware of at least one large property firm which owns a huge amount of land locally which is farmed by many different farmers. Presumably, being a business, their tax arrangements are different to those who own their own farm and run their business from it. I would be interested to know if anyone on here with an understanding of such things could explain if it would make a difference if the land and buildings belonged to the business and not an individual owner. I suspect there may be several ways of working around the inheritance tax issue by adjusting the ownership model. Perhaps someone can advise?

 

 Labour like all parties have to hit the people that are not wealthy enough to protect themselves but have a bit more than the working poor.  

Same as it ever was.