I just like to point out that during the General Election campaign Starmer outright said he wanted to redistribute the tax burden so it fell on those with the broadest shoulders, this is why every single one of Labours policies has received such backlash from the Tory client media and why the farmers protest has received so much media attention because there are bad actors who are trying to pressure Labour into not going ahead with the redistribution of the tax burden.
When all world leaders are worried about the ease with which the superich get richer so easily, and are looking to co-ordinate taxation, everyone should be supporting Starmer. Unless their easily come-by wealth is pulled back to benefit all, World leaders totally understand how the Super rich will rule without being elected.. just look at Elon Musk and Trump.
@@donaldellis3609 Farmers haven't creamed they system, it's the millionaires and billionaires who bought farmland so they could avoid paying tax who are the ones creaming the system. They're also screwing over actual farmers by buying up all the farmland and it's causing the value of the land to inflate, which makes it seem rather odd that the farmers are standing side by side with the rich landowners who have spent the past 40 or so years exploiting a policy that was meant to help farmers (the policy was introduced by Thatcher).
Plenty of justification for the full 40% on farms over, say, 10 million. It's time the billionaires paid simply the same rate of tax as the rest of us.
@@M0UAW_IO83It would end family farms, something they don't want to do (lose those who can and there ain't enough who want to do it to take over or can afford the land), and if those who parked their money in land are only driving the cost of land skywards
@@M0UAW_IO83 Instead of taxing wealth why not tax INCOME more? Oh, they have, and all of the filthy rich billionaires have put their money in off shore bank accounts... Duh... That didn't work either... Furthermore only four percent actually pay a inheritiance tax, whereas nearly every farmer will because to farm they need land, tractors, combines, trucks, and wagons, all of which combined is very likely worth more than your mansion...
Farage is one of the main reasons we're in this mess, he was at the forefront with Brexit and look at the state that it has left us in, he has a cheek having a go at anyone trying to help.
@davidburrows499 There's a lot of juvenile and unnecessary name calling on this site. The irony is nobody seems to have the first clue how the farming community works. But then unless you were part of the farming community how could you.
@@ehilton96 they have the choice to hand their farm over to their children or their families and tax doesn’t come into it unless it’s over three million and you want us to be sorry that they have to pay tax over this, my heart bleeds for them
and the media has duped them again into arguing against their own best interests this is another failure from Labour comms though, all they had to do to is get someone from the treasury to go on camera and explain in plain english how all the of the allowances work and all of this would have just went away
I grew up in rural ireland. For generations the land was "Owned" by the Landlord class. Their feudal system kept the indigenous people down, renting out the land, mostly small holdings to the descendants of the people they replaced. They lived in luxury while our people barely survived or starved! When the Republic of Ireland was established, this system was dismantled and the land distributed to the tenants. This was a great day for rural Irish people. But no doubt, rich greedy people are looking at land, not as a way of life while feeding the nation, but as a loophole for tax dodging and pretending they've suddenly become "custodians", of the land.
I honesty think we should be asked who actually wants to pay for the royals..you should be able to opt out.let people who are happy to shaft their own family give money to them.
nobody is talking about the massive subsidies(£2.5 BILLION) that is paid to farmers every year. the rich are living off the backs the working people. its about time they paid their share
I'm confused. Many farmers listened to the rich people and voted for Brexit. Now the farmers are listening to the very same rich people about the tax. Am I missing something here?
“Am I missing something here?” Britain’s farmers are, collectively, gullible idiots who do not understand the basic facts about their own economic sector might be what you’re missing…
Why the farming community would want Clarkson fronting their campaign is beyond me. He and his multi million pound ilk avoiding tax by buying farms simply highlighted the loophole that Labour have rightfully closed.
@davidburrows499 My partners father came from Scotland and purchased a farm in Norfolk after the war when there were food shortages. He worked very hard all his life to bring the farm into working order. When he passed my partner took over and when he passed a relative then took over. If this situation had happened under this government the value of the land would have been such that paying 20 percent inheritance would not have been viable. The farm would have been sold, probably to some developer and prime agricultural land lost.
But they haven't closed it. Farmland still represents a good place to hide wealth from inheritance tax. The first million is free, and then has 50% relief. They will keep buying it, but now genuine farmers will be caught in the cross fire. Very badly thought out policy
Corrections: Hedge Funds buying land is irrelevant in this conversation as they don’t die. IT was abolished in the 80s precisely because family farms were being forced to sell land to pay death duties and over a few generations their farms were eroded away. The Dukes almost certainly hold their land in trusts, so again IT is not applicable. The blunt truth is that most farmers are notionally asset rich and cash poor. If they have more than (roughly) 375k then they pay IT like us. If you (Labour) want to target the Clarkson’s then find a better way.
I heard that Clarkson admitted when he bought his farm he was doing something dodgy to avoid paying tax these people have been doing very well under Tory governments for years they do not like it when they have to pay their share Clarkson is nasty bit of work thanks Rob take care
@@johnslade3744And the way He TRIED to bully Victoria Derbyshire......Cackling on about questioning from 'Typical BBC' ....Ironically when HE made his money from same BBC shows......
What Clarkson did was not dodgy, but fully legal. Fully legal under the Tories who are happy about such tax loopholes, that their own landowning class can utilise. Never dodgy, always fully legal. But only those who had the wealth to start with could make use of this. The poorer classes had to pay their inheritance tax, in full, should they be so lucky and come into inherited wealth. And to create and maintain this tax loophole under the misdirection and disguise of 'hard up farmers need it', was a willful distortion of who really benefited from this.
@@MrsGardiner*Legally dodgy*. Pissing against the wind is dodgy, but not illegal, farting in bed is dodgy, but not illegal, voting for Boris Johnson is dodgy, but not illegal (unfortunately), setting a firework off in the house is dodgy, but not illegal, avoiding tax is dodgy, you know the rest, lol.
I thought the super rich just avoided inheritance tax by using Trusts. That's what Clarkson said he has done and that he wouldn't be affected but was just there to support the worried farmers. He has always had the lowest moral standards and is totally selfish and opportunistic.
Clarkson has also said one of the reasons he bought the farms was so the government don't get any of the money through tax. It was in this video you're commenting under....
Some 64% of Britain´s farmland by area is tenanted, 45% of registered farmers are tenants. The tax doesn´t affect renters. This should bring down the price of farmland for owner/farmers.
Yes it does. The landlord goes to the tenant & tells them they will have to leave as they are selling (to avoid tax). You need to add a method for tenants to buy land in an affordable way, so farmers themselves can own their own land. You need to cover both ends of this. If the rich are likely to sell the land, you need a way to keep those farmers who rent on the land. If you added a method of buying farm land easily (you have 10 years interest-free for inheritance tax, so why not 10 years interest-free/low rate mortgage on farm land for them? Or something else..I am not a financial expert?). Some method smaller farmer can take over land they currently rent?
@@veganbodybuildingNo it doesn't, because land won't be such a desirable tax dodging investment opportunity,, other millionaire investors won't be interested in buying it. Hopefully agricultural land prices will fall eventually as a result, creating an opportunity for real farmers to buy it.
@M0UAW_IO83 I remember when I was younger seeing Dyson during an interview on the news saying that firing all the British factory workers and moving the factory abroad, the saved money will put the prices down for customers. The prices were never dropped. He's an outright liar
Ex tax haven Isle of Man resident ,Clarkson bought his farm for £4 million. It's now worth £12 million and he's done diddly squat to earn that increase. Jumping on the farmers bandwagon to save his own money.
@@AlanFagan-y5l Yup I've heard of this. Its called an investment. Much in the same way run an open borders policy and number of people wanting accommodation > housing stock = price inflation on housing. Inversely a labour market with oversupply of workers = wage deflation/compression. Simples
if farmland crashes in price so that its value reflects the roi that farming creates…. then i will feel this loophole has closed. i want the children of family farmers to be able buy their own farms if they want to stay the industry
I have two brothers who love to inform me that, despite both earning over 100k each year, they pay less tax in the pound than I do (I'm a decorator on about 20k). Something about accountants? I'm hoping that the crime of 'aiding and abetting tax avoidance' is soon to be added to the statute books. Then we'd see a very different amount of tax being paid almost immediately.
@@Beauloqs That's the least of it! I sometimes work for a guy who runs a building firm, but has nobody on his books (everyone has to bill the customer separately). He has a great big house, swimming pool, lots of land, owns several other properties (10+), and his wife runs a salon. They both pay themselves minimum wage through their own business and the rest of the money goes in and out of business and properties (all above board and legal) leaving them barely paying any tax and only a tiny bit of NI (because the money that goes through the accountant is [at the very least] all NI free). I can only imagine how completely bent the rules are for the people with _serious_ amounts of money? I've only very recently made enough money to worry about tax since going self employed so I might have to start actively evading tax too i guess 🤷♂
Yup and remember that Rachel Reeves was the brains behind the German Economic Miracle at the end of WW2 according to her CV. So we couldn't be in better hands.
Another reason that agricultural land prices have risen beyond the reach of most genuine farmers is the hope value of getting planning permission for housing. When agricultural land gets permission through the lottery of planning appeals its value goes up overnight from £thousands to £millions per acre. This increase used to be taxed once, but successive Tory governments reduced the tax to zero. It’s another scam for the super rich that forces up the price of land and the loophole urgently needs to be closed.
@derekread9648 This applies to everything the rich buy as an investment ...housing, gold, diamonds, artwork, wine, anything 'vintage'. You may want to buy someone a present of a gold necklace but whereas once it was an affordable £100 or so it's now £800+ for the same item. Ordinary people can't afford these items but the rich can and the more they buy the more the price goes up.
This country has been run by the rich for the rich for decades,Thatcher,Cameron,RIshi Bojo, all multi millionaires,be it farming or other reasons, needs changing.
YES the coverage of the farmers by the media, the sheer magnitude of air time compared to any anti war protest in the last 30 years… should have you THINKING 😊
When your grocery store shelves have emptied, you might rethink your position... While farmers don't have much control of the prices their crops fetch at the market, they do control SUPPLY. Farmers can hold on another one or two months before selling their crops, which is more than long enough for the grocery stores shelves to empty... Enjoy your pestilence and famine of your making...
@@ronclark9724 Only 54% of veggies and 16% of fruit in the UK's supermakets are home produced. Hardly likely to empty the shelves is it. Exactly how do the farmers withhold their eggs, milk, soft fruit and meat for two months ?
Where you are making a fundimental mistake is in assuming that the treasury figures on land ownership are correct, that the vast majority of family farms will lie below the threshold figure. When a banker gets a seven or eight figure bonus, they buy a big house in the country with thirty, forty maybe fifty acres of land and keep ponies on it, and when they die their accountant declare it as a farm and thus the property gets APR. It is not a farm. Here in the Cotswolds this is common, when I grew up, every village had at least one family farm, either in it or on the outskirts, precious few remain and the smell of horse manure spreads. When I grew up the milk lorry arrived in the village every day, milk churns clanging together, the roads are now filled with Range Rovers driving to Daylesford for their occupants retal therapy sessions instead. All farmers have to be licensed to keep livestock, any farmer growing crops will need to return data on their use of fertiliser and sprays, thus it should be fairly easy to work out who is a genuine farmer and who is not. By all means tax everyone who is using land as a tax dodge, do not tax people for whom land is the means to produce food, not a return on investment. What it really boils down to is that farm land has seen a rise in its value which is not commensurate to its ability to earn a living, if land were worth far less and could only be used to produce food, then the ultra rich would not want it. Please, in an attempt to even the playing field on tax evasion, dont throw the baby out with the bath water, family farms are the backbone of our society, in the recent flooding in Wales, it was farmers who cleared fallen trees, rescued people trapped in their cars, and dug out drains to allow the waters to disperse. Yes, I was a farmer, but I have daughters, none of whom wanted to become farmers, so the farm was sold and my estate will be taxed at forty per cent, I am sure.
Where’s the evidence for that claim? More polls showed farmers voting remain than leave, those polls were much bigger than the two (!) popularised by the media that said farmers wanted to leave - and besides why trust polls about Brexit when they all predicted a landslide to remain anyway?
Yup really smart move by the Tories to do trade deals with Aus and NZ for more food for the lower tier of our society. A US trade deal could really help this further. Global Britain.
This is a piece of nonsense written by someone who understands virtually nothing of the impact this policy will have on real farmers and much less seems to care. You do not set tax policy at such a low level if you real target is the ultra wealthy and in any event farmers are struggling to make a living as it is. As long as it hits the very wealthy real farmers can just go hand? To describe it as a loop hole is to fundamentally misdescribe and misunderstand what tax is and what tax law is. People are always very happy for someone else to pay more tax. This will destroy farming in this country and drive many farmers to an even lower standard of living.
The policy won't stop the super wealthy investing in farmland. They still get the first million tax- free, and then 50% relief on amounts above it. It still represents a good place to hide their wealth from inheritance tax, so they will still buy the land, continuing to keep land prices artifically high. The £3m threshold is a lie too, as it depends on a complicated business structure, and a complicated will drawn up by a legal expert. Not many genuine farmers will be able have this in place by Apr26. Viable farm size that will support 1 family (only 1 generation at a time, so the bare minimum) is around 250-300 acres. Add machinery, livestock etc, it could easily be worth £3-4m. Having to find around £500,000 will be a struggle for a business that makes around £50,000 profit/ year. It would have been easy to make a policy that goes after the non- farming wealth, they could have properly defined a farmer, as they do in other countries, and only allow them to claim APR. Another option (my preferred, although I'm no economics expert)is to simply say that any land that is inherited, then sold before 40 years is up(and by then approaching the next death event), is still subject to inheritance tax... at the full 40%. As a farmer, I agree with the government trying to close this loophole. The policy is so badly thought out, though, that a lot of farmers will be caught up in the cross fire, and will not have the cash to pay it, and carry on farming.
I agree with you 100% the only person you didn't mention was King Charles who inherited billions from the queen and didn't pay the tax on it as you said everyone else has🤨😠
In Wiltshire, the large landowners lease their farmers and if many of them don’t live on their estates and country residencies at all, often renting them as party venues and for weekend hunting. The farmers who rent their fields work very hard and find it difficult to invest in machinery and new technology.
"One percent of the population owes half of the land in England". If true, con-duke enquiry and come up with an answer why wealth should be concentrated in a few hands , all linked to monarchy. Leasehold, an instrument of protecting wealth and ownership over a long time, with effect of impeaching the natural distribution of wealth, should simply be abolished. Another specificity of unconstitutional UK I guess !
We ALL want to be able to pass our assets on to our family members and ‘keep it in the family’ but the ordinary Joe is hit with 40% inheritance tax and farmers have the audacity to be complaining about being asked to pay 20%?? Please be quiet!
Faridge the chameleon donning his flat cap and wax jacket pretending to be just like the farmers he claims to represent. I wonder how many genuine farmers bank at Coutts? I still remember the outrage from people who have to visit food banks for their weekly shopping being outraged that he wasn’t allowed a bank account like the rest of us. It was f*cking Coutts! Where the royal family bank and other millionaires and billionaires. Clarkson got called out by Victoria Derbyshire for denying that his farm was a tax dodge. He had actually written an article in the Times saying as much. Remember his restaurant that he didn’t have planning permission for? He closed it and moved it to another barn he has. These people think they shouldn’t play by the same laws and rules the rest of us have to. All the while the difference between rich and poor grows ever wider. A rich country full of poor people. It’s true of the US and it’s true of the UK. Labour have done right on this. For all those that say it’s against what they promised, no it isn’t. They promised to close tax loopholes for the ultra wealthy and that’s exactly what they’ve done.
Although I am ABSOLUTELY in favour of removing this tax loophole, I seriously question whether it is being done properly. My daughter in law is busy working on inheritance tax issues for the family farm, owned by her dad and his two brothers. A genuine working farm, arable and beef, in Norfolk which is probably valued at £7 million. My daughter lives in Lincolnshire, and these two counties have HUGE farms, producing vast quantities of food. I don’t know, but suspect that many of these very large business are worth in the £10’s of millions. Also, these large farms tend to have gigantic machines (have you seen the size of the tractors and combines?). These are not oligarchs or tax dodgers, and to hit them with IHT seems totally dumb. I think this is a major Labour problem: good policies, fucked up by disastrous PR and poor implementation.
The farmers had a protest a few years ago about cheap Brexit imports from Australia & NZ. Largely unreported in the press. Clarkson doesnt shoot on his farm. He doesnt breed birds for the guns i.e. pheasants etc.
You need to check your numbers for family farms. The average farmer cannot pay that inheritance tax in the time allowed so they have to sell assets. They need to protect real small farmers and hit the tax minimisers. This budget has reduced the incentives for small firms and business like farms and companies to employ young people and invest in growth. You need to get your wellies on and spend time on a farm and see that small farmers are being lumped with tax avoiders
Why didn't those protesting tell farage he wasn't wanted there since he was responsibly for much of the problems currently faced by real farmers....Jesus! they must have short memories....
@@stewie7338 Brexit and the resultant restriction on exporting to the EU (vets agreements etc) as well as the rubbish trade deals with Aus/NZ that will allow sale of cheap stroid treated meat in the UK. Not forgetting the stopping of EU subsidies.
@@stewie7338 He did lie a lot during the referendum with respect to Turkey about to join the EU despite a UK veto. His racist rhetoric was certainly contributory to the small majority that voted for leave. Others are also to blame but he started the stupid ball rolling.
@@Mikey-ns6nz Hi Mikey - incorrect. The Turkey poster was the work of Vote Leave which was Johnson/Cummings. Cummings of course picking up on PM and leader of Remain David Cameron's consistent calls since 2010 for the EU to fast track Turkey into the EU.
Not only are these hunts not paying tax, they are preventing those that wants to farm cannot because these 'hobby farmers' have the land. Tax these hunts out of existence. I had an argument with some of these so called farmers telling us that they produce most of our food. When I looked it up it is actually only 40% of our food. FAR TO LITTLE I agree, but that is the fact
Yes, well said. I'm related to a non-farming farmer, who always seems to be buying new cars, building on their land, adding to their home, and going hunting. It's time they paid tax lije the rest of the public.
There are several things to unpack here. 1. There are many people vital to society; farmers, police, nurses, firefighters, etc. ALL get paid very little but ONLY farmers pay NO inheritance tax. 2. Everybody paid IHT until 1986, when Lawson gave Farmers exemption (39 year with NO IHT). 3. Now farmers are complaining because they have to pay IHT of 20% (payable over 10 years - so 2% a year) with a threshold of £1m. Meanwhile, everybody else pays 45% over £325,000 payable immediately. How does this look? Well, an average farm in the UK is 250 acres, which in land terms means it is valued about £2.5m + £500k equipment. This would attract an IHT bill of £400k (20% of £2m) or £40k a year over 10 years off a £3m asset! Compare to a middle class person who passes his £1m house onto his son and his £500k pension and savings (these are not extreme values). The IHT bill for the son would be 45% of £1.5m or £675,000. So a non farmer passing on a house and pension worth half that of a working farm, pays double the tax compared to a farmer - using the new regime. Under the old regime the farmer would have paid ZERO tax. Finally, I would remind you that Clarkson (and all of the other 'business' farmers) all bought farms to minimise their IHT bill. They might moan but even today, they will only pay 20% whereas everybody else pays 45%, so a nice 25% saving. The trouble is that here, the likes of Jeremy Clarkson (who admitted in 2021 that he purchased all his land to avoid paying inheritance tax) and other rich land owners and farmers have managed to convince the every farmer that this will affect them. Well it won't and it is about time the rich started paying in to this country to help it.
I've yet to get a farmer to answer the question I've asked about how these farms they've had for generations managed not to survive for 90yrs paying IHT after it was introduced in 1894 until Thatcher used exemption as a bribe to them in 1984.
The “bribe” effect was just a little bonus on the side for the tories. What Thatcher was doing was looking after her city mates and tory donors by creating a tax free means to stash their obscene wealth.
@@EllieD.Violet - to be fair to him he was a remainer....there is intelligence in that head of his, but in this case it is being used to increase his profile whilst trying to get his fanbase to reduce his IHT.
there is nothing noisier than a rich person being threatened with paying their fair share. Real farmers are being duped by the glitz of wealthy personalities like Clarkson, Dyson and Allsopp since being co-opted by the right wing politicians to do their bidding; notably Farage decked out in his tweed country costume with Badenoch, Atkins, Griffith and Tice preferring wax jacket disguises. It's wealthy individuals avoiding/evading tax that increases the tax burden on ordinary working people and using farms as financial instruments rather than grow crops or livestock. This price distortion is exactly the same that has beset the UK housing market and the main cause of the current crisis. Houses are also used as financial instruments rather than as places to live.
Spot on. Do either Clarkson or Dyson ever get their "Green coloured" wellies dirty or even for that matter ever wear a pair out? Clarkson always was a bullshitter who has climbed on a band wagon for his own and nobody else´s benefit. In the 1950´s my uncle and all others in the Longdendale Valley were real farmers. They all relied on one horsepower four legged animals for motive power. My uncle finally bought a small, by today´s standards. Massey Fergusson tractor, a pretty standard machine in those days. 4x4 and heated cabs, do me a favour. The luxury was sitting down on a folded sack on the metal seat to do the work instead of having to walk with the horse.
the farmers should be pissed off at clarkson who basically boasted how to avoid tax. the number of working class people who think all farmers will be hit is crazy around me (rural lincs)
I have members of the extended family in the fsrming industry. They have worked for the whole of their adult lives in a manner that would make those blanche who so easily drape the banner of 'working class' around their shoulders. Labour are rught to iron out the tax dodge for the rich that farm ownership offered the rich. No doubt about that. But as usual with living-in-a-bubble ideologues they use a shotgun when a rifle was needed. The anguish and dismay of those owning multi-generstional family farms is real and undeserved. These farmers make a pittance for their constant grinding efforts and many will have to sell their farms due to this ill-conceived measure. Eho yi? Well the rich and the corporations if course and rural life will drain away over time Typical Westminster clod-hopping...
00h , vitriol. Urban idiots in charge. The country side is a playground for off road vehicles and a litter bin for campers. Everyone knows that. Give it all to people who have never even seen a spade and would never bend down to harvest a crop. You sow what you reap. Farming was a comunity effort and it should be again but that is a very long story and i very much doubt there is anyone of vision in charge.
I didn't realise that the tax loophole wa only opened by a Thatcher government in 1984. Before then farmers, the big buggers, were subject to the full inheritance tax just like the rest of the peasants! 😅
In the 40 years since inheritance tax was scrapped for farmers, food production has decreased on farm land by 25%. We used to produce 40% of our food needs on farms in the 1980s, but that has dropped to only 30% now.
Trouble is we no longer have a 'non' Tory press/media. You only need to look at GBeebies to see this! Thats why the media are having a 'field' day to help the Tories. Let's face it Baddenoch and Co can complain as much as they want but its not going to make a difference as Labour have a far bigger majority than BoJo's 80 seats! Well said and totally agree with what youre saying!
Well done that was straight to the pockets of all these landowners. I live in the Scottish Borders where the greediest landlords are. About time they were taxed and brought to heel. Keep up the good work.
Farage wearing his farmers fancy dress really made my day. It still amazes me that the main stream media or the farmers themselves have still not held him to account for the economic harm which his Brexit has caused to the farming community.
But... if you damage smaller family farmers at the same time as you go after the super-wealthy, that's really unfair and counter-productive. And we hear that many smaller guys will be trapped in the same net and forced to sell-up. So what's the truth?
Hi, can you share where you got the list of farms affected by this please, I come from a farming family and need evidence to show them they're being lied to!
Dan Niedle Labour Supporting Economist has turned full 180 and now says the Tax is unfair on small to Medium Farmers. Obvious from day one. Spitefully and jealous observers really do need to understand the issues fully.
![I.N "HALLUCINATION" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/n5B5q1Hwt_U/mqdefault.jpg)
I just like to point out that during the General Election campaign Starmer outright said he wanted to redistribute the tax burden so it fell on those with the broadest shoulders, this is why every single one of Labours policies has received such backlash from the Tory client media and why the farmers protest has received so much media attention because there are bad actors who are trying to pressure Labour into not going ahead with the redistribution of the tax burden.
Completely agree
When all world leaders are worried about the ease with which the superich get richer so easily, and are looking to co-ordinate taxation, everyone should be supporting Starmer. Unless their easily come-by wealth is pulled back to benefit all, World leaders totally understand how the Super rich will rule without being elected.. just look at Elon Musk and Trump.
good - they should pay their fair share or else sell up, and move out to Monaco
@@stevesoutar3405well said over the the years farmers have creamed the system.
@@donaldellis3609 Farmers haven't creamed they system, it's the millionaires and billionaires who bought farmland so they could avoid paying tax who are the ones creaming the system.
They're also screwing over actual farmers by buying up all the farmland and it's causing the value of the land to inflate, which makes it seem rather odd that the farmers are standing side by side with the rich landowners who have spent the past 40 or so years exploiting a policy that was meant to help farmers (the policy was introduced by Thatcher).
If Jeremy Clarkson and Nigel Farage are against it, then Labour must be doing something right.
😠 But Figel Narage has already clucked up the fishermen . . . now the farmers 😧?
Tax Clarkson and Fartage out of existence please
@@sirmeowthelibrarycat brexit fkd up the farmers too. but yeah fishermen were 1st under the bus by him.
@sirmeowthelibrarycat
Farage ruined the lives of just about everyone.
@@kanedNunableHe was one of the main people responsible for brexit so still him
The ROYALS SHOULD PAY FULL TAX
Plenty of justification for the full 40% on farms over, say, 10 million.
It's time the billionaires paid simply the same rate of tax as the rest of us.
Why not the same inheritance tax rate at the same levels of wealth as every other person in the UK?
@@M0UAW_IO83It would end family farms, something they don't want to do (lose those who can and there ain't enough who want to do it to take over or can afford the land), and if those who parked their money in land are only driving the cost of land skywards
@@M0UAW_IO83 Instead of taxing wealth why not tax INCOME more? Oh, they have, and all of the filthy rich billionaires have put their money in off shore bank accounts... Duh... That didn't work either... Furthermore only four percent actually pay a inheritiance tax, whereas nearly every farmer will because to farm they need land, tractors, combines, trucks, and wagons, all of which combined is very likely worth more than your mansion...
@@jo_clarke1960 I have to disagree.
Very well said.. Absolutely right.. It's a blatent tax dodge for the mega rich.
What that list of Dukes also shows is that the descendants of those who stole that land a thousand years ago are still in charge of it.
FINALLY, somebody willing to stand up to the entitled feral rich. Love it.
The super super Rich need to support the Country that they supposedly love!!!!
What about the king charging the NHS £25 million a year for rent? Why doesn't he help his own country?
Because like many wealthy people he is greedy!
That wef shill hates you peasants
You need to do your homework, the NHS pay rent after they have sold off their land, of course they pay rent nothing is free.
I saw that it is shameful
They are paying rent for the land they use has a car park
Clarkson and Farage are full of manure
Yes - they are man enough to get their hands dirty in all weather to give the likes of you FOOD AND DAIRY PRODUCTS!!!
@@MaverickSeventySeventhey ponce in front of cameras and are off down their private clubs the minute the camera is turned off.
Farage is one of the main reasons we're in this mess, he was at the forefront with Brexit and look at the state that it has left us in, he has a cheek having a go at anyone trying to help.
@@MaverickSeventySevenwrong it's the farm workers who do the graft not the farmers.
@@MaverickSeventySeven Lol.... are you here all week?
Screw Clarkson and his goons.
And farages poncey farmers outfit should be laughed at forevermore.
I believe it was the latest release in a new line of farmers clothes called “Twat”
Dear oh dear, such vitriol.
@ehilton96 no.just an opinion
@davidburrows499
There's a lot of juvenile and unnecessary name calling on this site. The irony is nobody seems to have the first clue how the farming community works. But then unless you were part of the farming community how could you.
@@ehilton96 they have the choice to hand their farm over to their children or their families and tax doesn’t come into it unless it’s over three million and you want us to be sorry that they have to pay tax over this, my heart bleeds for them
The farming community are easily duped - as we saw from Brexshit 🤷♀️
All the farmers voted for it then cried when Europe stopped buying from them.
and the media has duped them again into arguing against their own best interests
this is another failure from Labour comms though, all they had to do to is get someone from the treasury to go on camera and explain in plain english how all the of the allowances work and all of this would have just went away
@@Pegaroo_They tried, but the Tsunami of right wing media drowned them out.
Yup they are clearly not 'experts' on what affects them. For that we have to go to James O'Brien and associated tribute acts.
Do you mean ´duped´? Duplicated means copied.
About time the government went after the tax avoiders and multinationals
There are no poor farmers.
There are poor-farm workers.
Farmers,how's Brexit going
I grew up in rural ireland. For generations the land was "Owned" by the Landlord class. Their feudal system kept the indigenous people down, renting out the land, mostly small holdings to the descendants of the people they replaced. They lived in luxury while our people barely survived or starved!
When the Republic of Ireland was established, this system was dismantled and the land distributed to the tenants. This was a great day for rural Irish people. But no doubt, rich greedy people are looking at land, not as a way of life while feeding the nation, but as a loophole for tax dodging and pretending they've suddenly become "custodians", of the land.
Absolutely Labour are right to take this on, abolish the monarchy too
@@davidroberts3280 😲 Yes, indeed. Join ‘Republic’ to create a better future for all of us without the clutter of monarchy.
I honesty think we should be asked who actually wants to pay for the royals..you should be able to opt out.let people who are happy to shaft their own family give money to them.
@tonkysue207 that a pretty good idea, I for one do not want to pay the parasites
@@tonkysue207great idea. Make the royal family a charity. I’d love to see them out shaking collection boxes down Pall Mall
Here here. Why the hell do we have a monarchy..?! It is absurd.
Farmers are just being used by the rich,Dyson,Farage, Clarkson.
@@wattyler6075 😠 What does J Dyson produce on his farm . . . Vacuum cleaners and hair dryers? 🤣
@sirmeowthelibrarycat growing strawberries with little human contact,have seen his robot pickers.
@@sirmeowthelibrarycat He doesn't even produce those on his farm. He off shored all his manufacturing and HQ to Malaysia.
I believe dyson gets a million a year farm subsidy
@davidtomkins2542 wouldn't surprise me, money always goes to money.
nobody is talking about the massive subsidies(£2.5 BILLION) that is paid to farmers every year. the rich are living off the backs the working people. its about time they paid their share
It was always such.
I'm confused. Many farmers listened to the rich people and voted for Brexit. Now the farmers are listening to the very same rich people about the tax. Am I missing something here?
“Am I missing something here?”
Britain’s farmers are, collectively, gullible idiots who do not understand the basic facts about their own economic sector might be what you’re missing…
They've been snorting to much manure
@Sudique1 No.
Both were rich !
I think they are missing something
Brilliant Rob,voice of reason
Why the farming community would want Clarkson fronting their campaign is beyond me. He and his multi million pound ilk avoiding tax by buying farms simply highlighted the loophole that Labour have rightfully closed.
@davidburrows499
My partners father came from Scotland and purchased a farm in Norfolk after the war when there were food shortages. He worked very hard all his life to bring the farm into working order. When he passed my partner took over and when he passed a relative then took over.
If this situation had happened under this government the value of the land would have been such that paying 20 percent inheritance would not have been viable. The farm would have been sold, probably to some developer and prime agricultural land lost.
But they haven't closed it. Farmland still represents a good place to hide wealth from inheritance tax. The first million is free, and then has 50% relief. They will keep buying it, but now genuine farmers will be caught in the cross fire. Very badly thought out policy
Stupid farmers?
@@ehilton96But prime development land became taxable and homes and workplaces provided for society as a whole. Result.
Corrections: Hedge Funds buying land is irrelevant in this conversation as they don’t die.
IT was abolished in the 80s precisely because family farms were being forced to sell land to pay death duties and over a few generations their farms were eroded away.
The Dukes almost certainly hold their land in trusts, so again IT is not applicable.
The blunt truth is that most farmers are notionally asset rich and cash poor. If they have more than (roughly) 375k then they pay IT like us.
If you (Labour) want to target the Clarkson’s then find a better way.
Diddly squat is what Clarkson called his farm - nudge, nudge, wink, wink no inheritance tax for me.
I heard that Clarkson admitted when he bought his farm he was doing something dodgy to avoid paying tax these people have been doing very well under Tory governments for years they do not like it when they have to pay their share Clarkson is nasty bit of work thanks Rob take care
He's a bully too. Very clear from his treatment of the other presenters on Top Gear.
@@johnslade3744And the way He TRIED to bully Victoria Derbyshire......Cackling on about questioning from 'Typical BBC' ....Ironically when HE made his money from same BBC shows......
What Clarkson did was not dodgy, but fully legal. Fully legal under the Tories who are happy about such tax loopholes, that their own landowning class can utilise. Never dodgy, always fully legal. But only those who had the wealth to start with could make use of this. The poorer classes had to pay their inheritance tax, in full, should they be so lucky and come into inherited wealth. And to create and maintain this tax loophole under the misdirection and disguise of 'hard up farmers need it', was a willful distortion of who really benefited from this.
He can't drive, by the way.
@@MrsGardiner*Legally dodgy*. Pissing against the wind is dodgy, but not illegal, farting in bed is dodgy, but not illegal, voting for Boris Johnson is dodgy, but not illegal (unfortunately), setting a firework off in the house is dodgy, but not illegal, avoiding tax is dodgy, you know the rest, lol.
I thought the super rich just avoided inheritance tax by using Trusts. That's what Clarkson said he has done and that he wouldn't be affected but was just there to support the worried farmers. He has always had the lowest moral standards and is totally selfish and opportunistic.
Clarkson has also said one of the reasons he bought the farms was so the government don't get any of the money through tax. It was in this video you're commenting under....
Not forgetting he was a resident of the Isle of Man tax haven.
Clarkson is a narcissist
Just a bit more publicity for Clarkson, just a tiny bit more please, he needs it, he thrives on it, just like that other populist Farage!
Farage,When will that excuse of a human being crawl into his worm hole and stay there forever!!
You mean up DONvict's Azz !
Some 64% of Britain´s farmland by area is tenanted, 45% of registered farmers are tenants. The tax doesn´t affect renters. This should bring down the price of farmland for owner/farmers.
Yes it does. The landlord goes to the tenant & tells them they will have to leave as they are selling (to avoid tax). You need to add a method for tenants to buy land in an affordable way, so farmers themselves can own their own land.
You need to cover both ends of this. If the rich are likely to sell the land, you need a way to keep those farmers who rent on the land.
If you added a method of buying farm land easily (you have 10 years interest-free for inheritance tax, so why not 10 years interest-free/low rate mortgage on farm land for them? Or something else..I am not a financial expert?). Some method smaller farmer can take over land they currently rent?
@@veganbodybuilding that's actually a good idea.
@@veganbodybuildingAbsolutel!
And a lot of tenants own the land and farm it as tenants, check out a former president of a farming union who’s sits in the House of Lords
@@veganbodybuildingNo it doesn't, because land won't be such a desirable tax dodging investment opportunity,, other millionaire investors won't be interested in buying it. Hopefully agricultural land prices will fall eventually as a result, creating an opportunity for real farmers to buy it.
Dyson is the same bloke who’s closing manufacturing plants in the uk and moving them to Malaysia
I thought James Dyson was promising to leave the country has anyone cited him at the airport holding a clutch full of vacuum cleaners
I think he has, it's just his sorry carcass that's still here, all his money, taxes and manufacturing are no longer in the UK
@M0UAW_IO83 I remember when I was younger seeing Dyson during an interview on the news saying that firing all the British factory workers and moving the factory abroad, the saved money will put the prices down for customers. The prices were never dropped. He's an outright liar
Start with that 'farmer' whose residential postcode is SWIA 1AA
What I’m laughing about is FartGas having dressing up clothes for every occasion that occurs 😂😂
Profit without working - profit without risk - the wet dreams of capitalists!
Go on Labour
Exactly! All Reward and no Risk!
Ex tax haven Isle of Man resident ,Clarkson bought his farm for £4 million. It's now worth £12 million and he's done diddly squat to earn that increase. Jumping on the farmers bandwagon to save his own money.
@uweinhamburg - this got 50 likes. Astonishing. Yup farmers as kulaks comrade.
TAX FREE profit without risk.
@@AlanFagan-y5l Yup I've heard of this. Its called an investment.
Much in the same way run an open borders policy and number of people wanting accommodation > housing stock = price inflation on housing. Inversely a labour market with oversupply of workers = wage deflation/compression.
Simples
if farmland crashes in price so that its value reflects the roi that farming creates…. then i will feel this loophole has closed. i want the children of family farmers to be able buy their own farms if they want to stay the industry
I have two brothers who love to inform me that, despite both earning over 100k each year, they pay less tax in the pound than I do (I'm a decorator on about 20k).
Something about accountants?
I'm hoping that the crime of 'aiding and abetting tax avoidance' is soon to be added to the statute books.
Then we'd see a very different amount of tax being paid almost immediately.
Good luck with that fight. It was lost at least thirty years ago if not more.
I suppose asking them who they use for accountants is below you.......I suspect there's more to this than you are letting on.......😂😂
@@Beauloqs That's the least of it!
I sometimes work for a guy who runs a building firm, but has nobody on his books (everyone has to bill the customer separately). He has a great big house, swimming pool, lots of land, owns several other properties (10+), and his wife runs a salon. They both pay themselves minimum wage through their own business and the rest of the money goes in and out of business and properties (all above board and legal) leaving them barely paying any tax and only a tiny bit of NI (because the money that goes through the accountant is [at the very least] all NI free).
I can only imagine how completely bent the rules are for the people with _serious_ amounts of money?
I've only very recently made enough money to worry about tax since going self employed so I might have to start actively evading tax too i guess 🤷♂
Brave decision from Labour must be the correct one
Yup and remember that Rachel Reeves was the brains behind the German Economic Miracle at the end of WW2 according to her CV. So we couldn't be in better hands.
Another reason that agricultural land prices have risen beyond the reach of most genuine farmers is the hope value of getting planning permission for housing. When agricultural land gets permission through the lottery of planning appeals its value goes up overnight from £thousands to £millions per acre. This increase used to be taxed once, but successive Tory governments reduced the tax to zero. It’s another scam for the super rich that forces up the price of land and the loophole urgently needs to be closed.
@derekread9648
This applies to everything the rich buy as an investment ...housing, gold, diamonds, artwork, wine, anything 'vintage'. You may want to buy someone a present of a gold necklace but whereas once it was an affordable £100 or so it's now £800+ for the same item. Ordinary people can't afford these items but the rich can and the more they buy the more the price goes up.
Which has nothing to do with farming
This country has been run by the rich for the rich for decades,Thatcher,Cameron,RIshi Bojo, all multi millionaires,be it farming or other reasons, needs changing.
Don't forget James Dyson!!!
YES the coverage of the farmers by the media, the sheer magnitude of air time compared to any anti war protest in the last 30 years… should have you THINKING 😊
well, after listening to your take on the situation I am convinced that Labour has done the right thing.
Me to
When your grocery store shelves have emptied, you might rethink your position... While farmers don't have much control of the prices their crops fetch at the market, they do control SUPPLY. Farmers can hold on another one or two months before selling their crops, which is more than long enough for the grocery stores shelves to empty... Enjoy your pestilence and famine of your making...
@@ronclark9724 Only 54% of veggies and 16% of fruit in the UK's supermakets are home produced. Hardly likely to empty the shelves is it. Exactly how do the farmers withhold their eggs, milk, soft fruit and meat for two months ?
Where you are making a fundimental mistake is in assuming that the treasury figures on land ownership are correct, that the vast majority of family farms will lie below the threshold figure. When a banker gets a seven or eight figure bonus, they buy a big house in the country with thirty, forty maybe fifty acres of land and keep ponies on it, and when they die their accountant declare it as a farm and thus the property gets APR. It is not a farm. Here in the Cotswolds this is common, when I grew up, every village had at least one family farm, either in it or on the outskirts, precious few remain and the smell of horse manure spreads. When I grew up the milk lorry arrived in the village every day, milk churns clanging together, the roads are now filled with Range Rovers driving to Daylesford for their occupants retal therapy sessions instead.
All farmers have to be licensed to keep livestock, any farmer growing crops will need to return data on their use of fertiliser and sprays, thus it should be fairly easy to work out who is a genuine farmer and who is not. By all means tax everyone who is using land as a tax dodge, do not tax people for whom land is the means to produce food, not a return on investment. What it really boils down to is that farm land has seen a rise in its value which is not commensurate to its ability to earn a living, if land were worth far less and could only be used to produce food, then the ultra rich would not want it. Please, in an attempt to even the playing field on tax evasion, dont throw the baby out with the bath water, family farms are the backbone of our society, in the recent flooding in Wales, it was farmers who cleared fallen trees, rescued people trapped in their cars, and dug out drains to allow the waters to disperse. Yes, I was a farmer, but I have daughters, none of whom wanted to become farmers, so the farm was sold and my estate will be taxed at forty per cent, I am sure.
Kemi Bad Enoch - love that.
This video ought to be broadcast on mainstream TV.
I’m sure 99% are unaware of this reality.
Farmers voted overwhelmingly for Brexit. It’s cost the country £100B, time to cough up guys. You knew what you were voting for.
Where’s the evidence for that claim? More polls showed farmers voting remain than leave, those polls were much bigger than the two (!) popularised by the media that said farmers wanted to leave - and besides why trust polls about Brexit when they all predicted a landslide to remain anyway?
Quite correct Rob, this is not about farming it about tax avoidance.Since Brexit farmers are farming less in Britain producing less food etc.
Absolutely!
Yup really smart move by the Tories to do trade deals with Aus and NZ for more food for the lower tier of our society. A US trade deal could really help this further. Global Britain.
This is a piece of nonsense written by someone who understands virtually nothing of the impact this policy will have on real farmers and much less seems to care. You do not set tax policy at such a low level if you real target is the ultra wealthy and in any event farmers are struggling to make a living as it is. As long as it hits the very wealthy real farmers can just go hand? To describe it as a loop hole is to fundamentally misdescribe and misunderstand what tax is and what tax law is. People are always very happy for someone else to pay more tax. This will destroy farming in this country and drive many farmers to an even lower standard of living.
The policy won't stop the super wealthy investing in farmland. They still get the first million tax- free, and then 50% relief on amounts above it. It still represents a good place to hide their wealth from inheritance tax, so they will still buy the land, continuing to keep land prices artifically high. The £3m threshold is a lie too, as it depends on a complicated business structure, and a complicated will drawn up by a legal expert. Not many genuine farmers will be able have this in place by Apr26. Viable farm size that will support 1 family (only 1 generation at a time, so the bare minimum) is around 250-300 acres. Add machinery, livestock etc, it could easily be worth £3-4m. Having to find around £500,000 will be a struggle for a business that makes around £50,000 profit/ year. It would have been easy to make a policy that goes after the non- farming wealth, they could have properly defined a farmer, as they do in other countries, and only allow them to claim APR. Another option (my preferred, although I'm no economics expert)is to simply say that any land that is inherited, then sold before 40 years is up(and by then approaching the next death event), is still subject to inheritance tax... at the full 40%. As a farmer, I agree with the government trying to close this loophole. The policy is so badly thought out, though, that a lot of farmers will be caught up in the cross fire, and will not have the cash to pay it, and carry on farming.
I agree with you 100% the only person you didn't mention was King Charles who inherited billions from the queen and didn't pay the tax on it as you said everyone else has🤨😠
Yawn
When you listed the top land owners, (i.e. the British Aristocracy) - you missed KING CHARLES !
In Wiltshire, the large landowners lease their farmers and if many of them don’t live on their estates and country residencies at all, often renting them as party venues and for weekend hunting. The farmers who rent their fields work very hard and find it difficult to invest in machinery and new technology.
Dyson is the same bloke who’s closing manufacturing plants in the uk and moving them to Malaysia
Kemi bad Enoch 😂😂😂
Well said well said!
Yes, Bravo to labour for this and ignore the Dukes of Victimhood!
😂😂😂
Labour's full of whinge and whine
Thinking that somehow it's fine
To say what's yours ought to be mine
And pushing ahead of us all in line.
"One percent of the population owes half of the land in England". If true, con-duke enquiry and come up with an answer why wealth should be concentrated in a few hands , all linked to monarchy. Leasehold, an instrument of protecting wealth and ownership over a long time, with effect of impeaching the natural distribution of wealth, should simply be abolished. Another specificity of unconstitutional UK I guess !
Never thought of that..
we did away with leasehold in Scotland years ago.
Duke of Bucleugh isn't the number 1 landowner in England. It's Scotland he owns land
Let s hope the royals have to pay too...they have farms...
Fully agree
Amen. I think you're absolutely in the right and Labour is too.
We ALL want to be able to pass our assets on to our family members and ‘keep it in the family’ but the ordinary Joe is hit with 40% inheritance tax and farmers have the audacity to be complaining about being asked to pay 20%?? Please be quiet!
Now, the next tax dodgers ought to be taxed, the royal family
Faridge the chameleon donning his flat cap and wax jacket pretending to be just like the farmers he claims to represent. I wonder how many genuine farmers bank at Coutts? I still remember the outrage from people who have to visit food banks for their weekly shopping being outraged that he wasn’t allowed a bank account like the rest of us. It was f*cking Coutts! Where the royal family bank and other millionaires and billionaires. Clarkson got called out by Victoria Derbyshire for denying that his farm was a tax dodge. He had actually written an article in the Times saying as much. Remember his restaurant that he didn’t have planning permission for? He closed it and moved it to another barn he has. These people think they shouldn’t play by the same laws and rules the rest of us have to. All the while the difference between rich and poor grows ever wider. A rich country full of poor people. It’s true of the US and it’s true of the UK. Labour have done right on this. For all those that say it’s against what they promised, no it isn’t. They promised to close tax loopholes for the ultra wealthy and that’s exactly what they’ve done.
Although I am ABSOLUTELY in favour of removing this tax loophole, I seriously question whether it is being done properly. My daughter in law is busy working on inheritance tax issues for the family farm, owned by her dad and his two brothers. A genuine working farm, arable and beef, in Norfolk which is probably valued at £7 million. My daughter lives in Lincolnshire, and these two counties have HUGE farms, producing vast quantities of food. I don’t know, but suspect that many of these very large business are worth in the £10’s of millions. Also, these large farms tend to have gigantic machines (have you seen the size of the tractors and combines?). These are not oligarchs or tax dodgers, and to hit them with IHT seems totally dumb. I think this is a major Labour problem: good policies, fucked up by disastrous PR and poor implementation.
The farmers had a protest a few years ago about cheap Brexit imports from Australia & NZ. Largely unreported in the press. Clarkson doesnt shoot on his farm. He doesnt breed birds for the guns i.e. pheasants etc.
You need to check your numbers for family farms. The average farmer cannot pay that inheritance tax in the time allowed so they have to sell assets. They need to protect real small farmers and hit the tax minimisers. This budget has reduced the incentives for small firms and business like farms and companies to employ young people and invest in growth. You need to get your wellies on and spend time on a farm and see that small farmers are being lumped with tax avoiders
Clarkson calling his farm ‘Diddly Squat’ makes sense now because of paying zero tax,he’s taking the piss.
Problem !!!!!! We continue to fail to tax true wealth.
Why didn't those protesting tell farage he wasn't wanted there since he was responsibly for much of the problems currently faced by real farmers....Jesus! they must have short memories....
What problems is he responsible for?
@@stewie7338 Brexit and the resultant restriction on exporting to the EU (vets agreements etc) as well as the rubbish trade deals with Aus/NZ that will allow sale of cheap stroid treated meat in the UK. Not forgetting the stopping of EU subsidies.
@@Mikey-ns6nz How is he responsible for any of that?
@@stewie7338 He did lie a lot during the referendum with respect to Turkey about to join the EU despite a UK veto. His racist rhetoric was certainly contributory to the small majority that voted for leave. Others are also to blame but he started the stupid ball rolling.
@@Mikey-ns6nz Hi Mikey - incorrect. The Turkey poster was the work of Vote Leave which was Johnson/Cummings. Cummings of course picking up on PM and leader of Remain David Cameron's consistent calls since 2010 for the EU to fast track Turkey into the EU.
Spot on…
Right on. It's these grifters who have made farm land so expensive in the first place. Maybe they should pay the full 40% on farms >£10m?
well said Rob.....well done Labour....
One notable person absent from the protests is Neil Parrish, the former Tory MP and tractor porn enthusiast.
He was interviewed for his opinion on one of those right wing tele channels.
Not only are these hunts not paying tax, they are preventing those that wants to farm cannot because these 'hobby farmers' have the land. Tax these hunts out of existence. I had an argument with some of these so called farmers telling us that they produce most of our food. When I looked it up it is actually only 40% of our food. FAR TO LITTLE I agree, but that is the fact
What hunts
Yes, well said.
I'm related to a non-farming farmer, who always seems to be buying new cars, building on their land, adding to their home, and going hunting.
It's time they paid tax lije the rest of the public.
But they are doing what the rich always do with tax, convincing ordinary people it is effecting them.
@@foxbat51 😲 Affecting them . . . !
Well said!
There are several things to unpack here.
1. There are many people vital to society; farmers, police, nurses, firefighters, etc. ALL get paid very little but ONLY farmers pay NO inheritance tax.
2. Everybody paid IHT until 1986, when Lawson gave Farmers exemption (39 year with NO IHT).
3. Now farmers are complaining because they have to pay IHT of 20% (payable over 10 years - so 2% a year) with a threshold of £1m. Meanwhile, everybody else pays 45% over £325,000 payable immediately. How does this look?
Well, an average farm in the UK is 250 acres, which in land terms means it is valued about £2.5m + £500k equipment. This would attract an IHT bill of £400k (20% of £2m) or £40k a year over 10 years off a £3m asset!
Compare to a middle class person who passes his £1m house onto his son and his £500k pension and savings (these are not extreme values). The IHT bill for the son would be 45% of £1.5m or £675,000.
So a non farmer passing on a house and pension worth half that of a working farm, pays double the tax compared to a farmer - using the new regime. Under the old regime the farmer would have paid ZERO tax.
Finally, I would remind you that Clarkson (and all of the other 'business' farmers) all bought farms to minimise their IHT bill. They might moan but even today, they will only pay 20% whereas everybody else pays 45%, so a nice 25% saving. The trouble is that here, the likes of Jeremy Clarkson (who admitted in 2021 that he purchased all his land to avoid paying inheritance tax) and other rich land owners and farmers have managed to convince the every farmer that this will affect them. Well it won't and it is about time the rich started paying in to this country to help it.
250 acres is the mean average I assume. The median average without the super rich would make the average acreage even less...
You will never see this in the main stream media.
Completely agree. Instead of 'no farmers, no food' what about 'no taxes, no services'. And dont we import a large proportion of our food anyway?
Thanks, this is needed ❤
That's very kind of you, thank you.
I've yet to get a farmer to answer the question I've asked about how these farms they've had for generations managed not to survive for 90yrs paying IHT after it was introduced in 1894 until Thatcher used exemption as a bribe to them in 1984.
they had subsidies and less price competition from abroad
@@Sussex_Seagull 🤔 Ah, subsidies . . . from the European Union 🇪🇺!
The “bribe” effect was just a little bonus on the side for the tories. What Thatcher was doing was looking after her city mates and tory donors by creating a tax free means to stash their obscene wealth.
Labour are spot on
If you don't want to pay your Fair Share of Tax, Clarkson - get in your Bugayti Veyron and drive to another country.
@@EllieD.Violet Can just buy that.
@@EllieD.Violet - to be fair to him he was a remainer....there is intelligence in that head of his, but in this case it is being used to increase his profile whilst trying to get his fanbase to reduce his IHT.
Pay your tax like everyone else
there is nothing noisier than a rich person being threatened with paying their fair share. Real farmers are being duped by the glitz of wealthy personalities like Clarkson, Dyson and Allsopp since being co-opted by the right wing politicians to do their bidding; notably Farage decked out in his tweed country costume with Badenoch, Atkins, Griffith and Tice preferring wax jacket disguises. It's wealthy individuals avoiding/evading tax that increases the tax burden on ordinary working people and using farms as financial instruments rather than grow crops or livestock. This price distortion is exactly the same that has beset the UK housing market and the main cause of the current crisis. Houses are also used as financial instruments rather than as places to live.
Spot on. Do either Clarkson or Dyson ever get their "Green coloured" wellies dirty or even for that matter ever wear a pair out? Clarkson always was a bullshitter who has climbed on a band wagon for his own and nobody else´s benefit. In the 1950´s my uncle and all others in the Longdendale Valley were real farmers. They all relied on one horsepower four legged animals for motive power. My uncle finally bought a small, by today´s standards. Massey Fergusson tractor, a pretty standard machine in those days. 4x4 and heated cabs, do me a favour. The luxury was sitting down on a folded sack on the metal seat to do the work instead of having to walk with the horse.
the farmers should be pissed off at clarkson who basically boasted how to avoid tax. the number of working class people who think all farmers will be hit is crazy around me (rural lincs)
Yep🤓 he gave their game away 😆
Well said. I totally agree with you.
I have members of the extended family in the fsrming industry. They have worked for the whole of their adult lives in a manner that would make those blanche who so easily drape the banner of 'working class' around their shoulders. Labour are rught to iron out the tax dodge for the rich that farm ownership offered the rich. No doubt about that. But as usual with living-in-a-bubble ideologues they use a shotgun when a rifle was needed. The anguish and dismay of those owning multi-generstional family farms is real and undeserved. These farmers make a pittance for their constant grinding efforts and many will have to sell their farms due to this ill-conceived measure. Eho yi? Well the rich and the corporations if course and rural life will drain away over time
Typical Westminster clod-hopping...
00h , vitriol. Urban idiots in charge. The country side is a playground for off road vehicles and a litter bin for campers. Everyone knows that. Give it all to people who have never even seen a spade and would never bend down to harvest a crop. You sow what you reap. Farming was a comunity effort and it should be again but that is a very long story and i very much doubt there is anyone of vision in charge.
I didn't realise that the tax loophole wa only opened by a Thatcher government in 1984. Before then farmers, the big buggers, were subject to the full inheritance tax just like the rest of the peasants! 😅
In the 40 years since inheritance tax was scrapped for farmers, food production has decreased on farm land by 25%. We used to produce 40% of our food needs on farms in the 1980s, but that has dropped to only 30% now.
Did the biggest UK land grabber (Charlie boy) pay any inheritance tax when he became the kingpin?
No, not a penny.
Trouble is we no longer have a 'non' Tory press/media. You only need to look at GBeebies to see this! Thats why the media are having a 'field' day to help the Tories. Let's face it Baddenoch and Co can complain as much as they want but its not going to make a difference as Labour have a far bigger majority than BoJo's 80 seats! Well said and totally agree with what youre saying!
As long as Prince Charles pays no tax then no one should pay tax
Well said
Well done that was straight to the pockets of all these landowners. I live in the Scottish Borders where the greediest landlords are. About time they were taxed and brought to heel. Keep up the good work.
Farage wearing his farmers fancy dress really made my day. It still amazes me that the main stream media or the farmers themselves have still not held him to account for the economic harm which his Brexit has caused to the farming community.
But... if you damage smaller family farmers at the same time as you go after the super-wealthy, that's really unfair and counter-productive. And we hear that many smaller guys will be trapped in the same net and forced to sell-up. So what's the truth?
Hi, can you share where you got the list of farms affected by this please, I come from a farming family and need evidence to show them they're being lied to!
Farmers did You? VOTE FOR THE DISASTEROUS TORY BREXIT.
"SUCK IT UP"
"SUCK IT UP"
😂😊😂😊😂😊😂😊😂😂😊😂😊😂
⛷️👏👏👏
They won, why didn't they get over it?
Finally a government doing their job.👏
And I’d like to hear about the Royals too.
It' s the pity the poor fishermen line again but adapted. When will these fools realise they are being used!
No tax no vote!!!!
Dan Niedle Labour Supporting Economist has turned full 180 and now says the Tax is unfair on small to Medium Farmers. Obvious from day one. Spitefully and jealous observers really do need to understand the issues fully.