Far right attempting to subvert the farmers protests in London.

That IHT videos on why iht is good for farmers is very interesting and worth a watch.

Farmings now a financial instrument and the farmers are blaming the wrong thing,IHT isn’t the problem but part of the solution.

I think Farage has decided to piggyback off the backlash to Jaguars “woke” advertising campagin instead now. Got to keep pushing those culture wars!

If the bolshy farmers believed for one second that Farage wouldn’t drop them like a hot brick the second something else came along – well, they’re even dafter than it first appeared.

Farage was the prime mover behind convincing then to vote to cut their own throats financially, FFS.

The Richard J Murphy vid is pretty good, TBH. Probably pitched at the right level. It totally misses off in-year costs of production, though – commodities that have skyrocketed in price in the last 2-3 years. Feed, fertilisers etc. But his basic point holds – the actual margin on the actual activities of farming are not sufficient.

FWIW, many farmers do ‘hedge’ against commodity prices by buying in bulk and when prices are lower. But the commodities themselves are often perishable and the ‘hedge’ is usually at the level of a handful of farms. Looked at objectively, they are still at the mercy of commodity prices.

Murphy nails it, though. The use of farm-able land as a financial instrument (its worth in this case being in its tax avoiding ability), squeezed margins from onward supply chains (Tesco keeping very quiet at the moment), and Brexit (loss of exports, squeeze on seasonal labour and end of subsidies) – these are where their anger should be directed.

Hell, if they put it like that, they’d have the support of 85% or more of the population!

Hell, if they put it like that, they’d have the support of 85% or more of the population

Most def, but the spin being put on it by the usual suspects is ‘labour bad’ the farmers anger should be directed at the actual problem.

It seems to me that, in leu of the duties going to the government, they should be used instead to help with this crucial restoration process.

I think the question of how to farm without destroying the environment and while allowing farmers to make a reasonable living deserves a thread of its own.

Farage was the prime mover behind convincing then to vote to cut their own throats financially, FFS.

It’s probably not fashionable to say it, but you might be surprised to learn that farmers voted for Brexit in much the same way as the general population; older and less educated, and dairy voted leave, younger, more educated cereal farmers voted remain. The overall vote wasn’t so different to the 52/48 split. The NFU was in favour of remain.

(Tesco keeping very quiet at the moment),

Aren’t Tesco one of the biggest landowners in the Country?

Not sure if they own “farmland” but they certainly were buying everything up a few years ago.

It’s probably not fashionable to say it, but you might be surprised to learn that farmers voted for Brexit in much the same way as the general population; older and less educated, and dairy voted leave, younger, more educated cereal farmers voted remain. The overall vote wasn’t so different to the 52/48 split. The NFU was in favour of remain.

Hence my reference to ‘the bolshy farmers’. I believe the farmer vote for Leave was slightly higher than the general population (closer to 60 than 50), but the point is moot.

But I reckon that crowd on Tuesday contained a disproportionate number of that farming, Leave-voting demographic. Why wasn’t Farage booed?

I think the question of how to farm without destroying the environment and while allowing farmers to make a reasonable living deserves a thread of its own.

Cirtainly – food, where it comes from, how it’s produced, packaged, marketed and sold is possibly the biggest modernization failure with huge impacts on the environment & public health. The ‘custodians of the land’ is absolutely complete BS for the vast majority of farms.

Virtually all Farmland is “dead” nothing would prosper without fertiliser, compaction is another issue and water runoff causing flooding.

The only positive is new trees, hedges and ponds but it’s a drop in the ocean.

I’ve just read that Farage was actually excluded from the list of speakers at the farmers demonstration over fears he would get a hot reception for his role in Brexit.

This is a bit embarrassing for our Nige, so you would think he would do the decent thing by shutting up, right? Err, no. He’s now claiming that the leaders of the farmers were the cowards who were nobbled by the Tories(!)

Ah, one of the few things the professional shit-stirrer has left at this point – attempted divide and conquer. Let’s hope the majority see this for what it is.

And if all else fails, Nige can wrap himself in a Union Jack and say something disparaging about foreigners.

The cynical slob.

Had a couple interesting conversations with a rural accountant and a farmer today.

Regards the 7 year rule, if a son/daughter and farther/mother who all work the family farm but live in the same house / farm. When the parents hands down the farm, the farther then has to pay rent to the son at full commercial value of the property as it’s become a benefit in kind…

Had a farmer in the shop today who is just over the cusp of the iht bracket, they are landlocked by other bigger farms and landowners and would like to expand but can’t afford the land even if it were available. He was quite happy for his dad’s to start thinking about handing over the reigns of the land sooner, but wasn’t aware of the above clause in the 7 year rule.

Seems like a bit of legislation that needs removing to me (and pretty quick)…

Regards the 7 year rule, if a son/daughter and farther/mother who all work the family farm but live in the same house / farm. When the parents hands down the farm, the farther then has to pay rent to the son at full commercial value of the property as it’s become a benefit in kind…

The son could then provide a loan form the business to his dad to pay for it. As it’s a loan it’s not taxable. The loan can written off at some point in the future consequence free.

If your rural accountant can’t see some fairly obvious routes through that then they need to hand in their calculator.

If your rural accountant can’t see some fairly obvious routes through that then they need to hand in their calculator.

Was thinking the very same thing.

pay rent to the son at full commercial value of the property as it’s become a benefit in kind…

The same for any parent handing a house to a child. If you continue to derive benefit from an asset, you have not given it away so it is still subject to IHT and part of your estate. I’d be surprised if you can give things back via a loan. I imagine HMRC have something to say about such arrangements as gifting houses is not an uncommon desire. A better option might be to make the parent an employee of the farm abound pay income. You can’t do that for a parent, but they will have to pay rent if they still live in the house. That rent could be viewed as inheritance paid now, if the parent has the income.

Using loans that aren’t then repaid is a very common tax avoidance route taken by many company owners. If the loan recipient defaults and doesn’t repay the loan there are no consequences unless the company taxes action to recover the debt. Of course this doesn’t happen. HMRC can’t do anything to stop it as it’s legal and requires government legislation to close the loophole

AIUI you do have to pay tax on the loan (unless it’s for a very small amount).

It may still be more tax-efficient than other ways of taking out money especially if you’re a higher-rate taxpayer.

I’m wondering how many of these farms which earn a profit of £25-£30k a year employ an accountant at £500 a day to do the books and financial planning.

Another interesting watch by the professor

Regards the 7 year rule, if a son/daughter and farther/mother who all work the family farm but live in the same house / farm. When the parents hands down the farm, the farther then has to pay rent to the son at full commercial value of the property as it’s become a benefit in kind…

And you thought it would work how exactly?

I guess I assumed that as lots of media and commentators are saying ‘just use the 7 year tax rule’ if would be simple…

I guess the farmers could hand down the working part of the  farm or land, but not the property to get around it now though, or maybe not a wing of the property as is the case around  my way.