Most of them are smallholders or coop farmers, small scale and regenerative practices. That should be the future of farming the the UK imo. Rather than massive mono crop farms which strip the soil of nutrients and affect the natural food chain etc. Farmers work hard, nobody is denying that, but there are better ways of doing it.
You've hit the nail on the head there - the people who suffer the most in our system are those that work ... by the time I die I will have paid off 2 mortgages in my lifetime and the money I've earned to buy both properties (ours and the ex-wifes) has already been taxed... so any IHT on those properties is double taxation ...
They pay it off over a decade don’t they? Interest-free? Can’t remember. They’re always whinging about something. Was a great tax dodge for a while.
Better ways of doing everything mate. I assume you have solar panels to power your business rather than taking your electricity from the grid.
Most of those are already outside the IHT net - for a married farming couple the first £3 million is outside the net - also their kids would pay IHT on anything above the net at 20% over 10 years in instaments - interest free... Contrast that with what non-farmers pay - max £1 million outside the net - 40% rate on the excess - payable in instalments over 10 years .. but with 7% interest...
I'm making the point here that farming needs reform. We are dependent on farms to a degree, but we now import almost half of the food in the UK, so we're not utilising the land we have as well as we could. As mentioned, we farm in big mono crop cultures, which has all sorts of impacts on the natural world and ecosystems. And we keep a huge amount of what's called grade 4 or 5 low grade grazing, which is almost useless for crops. A lot of this is tied to the amount of subsidies farmers get for their acerage. So it pays them to keep large amounts of land which they don't actually farm. And in part its a system that they are forced into because they make so little from the actual agricultural produce, I think there's a study somewhere where farmers actually lose money on their produce (taking into account the cost of machinery, equipment, labour etc) so they money they make is largely made up from subsides. That has a knock on effect for IHT, because farmers have huge amounts of land which have land value, but little agricultural value. If they sell them, they won't get the subsidies, if they keep them, they are liable for IHT.
I rent a space for my business, so that would be down to the owner. But I wish I could have it at home. I've looked into it a few times and the cost is beyond what I can afford. Even with these ads that pop up for free solar, they usually come down to free installation if you're on benefits, but you still have to pay for the equipment.
Mate we all know you are basically a millionaire by now. None of us can afford 3 grand bikes (multiple) or renovating our home like you do, or buying new washing machines at will. We don’t drive around in campervans, neither. Im actually eating a jam sandwich now. I get paid again at the end of the month though. Not long to go now.
I really don't care how much money or assets other people have or whether they are paying IHT. I just see it as sour grapes when I see people despising other people of something they haven't got. Envy, it's terrible thing, and tbph if I was rich I wouldn't want half of what they have got, but that's just me. Another thing I see in people is when they complain about living standards, yet happily spaff money away instead of helping the people they supposedly care for. Don't complain about what's going on over there if you are part of the problem as I see it, greedy and materialistic. Sometimes look deeper within your own self. The first things I think of when I think about money, if I was rich, I wish I could help that person, so with the little ones in Gaza, just starting in life minus limbs, but even if I was rich I can't help the entire world, so you never really solve the problems and everything has to be put into perspective about what you can do. At least making someones life a littie bit easier for them is the thing. So I don't care what other people have got, whether they be a farmer or anyone else, life is life, going around with envy just rots the soul. Be a better human being and stop being bitter is the most important thing, be prepared to look at yourself in the mirror and stop being a **** in life, just because someone seems higher up that tree. Yes, I think the likes of Musk and that Amazon guy, could do more for the world, sure - being the richest person in the world says you aint doing enough, having luxury items for the sake of luxury items says we all are not doing enough, because we are all selfish little ****s. Anyone tha's not been a sleep for the last two years, knows what a bunch of ****s the whole human race has been. Maybe that's why we are all still here, god wants everyone of us to look at ourself just that little bit harder. End of todays sermon.
I know mate, it's not easy being a millionaire and pretending to be working class to save face on here. I only bought the washing machine as I had to sack my housemaid as I suspect she was stealing from the wine cellar.
Spaffing! I've worked continuously since 1984 and never had a day off sick (was on gardening leave during heart op and convalescence - op July 2017 - working again by beginning of Oct) - longest time I've had off was from Nov last year to June this - first 2 months needed the break tbf - thereafter looking for most suitable new role - we survived because I took a lump sum from one of my pensions- should probably have signed on tbh but never have.. I don't cry about much - by this time next year will have seen all 3 girls through Uni - they get minimal Government finance because of my salary so I kop for the rent difference and subsistence (eldest 2 are working now) - by another Government quirk I'm paying through the nose - if our household income was 50:50 with the missus rather than all from me our daughters would get full Government finance - tell me how that is fair? Everything we have, or have ever had (including holidays, cars etc), has been earned, apart from a modest amount from my old girl that helped with the deposit on this place ... as I said before, will have paid off 2 mortgages in my lifetime... So I don't cry ... and I don't spaff ... but I do dislike inequality and rules and regulations in a system that purposefully, and unfairly, favours the rich - particularly those with inherited wealth - people who have never had to worry about meeting next months outgoings... I'm no martyr ... just never had the luxury to not work ... yet.
Unlike you peasants, I just work when I feel like it and spaff all of my riches on bikes and washing machines, whilst laughing at the poor kids who want bubblegum ice cream.
I hate to tell you this mate, you come across as middle class snot, who is too concerned with materialistic values and where you are on that imaginary ladder to boast, you need to take a back seat bro and relax, chill with that glass of wine, the world will still revolve without everyone of us. You can't take any of what you've got with you, and in a hundred years, no one will even remember anyone of us ever existed.
I and others have been looking at an amortisation approach to residential property inheritance. With each passing of the property between generations, the state gets a bigger % of the property should it be sold. At some point the state reaches 100% . Keeping a residence within a family for generations with the intent that the next will have a living place to start families of their own, but material profit from a sale decreases the further the family line goes.
Possibly. If not, tis a simple matter to produce the stats (property ownership records, birth registry etc) . "I'll be honest I don't like what I see as an attack on British farmers, because the trouble with that every farmer gets dragged into it. We should be a self sufficient island, and supporting our farmers, but obviously I'm not including the rich in that or celebrities or just pure land grabbers." Again, there should be stats on how much meat (land, sea) + veg + fruit the UK produces each year. And from that you can get a % measure of how it satisfies the per capita nutritional needs.
