When I die there will be inheritance tax on my estate. If I liquidate all my investments and invest in farmland, there will be no inheritance tax…does that seem right to you?
In 2021 Clarkson, in an interview with The Times said that avoidance of inheritance tax was a major reason for buying a farm.
There will always be people who buy farms as an investment, but by far the majority are family owned farms that are passed from father to son/daughter. It's the latter that will suffer, and their farms will have to be sold. They are the people I support.
Change is constant. US farmers are not happy due to DT's plan to deport immigrants. (The state of CA is putting protections in place for immigrants.) Farmers largely voted for DT. Farmers state immigrants are largely employed on US farms because Americans do not want to labor on farms. We can expect food chain supply disruption.
Good luck to the farmers but I doubt they'll need it. This is what normal people have to tolerate when the lefties gain control. I doubt they'll get control of the land. If they do what are a bunch of council clerks and teachers going to do with it?
The Left tend to be 'well meaning', but they are also usually misguided. As we all know, they have ALWAYS left a period of power with massively increased unemployment. Sadly I fear this time it will be disastrous.
With agricultural land at anywhere between £15 and £25,000 per acre, 3 £ million is peanuts, and most of it has been bought on borrowed money. It's a nightmare.
Why has it been bought with borrowed money if it has been handed down from parent to offspring? And your figures are way off, in summer 2024 average cost was under £9,000 an acre.
Legal immigrants are allowed to come into the U.S. on work visas for farmers. It is the illegal immigrants, some that were let out of prisons just to come here, some that are gang members, some that are cartel members, some that are terrorists that are the ones DT is going to deport . If you are in the U.S. legally you have no worries. The ones that work on farms have a way to be here legally and should take advantage of that.
Rough grazing land might be £9,000 an acre, but good arable land (which grows our food) is more like £25,000. Most farmers are in huge debt to their banks. Those tractors in my photo can cost up to £100,000 (borrowed) and if added to a deceased's assets, would attract an extra tax of £20,000. Imagine that!
Farmers aren't all wealthy aristocrats, they are like the rest of us and need to take out bank loans for almost every ,major purchase (not unlike people's new cars).
They just have to hand the farm on to their offspring seven years before they die and they pay no tax. So only the farmers who don’t trust their children will pay it.
I am a farmers daughter. Generally the public has no idea what being a farmer involves, maybe they will when we have to import low welfare chlorinated food because there’s nothing else.
22 comments:
When I die there will be inheritance tax on my estate. If I liquidate all my investments and invest in farmland, there will be no inheritance tax…does that seem right to you?
In 2021 Clarkson, in an interview with The Times said that avoidance of inheritance tax was a major reason for buying a farm.
There will always be people who buy farms as an investment, but by far the majority are family owned farms that are passed from father to son/daughter. It's the latter that will suffer, and their farms will have to be sold. They are the people I support.
Change is constant. US farmers are not happy due to DT's plan to deport immigrants. (The state of CA is putting protections in place for immigrants.) Farmers largely voted for DT. Farmers state immigrants are largely employed on US farms because Americans do not want to labor on farms. We can expect food chain supply disruption.
With so many UK farms now about to go bust, our food supply will also be disrupted, and more imported. I just don't understand the policy!
Good luck to the farmers but I doubt they'll need it.
This is what normal people have to tolerate when the lefties gain control. I doubt they'll get control of the land. If they do what are a bunch of council clerks and teachers going to do with it?
Hear, hear! Regards Sue H
The Left tend to be 'well meaning', but they are also usually misguided. As we all know, they have ALWAYS left a period of power with massively increased unemployment. Sadly I fear this time it will be disastrous.
If your farm is worth less than 3 million it will not concern you. I wonder how many of the big farmers voted for Brexit?
We all need to support them. But I doubt if it'll make any difference. They hate land-owners, and hard-workers!
Do some research Cro, do some research and look at the numbers. What percentage of UK farm land do you think is owned by small family farms?
With agricultural land at anywhere between £15 and £25,000 per acre, 3 £ million is peanuts, and most of it has been bought on borrowed money. It's a nightmare.
Why has it been bought with borrowed money if it has been handed down from parent to offspring? And your figures are way off, in summer 2024 average cost was under £9,000 an acre.
Legal immigrants are allowed to come into the U.S. on work visas for farmers.
It is the illegal immigrants, some that were let out of prisons just to come here, some that are gang members, some that are cartel members, some that are terrorists that are the ones DT is going to deport . If you are in the U.S. legally you have no worries.
The ones that work on farms have a way to be here legally and should take advantage of that.
I am going to guess that the borrowed money is to keep the farm going and /or start a sideline new from what it used to be, all crops.
I was commenting on Cro’s comment that most of the land that is passed down the families has been “bought on borrowed money”
My understanding is not all farm workers are in the US legally. That is why the farmers are worried.
Rough grazing land might be £9,000 an acre, but good arable land (which grows our food) is more like £25,000. Most farmers are in huge debt to their banks. Those tractors in my photo can cost up to £100,000 (borrowed) and if added to a deceased's assets, would attract an extra tax of £20,000. Imagine that!
Farmers aren't all wealthy aristocrats, they are like the rest of us and need to take out bank loans for almost every ,major purchase (not unlike people's new cars).
I hope we are all behind the farmers, I live in a very small village, mostly farmers,
They just have to hand the farm on to their offspring seven years before they die and they pay no tax. So only the farmers who don’t trust their children will pay it.
https://rural.struttandparker.com/article/english-estates-farmland-market-review-winter-2023-24/#
I am a farmers daughter. Generally the public has no idea what being a farmer involves, maybe they will when we have to import low welfare chlorinated food because there’s nothing else.
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