Big changes in the 2024 Budget have led to real anger on UK family farms. What's going on?

[@Andy_T79]

Imagine this happening in France!... they'd soon put their government back under their rock 💯

[@paulyflyer8154]

It's already happened in Holland but govt used nitrogen as an excuse to rob the land.

[@Richkettfarmer]

Completely agree my family farm has a return of 0.5% on the value of the farm so it will take almost 20yrs profit to pay the tax bill it’s completely stupid

[@irisaviation852]

You got your maths wrong, you will need to pay tax on the profit before you can use it to pay IHT. If you sell land, you will need to pay capital gains…..it’s much worse than you think

[@p44web]

And the next generation and the next

[@peterww3241]

It's supposed to be completely stupid. The WEF wants to make family farms completely inviable. It's all part of The Great Taking (see book and video of that name by David Webb). Be under no illusion, there is a plan to take family farms into corporate ownership. Act accordingly.

[@leeboss373]

Gift your land (not the house) to your kids, 7 years before you die. After 7 years 0% of IHT 5-6 yrs 16% 4-5 yrs 24% 3-4 yrs 33% of IHT

[@leeboss373]

Gift the land (not the house) to your kids, 7 years before dye. After 7 years 0% of IHT 5-6 yrs 16% 4-5 yrs 24% 3-4 yrs 33% of IHT

[@matthewcole1933]

I fear it's land clearance for housing and solar, unfortunately, and by clearing our custodians of the countryside out of there living, whilst they can generate a tax income from the destruction of farming, they believe this is acceptable. The misunderstanding of asset value required, v/s yearly income, was so well explained. Unfortunately, above the intelligence of those that should be building a better country, not dismantling it.

[@inh415]

Most farmers are happy to sell for housing developments AFAIk. Planning permission is the problem.

[@alex_yates]

The Communists are implementing Holodomor 2.0. Unfortunately, most people don't read history books, so history will repeat itself.

[@OOpSjm]

Yup Just a way to force people to sell.

[@peterww3241]

@@OOpSjm Yes!

[@peterww3241]

It's not above their intelligence; but they have zero interest in building a better country. In fact, they want to destroy it and they are already well on their way to doing it. They don't think like we do. They have a plan to take all small businesses into corporate ownership.

[@marks7471]

Big up from Germany 👍 Inheritance tax should be abolished right across the board. It's a killer of small business families. Even for private families. The tax has been paid many times already on the income. Meanwhile large tech companies get away with.. well I dont know.

[@ColliWobblers-d1b]

Its bloody tyrannical and medi-evil.

[@pnsp33]

In Germany only 15% of the business get inheritance taxed. If the children continue the business under the same circumstances. Farms can get up to 100% exemption. Stop spreading misinformation.

[@peterww3241]

Starmer and the WEF are using Inheritance Tax deliberately to make family businesses inviable.

[@theendofabell7786]

People are taxed to death in this country, just the way it is unfortunately. Also, on a slightly less relevant side note, King Charles paid zero inheritance tax, but everyone else still has to pay it, seems kind of unfair, doesn't it?

[@patshiels5429]

And don’t forget The Westminster and his mates pay no tax

[@ruststar]

That’s the difference between royalty and subjects

[@peterww3241]

​@@ruststar Before the Normans, British monarchs were no more and no less than the first among equals. It's now time for the royal privileges, which are hangover from Norman/feudal times, to be abolished. Royalty should pay tax like everybody else. The Duchies of Cornwall and Lancaster should be transferred back into The Crown Estate.

[@dodgerboe]

It's Called Debt Slavery to The Uk Corporation City of London....... Anyone who has a Birth Certificate is required as traded chattle to Make 'The System Money' !

[@stever2168]

Great summary Harry - couldn't agree more and as a non-farmer in a rural town I would fully support any action farmers choose to take. Glad you mentioned the idea of tapering - it IS unjust and I think totally wrong that a small number of very wealthy people can avoid tax on thousands of acres - that's not about 'politics of envy' - it's about fairness. As you say they'd probably just avoid it another way sadly, but principles matter. For ordinary family farmers though this is devastating and, let's hope, between now and 2026 the government will come to appreciate the need for change. Keep talking!

[@kevinbhunt]

Everyone needs to share this video, spread the word. Well done Harry

[@martinhambleton5076]

Bless you Harry. Keep up the good work. Very well put sir. I am also a farmer. The true ramifications of this have not been considered. The agricultural supply and support sector are also going to feel the effects of this.

[@thomasrowe67]

Well done Harry. Totally agree. Lets hope the general public can get behind the british farmer.

[@paulgeaton]

What a state of affairs, it beggars belief. Do keep us posted on ways we, as the general public, can help you farmers to get this nonsense overturned.

[@bigears4014]

Inheritance tax full stop is criminal, land tax is the same , how many times can you pay for something

[@ispamalot]

That's easy you can pay until you don't own that something anymore.

[@ELBigYuyo]

Thank you for educating us regarding UK situation.

[@nickgerman5022]

This budget is a disgrace. Difficult to watch and just makes me angry.

[@MachinesOfInterest]

Its not a budget its UN AGENDA 2030 for sustainable development.

[@LeighW1973]

As an accountant, it's been an 'interesting' week. It isn't just APR that's under the cosh, it's the same for other businesses with BPR (business property relief). This seems to have gone largely unnoticed fir some reason. It's an utter disgrace. I act for a few farms, many people assume all farmers are rich, it is absolutely not the case.

[@snakewad123]

@@LeighW1973 can you explain to me please why a £30million farm that generates 30k a year is even a thing ? I'm not versed in this but I'm sure you can easily make more than 1% in property and investments ? You could sell 1/4 of it and then buy tons of property and rent it out and make more than 30k a year and just chill in your big farmhouse that's been paid off and save up

[@irisaviation852]

@@LeighW1973 i agree, there are many multigenerational firms that will end up being sold to big corporations that don’t pay IHT.

[@fraserwright9482]

Also as your job is to avoid people paying tax, what are the main loopholes that you see being exploited unethically that should be looked at?

[@irisaviation852]

@@fraserwright9482grow up…….i employ accountants to make sure I pay the correct tax.

[@DPWestMids-u3c]

the removal of BPR for trading companies is also a huge issue. Many farms operate as corporates anyway so their shareholders need to rely on BPR. APR relates to land held as an individual or partnership which is getting rarer these days. Labour totally clueless on all business matters.

[@marklorne6790]

Well done Harry, the voice of reason. I'm not a farmer but have a lot of friends who are ; this is a continuation of the old class war.

[@allanfoster6965]

Side note. Inheritence tax doesn't happen to corporate farms. This is an attack on family farms.

[@craigmala]

They want the land and farms in the hand of the government like the old soviet Russia.

[@sarahjones-jf4pr]

VERY GOOD POINT.

[@cambsfarmer]

Unfortunately, it will

[@andrewmellon5072]

I believe inheritance tax relief should only be available to full time farmers and their full time successors on the farms they work and there should limits. Sir Dyson in my view with 250 employees should pay inheritance tax like everyone else as his his employees have too. In Ireland full farmers can leave or transfer to each of their children 4 million Euro of land, stock, machinery, farmhouse, entitlements and working capitial. When you take valuations which are very subjective this can be 5 million plus I think this is about I think the farmers in the Cotswolds are doing something wrong, probably should keep sheep or dairy and less machines, because lots of Irish farmers are making 60,000 euro on on much less land. Diary are disappointed that their income is back to 1600 per Ha. The direct grants are better there.

[@irisaviation852]

This is the point……that is why it’s so unfair. Let’s tax corporate farms every 60 years…..

[@C4sp3r123]

Excellent video Harry, covers the topic very well.

[@jonathanbeale3978]

Harry, very well explained. As you mentioned it is hobby farmers who use the farm as a tax wrapper to protect their wealth. They do just enough to be seen as a farmer

[@mattygee2394]

Should be 100% exempt from IHT as long as the farm remains in the family. If it is sold in the following 25 years, IHT should be clawed back at the time of the sale.

[@TT_1221]

But I guess if a farm is sold later or at any time it would attract Capital Gains Tax anyway on Sale so you surely couldn't have IHT and Capital Gains applied together ..

[@richardmosley4549]

Thank you Harry! I'm not a farmer but am (almost!) as angry as you at this shortsighted and wholly unworkable policy. I've always tended to live near farms, as a kid loved helping out with hay bailing, and remember my father always telling me, 'Don't ever mess with a farmer, son....' Keep fighting Harry 🚜💪

[@Paul-XCIV2]

I'm not a farmer, so I can't say if this is fair or not, but this is what I have gleaned.. The £1m APR is on top of the £1m per spouse allowance so really it's £2 or £3m. Farm machinery is already exempt, along with a whole load of other things. Dan Neidle (tax specialist) estimates this will hit 100-500 farms, not 70,000. Context.. the whole reason this is being brought in, was because a small number of people were buying up farmland precisely to dodge IHT. At least Mr Clarkson was honest enough to admit it (in 2021)! As to the incredibly wealthy Mr Dyson buying his 33k acres, I wonder why? APR was brought in, in 1992, so perhaps before then.. the price of land meant it was naturally never a real problem. If the price of farm land has sky rocketed over recent years, maybe it is through demand, I wonder where that demand is coming from.. If anyone is to blame for this situation I feel it's the likes of Mr Dyson and Mr Clarkson.

[@user-eq7cc1yt6z]

The big companies taking out competition

[@angry7518]

Very succinctly put Harry. Loved how you didn’t talk specifically about your situation as well that was a nice touch. It’s a bad situation that hopefully as the dust settles gets tweaked. It was a pleasure to meet you yesterday evening. Thanks for chatting to me about cars and roads.

[@Stu_2112]

To be clear, I don't disagree with his concerns but, to be honest, it would be tricky for a guy with a multi-million pound car collection to talk about 'scratching around to make a living'

[@edwardrook6246]

Well said Harry. They have no idea of country matters

[@crustyclown8845]

It seems to me that the day will have to come to either push massive change in this country or leave it.

[@wilsonc4027]

It’s an absolute disgrace. I’m fed up with townies telling us what to do. None of these people will have ever set foot on a farm. We have to unite and strike.

[@andrewlarking7492]

I’m not a farmer. I’d support this.

[@snakewad123]

​@@andrewlarking7492me too !

[@patshiels5429]

Townies you mean your customers glad you hold them in such disregard

[@sebastianguerre6868]

If a townie dies and leaves 500k property then the people that inherit will pay inheritance tax. If a multi-millionaire owns a 30 million farm then the people that inherit don't pay inheritance tax, (or so it was) At the moment it seems to me that a £30 million farm that makes 30k per year isn't really worth 30 million without the inheritance tax dodge. The yield on investment is tiny, it doesn't make economic sense. If people have to sell land to pay inheritance tax then farms will get smaller and less efficient. However I think land prices will stay high, it's only a matter of time before the conservatives reverse the policy.

[@snakewad123]

@@sebastianguerre6868 wouldnt it be easy to make far more than 30k a year from £30million of investments if you sold all the land and bought stock or property and went sat on a beach ? Does seem odd

[@nicke6394]

Sadly it’s not just farmers, it’s pretty much every privately owned SME in the country! Not surprised, this Government has absolutely no business experience within their fold, they’re all civil servants!

[@GuyChapman]

I think the answer to the entire conundrum lies in the sharp rise in recent years. Bankers buying farmland to avoid IHT. And rich industrialists whose business is not in Singapore... How do you fix that? Because it's making farmland completely ridiculous. Anyway, I wrote to my MP, sharing this. I recommend others do too.

[@LauraDempsey]

Exactly this. I’m very disappointed Harry completely neglected to cover this argument.

[@paulwarrilow3427]

Thanks for your take on the situation and I am sure you will keep us informed of any action to take or any changes that come. Keep up the good work, I am glad the wheat is doing well, fingers crossed for a better harvest next year!

[@martinfield2358]

Brilliantly put, Harry. Thank you. I am a farmer also.

[@leeboss373]

Gift the land (not the house) to your kids, 7 years before dye. After 7 years 0% of IHT 5-6 yrs 16% 4-5 yrs 24% 3-4 yrs 33% of IHT

[@sresto7943]

Stay strong all the farmers reading this, us public are behind you all, I will support any demonstrations held any way shape or form.

[@G.UK76]

Very well said Harry.

[@doctorbritain9632]

We need to fix this pronto.

[@pageant1fd]

Rachel Reeves probably watches Harry’s Garage and see’s a barn full of exotic cars 😜. She can’t comprehend how the small family run farm has been occupied by generations beforehand.

[@sarahjones-jf4pr]

This is a terrlbly worrying just awful concrete jungle no family farms huge conglomerates putting cattle in sheds never to see the grass and daylight nothing natural or beautiful "Animal farm" here we come.

[@homeslice99]

If the change in budgeting would only effect a small amount of farmers in her logic, why do it at all? Surely if she believes that this would mean it isn't worth doing in the first place...

[@raygt6370]

And some people say that the weather is a farmers’ biggest nightmare… Councils worried about dark skies whilst farmers are killed off by National Government. Brutal policy.

[@Phil-dovefarms]

Very well said harry I hope they play your video in parliament next week, very stressful times.

[@pierevojzola9737]

Hi, to the best of my English history, this tax or revenue like many others was brought in to pay for some foreign war and never repealed. Probate duty was introduced as part of the Stamps Act 1694, in order to help finance England's involvement in the War of the League of Augsburg. In 1799 an income tax was brought in to pay for the Peninsula War, and again this tax was not repealed. You have the gist of this. Once taxed, never forgotten. Cheers mate. Harera

[@annbuckland8432]

Good video Harry. Tried explaining to a friend why farmers were up in arms about. Now can share your video

[@tillyfoxtrotter]

Nicely put Harry.

[@richardmatthews3304]

Well said and explained Harry thank you

[@marinedrive5484]

A 1 million cap on tax relief on family farms is not just poorly thought out; it's an attack on them. Governments want big corporate farms so that they can more directly control food production-for good or for bad?

[@Moftoo]

You explained it really well Harry, this tax change sounds very similar in effect to the proposal floated in the USA a few months back regarding taxing unrealized capital gains... doesn't sound good.

[@grahamcoffer1720]

Brilliantly explained!

[@KevsSanders]

A good clear guide to the idiocy of this particular aspect of the budget.

[@johnsmith-ls4rc]

To look at this from another point of view, are you not arguing to keep the cart before the horse in perpetuity? There has to be good reasons why farmland has been consistently sold for far more per acre, than can be justified on the basis of growing crops or livestock. Why haven't farmers been protesting for the last decade to remove land inheritance, development and speculation tax breaks, so they can be left in peace to grow crops and manage the land sustainably. I nearly bought some grade 2 arable land in 1992 for £1500 an acre, which could just about provide a purely farming return on investment. The policies that have happened since then, to create this bubble, should have been derided by the CLA , NFU etc etc at the time. The deafening silence for years , means I am now struggling to shed many tears.

[@Martin_in_Cheltenham]

Great video- well articulated and accurate. Thank you.

[@funster73mcr2]

It's a blatant land grab for their mates at the wef.

[@londo776]

How is a land grab Do tell me

[@ispamalot]

@@londo776 Because its stealing. The farm belongs to the families that farms there not the government.

[@leeboss373]

Well, it’s UN agenda 21/2030 actually.

[@Pianoguy32]

1million pounds is 100 acres of good farmland. Going to affect all farmers apart from those small time crofters in Scotland. Just goes to show that the current government is totally clueless across the board.

[@jamesmisener3006]

Unbelievable, Harry. The exemption is only to those who inherit a farm I presume. Nature Protection groups should be all over this. If not, you'll have a rag-tag assortment of housing, golf courses, casinos, roadside development at the least.

[@stevepennell8008]

Guard and protect our farmers bless them all

[@alancobbin]

Feed the Country your entire life and get completely screwed for doing it,how disgraceful,This Government needs ousting!

[@AdrianSams]

Oh give over, they do it for the money. Plenty fot hem are more than willing to sell to developers for housing or solar farms. I've run a small business for over 30yrs, I'd like to hand it down to my children so explain why I should pay Inheritance tax and yet farmers should be 100% exempt?.Farmers receive taxpayers money via subsidies and have done for decades. In the 1980's they were paid to grub out hedgerows to increase yields, in the 90's they were paid to plant hedge rows. Many of them are more than happy to sell out for £millions to developers or solar farms. They are hypocrites.

[@inh415]

​@AdrianSams and if they sell they pay a boat load of CGT. Now just because they have some land next to exsiting housing developments that could potentially be built on, they have to pay IHT on this inflated land value

[@inh415]

Farms make between 0.5 and 1% return, so a 3mill farm might make 30K per year.....

[@AdrianSams]

@@inh415 If I have a "boat load" of silver/gold bullion That I've invested in over my lifetime and sell I also pay CGT. Stop whinging, it's pathetic. If I hand my business down to my kids they pay IH tax. Farmers are NOT forced to farm, they choose to do it, it's a business so if they no longer enjoy the job then sell up. In 1989 New Zealand abolished farming subsidies and people like you said it would ring the death knell of family farms in New Zealand and yet today in NZ 95% of the farms are still run by the same families that ran them in 1989. My point is Framers are serial whingers, quite happy to receive tax money from people who earn far less than they do through subsidies.Yet you are saying it's not fair that farmers pay Inheritence tax on land they are inherit/given whilst the rest of us have to suck it up and pay. Fcuk off with the hard luck/not fair nonsense.

[@AdrianSams]

@@inh415 The vat majority of Farmers/businesses in general choose to show they only make a small profit. I've been in business since 1986 so don't pull the wool over my eyes mate. I was talking to a Business owner today who I do work for. He told me the Budget will cost him an extra £20,000 pa in Ntaional Insurance increases alone. He runs a small business and yet he is pragmatic and just carries on. Doesn't whinge and moan at every increase in costs like Farmers do. The NFU did a survey just before the election where 60% of those polled intended to vote Labour. They reaped what they sowed,literally. They should have voted Reform. Suck it up Buttercups.

[@00kennedyp]

I think they should relook at it and make sure that the relief of Inheritance Tax for farming is genuine rather than rich people purchasing farms not really producing any quantity of food or adding to the UK food security and getting the 100% relief. I would say there should be a quota on the Inheritance Tax based on a tier of food production. Maybe you might need to zone that based on regions of the UK so the productivity of land is accounted for. Either way there is a middle ground here that should be found.

[@bobskiale]

so well explained Harry ! Crazy Tax Crazy government !

[@navaraboy3000]

There needs to be more focus on farmers vs landowners

[@londo776]

why?

[@DaveP668]

2026 has been chosen for a reason, it gives time for proper debate and negotiation. However sudden changes in the tax code are not unusual and it has caused problems for organisations before. I've experienced it at a very asset rich organisation, but like farming cash poor, it could have sunk us, but we took advice, made some significant changes to the structure of the organisation and all is now OK. What I don't understand is if income doesn't relate to capital value and farmers don't make any money why is agricultural land so expensive? Is it because it can be sold with no inheritence tax liability? I also note you say your previous the farm was "bought" by Legal and General. I'd argue it was "sold" by an owner, who had a choice whonto sell it to, to Legal and General! There is however another industry which is also asset rich, cash poor, is handed down through the generations, is affected by weather and income is never guaranteed - trawler operators and the fishing industry and processing in general. NFU shoukd be asking them about their succession planning and how they manage inheritence tax matters.

[@errisgloshfan]

Farming is a business like any other, many business owners work 7 days a week, treat it like a vocation but incur a tax bill on transfer of ownership, it's only a shock that something you've freeloaded on for generations now has a charge. Sell and move abroad, isn't that the threat that is issued on behalf of the other millionaires. There is not much sympathy from the ordinary worker. Anyway if farming is such a poor way of making money who the hell pays for the Range Rover. What's an 80 year old doing owning the farm. Pass it to a young man who will have years to pay the tax like all others

[@irisaviation852]

No family business ever paid IHT if passed to a family member in the same business…….this will kill multigenerational businesses whilst corporations will not suffer.

[@daviddoyle8841]

The bungling incompetence of the Labour stooges never ceases to astound me! Such is the elites hatred of the countryside and stewardship of our farmers!

[@peterm7548]

While I support the idea of fair distribution of tax liabilities I am bemused by this tax change. Agricultural policy should have one core principle - getting as self sufficient in food production as possible. I appreciate that the government should stop people buying up agricultural land for tax avoidance purposes but I expect that could be dealt with in another way. What really matters is keeping farmers in a position where they can work their farms and pass them on to either their kids or third parties who will continue to work the farm. I guess a lot of farmers will need to split ownership between spouses to get maximum relief. As a townie what I learn here is how expensive running a farm is. I get the need for tax relief to this essential industry. I hope Labour listens to these concerns and changes this policy soon.

[@Insightful21]

Food security is going to be so bad in the future for the UK. Best luck from no IHT Australia!!

[@alancobbin]

Correct Starmer doesn’t care about food security he’ll just import it all from the EU bully’s,if only These Labour voters really knew what damage they would do to this country,I think UK residents are now seeking contingency plans!.

[@slothrr776]

Didn't Clarkson brag about buying his farm to avoid IHT at the start of his show?

[@stelamo]

yer and after his amazon tv show , he stayed out the country for a year , to avoid tax , then prob bought the farm with a offshore account .

[@TheJmebe]

Well explained Harry. I'm a long term Conservative voter, this time I voted for Labour due to belief that more investment is needed. As a hugher rate tax payer, I fully support paying more to HMRC to achieve this. Also believe there are far wealthier people than me that proportionately pay less tax due to the mechanisms only viable at the higher wealth levels. That all said and done, the blunt application of this principle here seems to be legacy Labour activists/advisors/whatever, that have tainted the budget and has potential to destroy a sector, not to mention the lives of the hard working people that are simply trying to feed us/look after their land/livestock. I expect to see some amendments to this and other means found to deter the land-grabbers from redeveloping our countryside..

[@Robin-qi6cg]

Harry, put a call in to James O’Brien at LBC. Please!

[@kentonnur]

Harry’s got enough problems without being abused by radios rudest presenter…

[@jpw1490]

You are a very good spokesman harry you would be a good choice to speak at a protest

[@Tass...]

The nitrogen in my water supplied by Wessex Water is alarmingly high. It's at the limit of what is legal. So I'm all for nitrogen restrictions on farming but this inheritance tax on farmers is not only unfair it stinks of desperation and putting a burden on an agricultureand dairy industry that is already being pushed to it's limits of functionality. This government really needs to have a talking heads discussion about how we prioritise and protect this essential industry. The importation of goods we can provide for ourselves perfectly well is a failing of any government in power and that needs to be recognised and fixed.

[@junkorbust9498]

People also must realize that if a farmer has more than one child with one set to take over the farm, the non-farming siblings generally receive some form of compensation from the estate. The young farmer in effect does not inherit the entire farm. He/she generally needs to borrow money to pay out the non farming siblings. Add the new unexpected tax burden to a business with such low capital returns generally and it becomes wholly unworkable in many instances. Life in the countryside is not as simple and quaint as it may appear from the outside looking in.

[@hedydd2]

The value of a farm is not realised unless it is sold. The whole aim of a family farm is to improve the holding and to hand it to the next generation to look after. There’s hardly any cash left to make a family’s living let alone pay a punitive tax after an aged owner’s death. A million pounds can be just a modern combine and a couple of tractors plus implements before you even start on the land value. The only real incentive to produce food is to hand it down to the next generation. Harry knows and has recently posted to show that he actually makes as much money, risk free, from taking money NOT to produce food as in risking huge amounts of money to grow crops that may fail or have a very poor yield or an unviable low price when sold. This is not just an issue in the UK but in Europe as well, where farmers have been protesting for a couple of years. Blinkered governments want to sacrifice food production and family farms on the alter of Net Zero and will happily see farms forced to sell to grow trees to offset aircraft and cement emissions, yet will not allow farmer’s own crops to be counted or valued as an offset. There really is little incentive or pleasure left in the business of producing food to keep people from starving any longer. Priorities have changed and I, for one, will scale back food production drastically and let the place go to rack and ruin to lower its value for when I die.

[@londo776]

Why do farmers believe they are a special case?

[@inh415]

​@@londo776 try not eating for a while.

[@peterlinley6520]

​@londo776 try living from rations when there's no one growing food.

[@londo776]

@@peterlinley6520 Nobody's banning farming for Fuck's sake Just a little bit of tax like everybody else has to pay

[@peterlinley6520]

@londo776 You really don't get it do you. The eco loons have been passing policies to pay farmers NOT to grow food. Red Edds trying to cover farm land in solar panels. Now the Chancellor will force farmers to sell their land... to who? Big corporations and off shore billionaires is who. They will not pay any tax because they won't farm the land if they can't make a profit. So YES, less farmers, less food... wake up.

[@stevepennell8008]

Well said Harry I dont know how you've kept it together a real gentleman

[@ck166666]

Generational farmers are victims of the current tax structure. Land values are high because there is 100% relief and non farmers have bought farms to benefit from no inheritance tax. In a business context farm land is a piece of equipment or raw material from which income is generated - currently having been inflated by demand from people purchasing for tax benefit not to actually farm the cost is too high and margin too small. Land values need to drop by about 20% - this change to tax laws will deter the tax dodgers. when this happens the genuine farmers will benefit

[@antonylane2837]

A good update as ever... but I would have been more interested in your response to your wheat drilling woes...timing and soil conditions are always of the essence... hence my suggestion of your own drill. (l remember doing a thesis on minimum tillage and direct drilling 40 years ago at Seale Hayne.) I agree £1 million is a joke...5 is more appropriate; however those of us who only hoped to own 20 acres but who's family diversified into processing our own produce(cider apples in this case) ended up paying £450k inheritance tax...and that's with giving away a wreck of a farmhouse to charity...tax free... . Total estate 1.8 M. The rewards of vertical integration.. We were classed as industrial. Yourself and Clarkson, although eloquent; respectfully, are not best placed to garner a rethink from this current government... That said, l hope multi generational farmers whose reliance is solely upon the family farm can negotiate a reprieve. 🎉

[@radleyg9486]

Good to hear your voice on this…Protests needed…

[@StevensPaul]

The entire point of Inheritance Tax is to keep Families from developing Wealth. Best of Luck to ALL of the Farmers in the UK👍.

[@mikefoley360]

@02:30 That's a photo from the balcony/patio at the inn at Whitewell

[@MichaelHannant-k1g]

Inheritance tax should be abolished, however if it is not it needs to be the same rules for everyone…. No one should be exempt….. no one deserves special treatment… level playing field…

[@robc8892]

Never seen you angry. Very well put together video

[@RelaxingLavaLamp]

How is a farm, valued at £8,000,000, with machinery required costing hundreds of thousand of pounds, only bringing in £60,000 a year? Those numbers don't add up.

[@patshiels5429]

How much is the drawings ?

[@Newman79-zg6yw]

Exactly

[@goltyx]

The majority of that value is the land which is mostly influenced by factors other than farming, the land can likely be used for residential or other industrial use instead. Farmers can't realise the benefit of it unless they decide to sell up, which would likely incur huge tax bills anyway

[@TheFarmingEngineerUK]

@@RelaxingLavaLamp turnover is higher. But it's still a low profit and that is for two reasons... Food is dirt cheap so growing and selling food just doesn't pay much. Secondly, land prices have inflated well past any link to their productive value because of speculation for development, inheritance dodging from the very wealthy and pressure from more profitable uses such as solar farms and housing. If you think what fool would be a farmer... Well, Harry covers it well by describing how you are born into it.

[@russellcroghan8956]

Well explained Harry 👏 👌 thank you. 😢

[@sagetheowlfatfeathery2083]

WEF in full effect.

[@DavidAmbrose-x9q]

Harry, couldn’t agree more. Love both your channels. But Reeves didn’t stop at the savaging of farmers. IHT now on inherited private pensions, at 40%. That will cost my kids dearly. Public sector? Nada.

[@nancysmith-baker1813]

Your right the general public dont get it . Well we better eake up befor the farms are all gone . Wake up and support your farmers . No food , no life . A holladorm .

[@peterlinley6520]

Can't see the 20% discount lasting either if they get away with this.

[@ajadrew]

I'm 100% behind you. This includes taking out this new government.....from an oap who, as of May 1st 2024 was ripped off re the heating allowance...

[@rogermason6808]

a pointless nonsensible land grab - keep up the fight Harry

[@martinholmes1369]

Thanks Harry!

[@terrygreen9107]

Here we go again the lunatics running the asylum, the government don’t give a dam about farmers and farming We need to be growing more food for this country, keep up the good work Harry 👍🚜🐑🐄🐖 cheers.

[@patshiels5429]

Grow more food then why do government past and present pay them to take land out of production

[@nigelmckee3058]

"the income that you generate from the land bears _absolutely no relationship_ to the value of said land".. why is it this way? Would you not agree that it has become an asset class that is speculated on and bought up by the wealthy, inflating the value? And as you say, is it not getting worse? Around me, land comes on the market at 20k an acre as a starting price. It then gets bid up from there. How am i supposed to buy land at that price? Where does this end. Will it be 40k an acre in 10 years time? In my opinion this needs to be fixed, and the loophole of the inheritance relief is attracting non-famers to buy up half the land, and the other half by the huge farms backed by massive debt. I'm not worried about the budget changes. What im worried about is the backlash, because if you dont support the conservatves, and you - against your own long term interest - oppose this gvt because of their action to try to close loopholes that benefit the wealthy.. who do you vote for the next election? The populist party that will actually sink the country.

[@tiptopup602]

Great piece. All the questions & all of the answers. Yes it’s a tax grab, no they don’t understand or care about the consequences. Where else do you think all these houses are going to be built?. On land which will have to be sold off to pay tax bills. Food?……..irrelevant. It can all be grown in other countries and flown around the world.

[@londo776]

changes will affect only a few hundred farms a year. This is based on data from 2022 that shows only around 500 farms made APR claims above £1m. He also claims that farmers will generally have up to £2.65M in relief due to married couples having £1m allowance each

[@collector1946]

Farmers should withhold taking stock to market for 6 weeks.. as a warning ‼️

[@thinfourth]

The government would love that An excuse to sieze the farms so they can stop producing food YOU"RE the carbon they want to reduce

[@integralevideo]

The miners tried that. 😂 But they are just scummy working class.

[@gsproperty8798]

I think you make a fair argument regarding the limit to the land you can own. James Dyson is not a farmer's son who has taken over a family farm. He has bought huge swathes of land in the knowledge it will not attract inheritance tax but is it really fair he avoids IHT on £500m of land? We need to protect true family farms but perhaps not the super rich who have seen agricutural land as part of their tax planning.

[@Scitch-et4vk]

Oh no you're going to have to pay tax like everyone else 😂

[@phils2180]

The proposed IT changes make perfect sense, to the number crunchers in Whitehall that is, certainly not the farming community. As mentioned in the video, the impact this will have on "family" farms cannot be overemphasised. I was under the impression that farm land cannot easily just be sold off as building land but the new Labour government has already said they intend to ease planning laws to help hit the house building targets they've set. Are these new changes to farming IT a way of ultimately making more land available for building as many farms will be forced to sell off land to pay the large tax bills they'll be hit with? Just a thought.

[@andypandy9931]

I don't agree with any inheritance tax but this on farmers is absolutely ridiculous. There must be someone in government with very distorted ideas on farming.

[@tednruth453]

Why is the land worth so much when it's productivity (financially) is so small?

[@SpudSlingsby]

Great video Harry

[@navaraboy3000]

Land value is 10k per acre because of the IHT relief, if land drops to 5k per acre you get 200 acres within the 2m threshold

[@irisaviation852]

Nope, it won’t go down in price

[@TT_1221]

I think they might have been after very wealthy people who have been buying up Farm land for years, possibly as inheritance tax dodges. A Billionaire appliance person apparently owns 14,600 hectares of British farmland, and a Danish fashion investor reportedly owns more than 89,000 hectares of Scotland. The new law however seems a very blunt instrument and quite unfair and unworkable if they want to close a loophole like that. They will need to go back to the drawing board with this.

[@What..a..shambles]

Governments are great aren't they!

[@davejenvey3598]

It the kind of government that would show this comment in a meeting thinking it's good feedback.

[@db1418]

Unfortunately there are plenty of farmers, such as Clarkson, who use the 100% IHT relief on farms to avoid IHT in other areas.

[@pnsp33]

And how does this work?

[@Matthew-ll9ke]

And in the process they produce food for the nation.

[@Padoinky]

If y’all were in a non-farm biz and your family owned the biz, the transfer of the ownership, between family generations, wouldn’t that transfer require inheritance tax?

[@irisaviation852]

@@Padoinky no, not before if the kids worked in the business. Now any family business will need to pay IHT on the business asset. There will be no family firms left just big corporations

[@ccooper8785]

yes, the exemption is only for farming

[@MrAndyS]

why shouldn’t the farmers pay everyone else has too and if i’m not mistaken didn’t you take the last governments offer to not farm and plant “wild flowers” for birds because of the money ?

[@irisaviation852]

@@MrAndyS you are wrong, a corporate business does not PAY IHT. That is why family firms (not just farmers) do not pay IHT when passed to a family member in the same business.

[@irisaviation852]

@@ccooper8785 no its not.