What does the budget mean for UK farmers?

[@FarmTheoryNI]

What a great episode! Blame my brother for the internet dropping! 😅

[@FedByFarmersPodcast]

🤣. Thanks for the Cameo Andrew! Keep up the great content!

[@julieuhey2501]

I’ve said it before … I don’t live in Scotland, nor am I a farmer, however I always love, and learn so much from, your podcasts. Once again you have managed to try to stay positive, and bring hope to farmers! I loved your last line after you both said, “And we are all fed by farmers”, and you added, “Which I wish the government would remember”. So good!

[@philomenahearn1717]

Excellent balanced approach to the budget announcements - unlike some other knee jerk reactions yours has been as positive and helpful as possible. Thankyou for your reassuring attitudes and speedy advice from an expert.

[@Dan.Whiteford]

Heartfelt thanks Cammy and Iona for arranging this podcast with such an able speaker in Graeme Bryson. (I'm sure he and his business are very likely indeed to increase their customer base as a direct result of this podcast). Outstanding podcast of nearly one hour about a truly frightening situation that almost all farmers or farming families who own any land or ag property are now facing. In my opinion it is likely to be the straw that breaks the camel's back and farmers and families to decide to quit especially on smaller farms if they do so without taking detailed careful advice and guidance from Agri accountants and lawyers. There are clearly a whole slew of options that need to be thought through and understood some of which have been touched upon in this podcast. Will it cause a drop in open market values of farmland and farm businesses? I think that it will in the short term but inevitably the upward lift in land prices will continue in the foreseeable future - you only have to look what the current situation is in other European countries. Thanks once again to you all. Dan

[@SallyBarber-un8ri]

Great podcast Cammy and Iona. I hope farmers can use the advice given to alleviate anxiety created by the budget.

[@katesterling8915]

If there was a bigger better word than excellent I'd be writing it. So informative, supportive, wide range of options & hopefully reassurance for farmers. I'm not one but trying to support locally farms as much as I can. The hidden agenda appears to be to beat down & get rid of farmers & make it harder & harder for you all. Best buy from abroad!!! 😡 And get the people who work hard pay for everyone else! I for one don't think Labour has done a good budget at all, I'm positive I'm not the only one. They gave absolutely no clue 🤬 rant over. Well done Cammy & Iona, great podcast again, great guest as well. 👏🏼📈🐑🐄🌾🤩

[@marmalademomzyboop8975]

I am so grateful for your podcast. Your accountant seems to be a huge part of your farm team to support and navigate the government policies and regulations. Blows ones mind on what you need to educate yourself . Thanks for sharing!

[@jane-brown333]

Great pod cast Cammy & Iona. As non farmers, who have no mortgage aged later 50’s, it brought up a few topics that we should speak to our accountants about. Point is it was very informative for all not just farmers. Well done and what can we (as non farmers) do to help.

[@rsh793]

Write to your MP and MSP ... If they think that they are going to lose votes, then they do kind of open up a bit - especially if they see the other people are in support of farmers .... I honestly can't express how important it is to open those lines directly to the MPs - people often think it's a waste of time, and sure, for some it is - but for most it's not.

[@lesleywatkins1172]

One of the most interesting podcasts I’ve heard.

[@NiamhWhite-r9m]

My favourite episode yet - loads of things packed in there!

[@neil3352]

Great podcast Cammy, Iona and Graeme. Thanks for organising and getting it out so soon after the budget!! 👍

[@ArchieGilchrist-qn2qm]

Well done guys you put a lot of thought into your podcasts with very interesting speakers explaining the nity grity to us hopefully everyone got some good information to help them through the problems.

[@davidjackson6510]

A very reassuring discussion by someone who clearly understands the agricultural industry. Whilst worrying times I'm sure for those facing these changes it only brings agriculture in line with business and industry, and these owners will already know the ways to plan for succession. I'm sure as the dust settles everyone will soon move quickly on.

[@JenniferBeavis-vv9to]

Excellent podcast with the accountant with respect to the recent budget in the UK. As an executor to my late father's estate in Canada, any asset that was sold from the estate is subject to captial gains tax. There is a threshold for capital gains tax in Canada that was recently raised this tax season from 50% to 66%. Your podcasts are fantastic to listen to. I learn a lot about farming.

[@Tommy_Wright]

Great podcast, really helpful and being on the ball so quickly. 1:17:58

[@willyfindlay4398]

Thanks for the Pod Cast. I had a steep learning curve in 2020 when I was an Executor for a family friend who died owning abot 4000 acres spread across Scotland. Got through a huge quantity of professional fees.😢

[@bridgetjarvis6413]

Excellent and informative pod cast Cammy. This will have helped many. Down here in East Anglia things have changed on a lot of family farms. Ex farm workers house are turned into holiday lets. Contractors are used to do the farm work which is mostly Arable. So down here most farms here will not be affected. And an old saying here is “ You never see a farmer on a bike” I believe with financial advice and hold on till next election. Labour will have got us all in such a mess they will be gone. But the next four years are going to to be tough. 😢

[@johnferguson1680]

First class, layman terms report! Learn more here than from the BBC!

[@kristinefrew3069]

Great informative episode! I’m so sorry to all the farmers that are going to be affected by this bullshit, the relevant authorities never use all their brain power before they make decisions 😢

[@NatalieCowling-t7h]

Great pod cast . Informative and useful. 👍

[@ruthframpton4149]

Cut of his gib is a sailing term meaning the sails are set well. So using it for a person means his ideas are in the right place.

[@iainhowie6694]

Brilliant Cammy, well balanced conversation that gave hope of plenty of solutions to any issues ,considering what we know a few days later of 10 yr payback and the info on where her 75% figure came from, your Accountant gave wonderful hope that 20% or less may need to pay with choices available and maybe more to come. Thanks for giving this so quickly after the announcement,your podcast is brilliant from wiltshire

[@ablokeandamotorbike]

First time I have watched your podcast. Well done this is really useful and has given me a great deal of hope following the Budget. Thankyou!

[@sallychambers7783]

Good on you for trying to give some helpful avenues to your fellow farmers. P.S. having seen a few other posts you are engendering what seems to me to be a more constructive approach. I hope everyone who watches feels a bit more at ease knowing there are possibilities of planning their and their familys future.

[@markandow6878]

Great podcast folks, nice to hear some logic and common sense instead of scaremongering and misinformation, hope settles people nerves and lead them in the right direction. Again grate podcast! Shame about the pickups, Suzuki going to be the way forward, Cammy alway ahead of the crowd

[@WendyGerrard]

Thank you Cammy and Iona for tackling what is a terrifying tax on our hard working Farmers. I have a farmer friend who is really worried about how he can keep his farm in the family once he is no longer here. It seems like we are being taxed at every turn so that we cannot get on in life or death.

[@elainegatenby80]

Very interesting and informative podcast. I am sure you will have put alot of minds at rest and given people lots of questions to discuss with their accountants

[@rsh793]

Well done at getting people in to give sensible and clear advice on how to get things through. I did read that the NFU in England and Wales, are getting stories together to take to be included in their lobbying to try and stop this happening or at least changing things for people. And at least there's a couple of years to get this sorted out and fixed before this comes in. It's a horrible indictment of where Labour are now - so far removed from anyone who's working. They had the amazing opportunity to take bold brave moves like they did after WW2 to invest in people. And please please - anyone - please call and talk to someone - there's a way through any problem - it doesn't always seem like it and the future looks horrible and hopeless - but it's easier to work out of that space when you're talking to someone just to get thoughts straight.

[@GeoffreyMoore-i9k]

Great podcast, great guests, as previously mentioned I'm a non farmer, but I follow loads of farmer's on KZbin. I've expressed my concerns previously, but this budget cements my view, this government is following on from previous, with the obvious want to kill agriculture in favour of industry, construction both industrial and housing, would rather see wind and solar farms ahead of food and livestock, rather see arable land covered in birdseed and flooding What are the obvious benefits to them to see our food security in the hands of other countries I honestly believe it's not the political faces we see, driving this, it's the background civil servants, hence the continued decimation of our farming industry I thought, yes minister and yes prime minister was humorous entertainment, but I'm beginning to think it's based on true GOOD LUCK TO ALL FARMER'S Get the word out, I'm sure the public will back you Take care Geoff

[@dougiedee100]

Great episode think you should get Jim Smith the comedian and farmer on as a guest to lift the mood a little

[@casperbenj]

Very interesting topic to me as I worked in taxation (in another country) for over 30 years. Some great advice from your guest. Question Cammy - did you get your luggage back? We are all waiting to find out.

[@77bountiful]

Wouldn't it be brilliant if everyone in the country saw this Podcast..................

[@naomicoward4687]

Excellent podcast.

[@davidchalmers4969]

Strangely, I was with a large group of farmers on Wednesday night, not one had any concerns about any aspect of the budget, esp the CGT or IHT. They were more concerned with news from Pittodrie and whether the bar had enough Macallan. Some were happy that land prices might fall, it would be easier to buy more land. One lad had just bought a large farm, his response, I'm going to buy another one b4 Xmas, I've got great accountants and lawyers, I've got it sorted. Your podcast wasn't too bad, certainly not as bad as some who are just out to get clicks on SM. Farming will still be here, the land will be farmed and land is still a great investment. The best quote of the night was to "Haud chappin", it'll be fine.

[@AndyG-lb4og]

Great podcast guys . As someone who has just divorced their parents from the family farm (polite term) and taken on a 500k loan to secure our farm at a hefty monthly repayment to hopefully never let this happen to our family farm again I am disgusted by this government that this could possibly happen to every generation going forward. I've always farmed in the belief that I'm doing my bit to feed the nation and provide a sustainable food supply . I'm now increasing thinking that something needs to happen to teach the people in charge a lesson when it comes to food production and supply . The downside to this is that it will hit less well off people 1st as the percentage of their income that's spent on food is greater than that of higher income earners.. I know there are positives from your discussion with Graeme but in general this is not good news for farming and food security in the UK 😢

[@anitameza3960]

This is very interesting and I don't own farm .

[@mbb05jb]

-From my calculations, land values could drop 40%. -What hasn't been talked about is farmers with borrowings against land is negative equity causing problems for banks -Agricultural loan books are rated as AAA rated investment products. These become less secure and more risky and could cause problems in the investment markets

[@FedByFarmersPodcast]

Just my opinion: No chance land drops 40%. And If it did i could afford to buy a farm… almost😅

[@mbb05jb]

@@FedByFarmersPodcast we will have to see..... potentially worst case scenario. This is based on capitalising income and comnparing 5 year Gilt, 5 year Treasury Bond and dividend aristocrat eg BP/Shell share

[@chrisconnolly8694]

Excellent and informative podcast, but with one hugely important error that was made: agricultural IHT liability will be payable over 10 years, not the 6 months stated by the accountant.

[@chewder]

There has been mention in the legislation that if it's a farmer and wife or on the flip or course, that they both get 1m each relief and 500 on the farm house so possibly 3m tax free Could you look in to this it is on a video shared by labour

[@Techielass]

Interesting but you focused on one issue in the budget. What about the fact the farming budget is no longer ring fenced and is just coming up to Scotland in one lump sum? Is that gonna effect support payments? What about the delinked payments that are gonna effect the English farmers?

[@etiennemetivier]

Question why are farms valued so high if the returns are so low? Any other business is valued based on its turnover and its profitability. I appreciate that some farms will have land in prime location that may attract housing development near big cities but as you said if you’re a farmland in the middle of nowhere who else but a farmer is going to buy it therefore should the value of the land only be based on the value you can extract from it by farming the land?

[@barbalbers8920]

I don't understand it all, but I understand the fear and sorrow folks are feeling. Human governments can never bring fairness and benefits to all equally. Even the ones who sincerely want to help are unable to overcome the imperfection of the system. We all need to help and support each other until we have a better system. Take care of each other.

[@matty506]

I know a fair amount of land owners and very few of them are farmers. They rent the land out. Though this might hurt for a few I think this will take away the land speculators and bring land value down a little to let young new farmers perhaps get there own slice of the pie if they hadn't came from a family who had anything to pass down. The potential tax bill that might come will be no different to what many young people will pay for their first home.

[@karangooch1274]

I live in Australia. I don't own a fram, but I was born and bred in the uk Farming has always been in my life a very big interest I feel for all farmers I can't get over the stupidity of this move in the budget I am thinking we will lose so many farmers to this move No farmers no food Such a alfull move

[@dianelavoie6208]

My US State has such a low minimum wage that young people won’t work at jobs that pay it. It’s only $7.25/hour. Most businesses have to start at $14/hour.

[@stevebird911]

If the farm was a company that owned everything and employed everyone the farmer could be the CEO so the next in line could become the new CEO would they still have to pay

[@dianelavoie6208]

Just because it’s the budget this year doesn’t mean it won’t change next budget. Things change all the time.

[@alistaircrozier5205]

Great utube as always but I thought the accountants description of the consolidation of his industry sounded like what’s happening with vets joining together into bigger groups however I’ve heard you pass negative comments about the bigger vet groups in favour of smaller independent vets on your sheep game utubes. In this you were positive with the accountant about his description of them being part of a bigger group. Why do you support bigger groups of accountants but not vets? They are both professionals supplying services to farmers.

[@FedByFarmersPodcast]

I’d say similar but very different. Accountants are in the same category as banks, solicitors, insurance etc. All of which regularly get bought over by bigger firms and merged and i have no issue with that. Vets deal with animal health and medicines and are closer to doctors than accountants. These investment firms take over the vets but keep them practicing under the same name so are almost hidden. It’s a different situation.

[@PowershiftScotland]

Family Farming Businesses can be a mine field and full of differing Agendas-in my experiences. Good advice from the Accountant! In my Opinion lawyers are cloak & Money 💰 😂

[@racingmad-s4x]

Cammy you asked where does Rachel Thieves get her info from, did you know her husband works for Defra??

[@Trevorjesuischarlie]

Would farmers be ok if the land was all owned by gov and were just employed to farm it with a better wage than they get now?

[@rsh793]

LOL no - I mean - I don't mean to laugh in a bad way or anything - but look at the way that things are run without long term plans - if you take the longer term plans that most farming families have for their farms, then you'd never have any good land for the future. The last time the Government had wide interference in the agricultural sector was during the war - and they destroyed so many of the things that kept land good - and we're still suffering from those decisions even now - 100 years later. And tenant farmers don't have such a great life ........ :(

[@oldmcdonald6319]

I don't think abolishing land ownership is the way. Look at what happened with China and Russia when they went through their commie phase

[@salmonhunter7414]

Maybe you could get a cab and a half.

[@VikingGrazers]

Make Extra Cabs Great Again!

[@MarkPayne-k7l]

"What does the budget mean for UK farmers?" Continuing preferential treatment to the rest of us, that is what.

[@RedStag-r5m]

Riveting from the beginning to the end.

[@drpetergittins]

The 25% figure only being effected is wrong in my view. Very few (viable) farms cost less than £1 million. If this isn't changed it will have a long term effect on the industry in terms of succession, Though I cannot see Reeves changing her view on this, in fact she after this hit the news cycle double downed on it, saying you can't split the IHT benefit with the spouse. I am surprised they did this, especially when Steve Reed explicitly said their would be no changes to Agricultural Property Relief. There is zero accountability for politician lies.

[@johnferguson1680]

Farmers, landowners, business owners, investors or higher earners are not predominantly labour or SNP voters so they've taken the easy option to pick the low fruit. Wait until Dopey Shona adds insult to injury! Excellent lay man terms podcast!

[@tubs1984]

This is the most balanced thing I’ve heard so far, however I still can’t help but be fed up with farmers moaning. The reason agriculture in the UK is in such a state is not the fault of the government but the industry. Too many farms are run badly, missing a business mindset, fixated on not changing and adapting to market forces and taking critical decisions to make the business work. Hence they would fail without subsidy. So why should they be propped up by the public purse? Additionally, the NFU and other industry bodies have failed you by not bringing you all together to fight the supermarkets in driving down the price paid to farmers. Or protect you from the wealthy buying up land to carbon offset or to dodge tax. If they had stopped that, you wouldn’t have inheritance tax being put on you. If farms were run better rather than grandad did it this way, and the industry had fought to stop your pants being pulled down by every Tom, Dick and Harry, you’d all be in better financial positions and thus able to bear the tax burden. They have also failed you by not providing good advice and support on succession planning. It’s always been a problem that’s never been addressed. If it had, you’d all be in a better place to deal with these changes as the business structure would be better set up. Also, no tax relief is forever, so again the industry has failed by not preparing you in case this happened. Also, you forget that you’re a small percentage of the population and yet some of the most asset rich. Additionally, your tax contributions compared to other businesses are minuscule and you get millions in aid to prop up what is a failing industry. (appreciated this isn’t the same for all farmers due to renting land/tenants rather than owning the land). The vast majority of us have had to pay inheritance tax for many years. If we have to pay, why shouldn’t farmers? We don’t get hand outs to prop up our businesses, if we can’t run our business effectively, we go out of business. We have to remember that the burden on government purse is higher than ever. As citizens of this isle, regardless of background or industry we work in, we all benefit from social services, whether it’s healthcare, the police, bin collections, etc. So we all have a social responsibility to contribute to the public purse. It’s like the change to subsidy to SFI, etc. You all moan about it but it’s no different to a public company and the majority share holder dictating the direction the business goes in. Your majority shareholders are the public through the subsidy systems. So what they want has to be accepted. The public want a better environment, hence the move to SFI. Whilst some of this is very misguided as if they wanted to really impact the environment for the better they’d stop buying new stuff constantly, the reality is, farmers have damaged the environment through bad practices. Those practices have been forced on them due to the mistakes I’ve mentioned above, like the drive for cheaper food. So even in the case of SFI, if the industry hadn’t failed you in protecting you from the supermarkets aggressive buying position and helped you run more viable businesses, we wouldn’t have seen the environmental disasters that some farming practices have brought on and you wouldn’t be being asked to stop producing food to rewild the land. Sometimes, when seismic changes happen, we need to not blame everyone else but look in the mirror and ask ourselves the tough questions, to shoulder the blame and look for a way forward. It’s clear there are options available to avoid falling foul of the change to inheritance tax. Additionally, if this puts some bad businesses out of business, honestly that’s a good thing for the industry. It means someone new can come in and contribute to the industry in a more positive manner. Additionally if this causes the top 1% using land as a tax avoidance scheme than the government purse will benefit. As the accountant in this episode mentioned, there are changes across all industries that will affect their ability to be profitable. Businesses that don’t get hand outs, that are effected by market forces, and a capitalists market, with employees that pay inheritance and income tax. Yet they aren’t moaning. They understand it’s the position of trading in the UK and they will adapt or leave. I always can’t help but think that this is all so simple. If we all paid our tax contributions and didn’t avoid it, tax burden could come down as there would be enough money in the pot to support government spending and we’d all be better off. There are only two constants in life and that’s death and taxes. So hardly a surprise that a government short on cash needs to tax all death.

[@tomvalentine9985]

Some very valid points here

[@jimmyjohnstone5878]

Well said.

[@JRMillican]

Remember that the lLabour party caused Foot and Mouth the last time when in power and forgot about it after 9/11

[@wyndhamhewlett8223]

I think you're where I am!! WE'RE ALL UNDER THE WORLD ECONOMIC FORUMS AGENDA 2030.

[@philtorr-vo5lj]

Sorry but the only way forward is to go on STRIKE FOR 10 DAYS , SHUT the farm gate for 10days.

[@kerrywills8715]

The Labour Party know exactly what they are doing. This is all intentional.

[@killiebraestud]

Are you wearing your pj's???😂

[@richardhamilton7458]

If this was France farmers would be out in their tractors protesting, how come they are not here?

[@Al_Northern_Irish]

Because they’re happy enough to accept it unfortunately.

[@oakashthorn5714]

Farmers should call a general strike…

[@MCBruff-ut3wp]

Welcome to the world in the USA, they don't think it thru on anything

[@pjk1714]

Sounds like many changes.. The double cab is about environment agreement goal. Problem is the truck's aren't classified as farm over passenger. Be thankful farmers buying farms. Here we are losing to developers and the counties quickly rezone the land seeing tax dollars. Your capital gains is falling in line to North America rules. Sadly, if family to family trade, it shouldn't exist. Another money grab.

[@AxelFreeDog-ob9fg]

If they can afford a jhon deer tractor its just greed making them cry. I say scrap inheritance tax it all. Then use it to better all kids not just one.

[@Andy-ix2ox]

Yeah! I told my cousin who is a relatively large dairy farmer in England that all he has to do is live for the next five years and then the Labour Party will be gone and a sensible party will be in power.

[@jimmyjohnstone5878]

You over estimating the effect of the budget for farmers. Scare mongering.