The Budget 2025

Laughing said:
It was a very good budget for the needy in society under very difficult circumstances, if labour were going to stick to their manifesto.

There will be more wriggle room next autumn.

I have some sympathy with family farmers but let's not confuse them with single mothers working full time and in fear of losing their home with no worthwhile assets to sell to feed, clothe and house their children.
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I think you're getting confused here.

This budget doesn't take away the single mother's employment. This policy will take away many farmers employment. No more so than tenant farmers.
 
northernrower said:
There are so many generalisations in your post.

We all have to pay tax, that is expected, but this will just damage small family run businesses to the point of closure and open the door for massive conglomerates to swoop in and mop up vast swathes of our countryside.

Ironically the rich will get richer with this policy.
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The biggest irony is when the rich conglomerates come in an buy the farm the farmer who sells will be VERY rich themselves.

The generalisations I have used are based on my experience knowing around 30 farmers in our area quite well. They were all happy to tell me they loved Sunak, that Brexit was going to be ace and that they love a good fiddle. They all drive expensive cars, dress in expensive farming clobber and some of them send their kids to private school. They are really struggling.

Yes, not representative of the whole country but probably pretty representative of North Yorkshire.

Just because you were born into something does not mean that the state should support you. Everyone has to pay their share.
 
Boro.Fur said:
Not going to have any sympathy with a Reform voter and someone who thinks the sun shines out of Farage's ar$e.

You're having a go at Labour but you voted Reform.
Before that, I bet you voted Tory.
Before that, I bet you voted to leave the EU.
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I'm not asking for sympathy. The budget won't have any negative implications to my situation.

It the farmers I'm concerned about and British agriculture.

Why get personal though?
 
northernrower said:
I think you're getting confused here.

This budget doesn't take away the single mother's employment. This policy will take away many farmers employment. No more so than tenant farmers.
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But doesn't take away their ability to feed and house their families.

I can assure you I am not confused.
 
Mortgage is up in January. I already had a new deal locked in but just switched it to a slightly better rate (NatWest).

Not quite the Truss mini budget scenario the right wing media have been predicting with interest rates in response to the budget.
 
sherlock said:
I think the point being made is that if the policy forces asset sales that then make the farm unviable, then closure will be the only option. This will drive up prices and make those struggling families even worse off.
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The tax only affects them when the farm owner dies. There are around 108,000 farmers in the UK. Typically 10 people die per 1000 people, so using this metric around 1,000 farmers a year will be affected.

Now look at this:


A thriving farm with 301 acres. Looking at the description this place is making money. If this was passed down in a will they would be paying what? They get £1m disregarded. Can claim around 50% on the rest. If there is a dwelling attached the recipient gets £500k disregarding of the £1.6m leaving £1.1m. If they get the full 50% on that the tax is based on £550k, so they are looking to pay £110,000.

If they could not afford that with the rising land prices could they not sell 10 acres of land which would cover the bill in its entirety?


Anyway, a thousand farmers a year will have to pay. I am not sure that will decimate the industry as it is been claimed.
 
Corcaigh_the_Cat said:
'doing a job for the country'

Who isn't, aside from the young, the old and the unemployed?

Every job, each task carried out, is done 'for the country'. When you pop off to work on a morning you're doing something to benefit society. The farmer isn't special in that respect.
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Some jobs are more bedrock than others

Growing cattle for beef or milk is more essential than someone building hs2
 
Just moving away from farmers for a minute, I'm pretty shocked (😉) to see the level of scrutiny Reeves budget has come under.

Last 14 years, it was "average family £x better/worse off" Beers/Petrol/Tabs have gone up £x. That was it, no matter how sh*t.

Now....... sheeeeessh, you would think there was some form of bias in the media.......🤦🏻‍♂️🤦🏻‍♂️
 
MolteniArcore said:
The tax only affects them when the farm owner dies. There are around 108,000 farmers in the UK. Typically 10 people die per 1000 people, so using this metric around 1,000 farmers a year will be affected.

Now look at this:


A thriving farm with 301 acres. Looking at the description this place is making money. If this was passed down in a will they would be paying what? They get £1m disregarded. Can claim around 50% on the rest. If there is a dwelling attached the recipient gets £500k disregarding of the £1.6m leaving £1.1m. If they get the full 50% on that the tax is based on £550k, so they are looking to pay £110,000.

If they could not afford that with the rising land prices could they not sell 10 acres of land which would cover the bill in its entirety?


Anyway, a thousand farmers a year will have to pay. I am not sure that will decimate the industry as it is been claimed.
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I'm pretty sure Reeves has already said it's expected to affect around 2000 farms a year.

That is a significant number in one year.
 
Couldn’t farmers just go as limited companies rather than partnerships, and introduce new shareholders to who they intend to pass down?

Or would inheritance tax still be due on that
 
h_m_boro said:
Just moving away from farmers for a minute, I'm pretty shocked (😉) to see the level of scrutiny Reeves budget has come under.

Last 14 years, it was "average family £x better/worse off" Beers/Petrol/Tabs have gone up £x. That was it, no matter how sh*t.

Now....... sheeeeessh, you would think there was some form of bias in the media.......🤦🏻‍♂️🤦🏻‍♂️
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I must admit, aside the the drum I've been banging (on farming and agriculture) I don't feel it's been a bad budget.
 
ForssAwakens said:
Couldn’t farmers just go as limited companies rather than partnerships, and introduce new shareholders to who they intend to pass down?

Or would inheritance tax still be due on that
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There's a whole range of things farmers can do to mitigate this. They just don't want them publicising.
 
northernrower said:
I'm pretty sure Reeves has already said it's expected to affect around 2000 farms a year.

That is a significant number in one year.
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I was actually going to add it probably won’t effect 1,000 as if there is a death and it passes to a spouse or civil partner there is nothing to pay.
 
h_m_boro said:
Just moving away from farmers for a minute, I'm pretty shocked (😉) to see the level of scrutiny Reeves budget has come under.

Last 14 years, it was "average family £x better/worse off" Beers/Petrol/Tabs have gone up £x. That was it, no matter how sh*t.

Now....... sheeeeessh, you would think there was some form of bias in the media.......🤦🏻‍♂️🤦🏻‍♂️
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Yes you'd think? The level of press scrutiny is unbelievable. Many people made their mind up about this budget weeks ago inc quite a few on here judging by comments on the other Budget thread a month ago. Now it has been given and the much predicted tax grabs have not come to pass we now have a bunch of forensic accountants in the media trying to find the horrors and lo and behold its farmers at the top of the list. And yet this forensic examination has never been employed on the effects Brexit has had on the economy and in particular our agricultural industry.

In the Mail this morning they have found those with huge pension pots bemoaning they wont be leaving huge sums to their families untaxed. Poor dears.
 
Corco65 said:
I believe farmers will have a 10 year period to pay any IHT due, so their bussiness should be able to continue.
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And I am sure there will be ways and means around reducing the figure to pay. When you dig down it doesn’t seem as bad as the headlines (and Clarkson) suggest.

Clarkson will be worried with his recent health scare that his £12m farm might cost his kids a bit to keep!
 
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