Multi-Million/Billionaires Owning Farms

[Hymie]

I used to wonder why so many super-wealthy individuals (such as James Dyson) and a number of rock/pop stars/celebrities developed an interest in farming (in the UK) once they had loads of cash to spare.

 

For instance, Dyson owns around 36,000 acres of farmland, reportedly worth over half a billion pounds.  I wonder how often he travels from Singapore to oversee this operation, given his interest in being a farmer.

 

I was unaware that the reason these super-rich individuals invest in farms; is that there is zero inheritance tax on the investment – even a 20% tax rate over £1 million still looks an attractive option – but not to farmers.

 

Watch Clarkson berate the BBC (Victoria Derbyshire) for suggesting he purchased his farm to avoid inheritance tax (classic BBC, as Clarkson points out).

 

[sandyRoe]

Squeeze them til the pips squeak.

Bloated capitalists, one and all.

[gulliver1]

Just remember the good old Tory Logo.                                                 ........"If it isn't hurting it isn't working"  Pay up. End of.

[Hymie]

Naomi – If someone owns a family run business which is the family’s livelihood (no business, no work, no income); why do they pay inheritance tax (just because the business is not a farm)?

[Deskdiary]

Hymie at 9.35 - your last paragraph. It has already been explained to you why they should be exempt. Do you need it re-explained. 

[newmodarmy]

Hymie... maybe the other family business shouldn't have to pay IHT either. But most non farming businesses haven't been around for many decades and passed on through generations to children who worked on farms as youngsters.

[gulliver1]

I agree with sandyRoe @ 09.44 .Squeeze every last penny out of these tax dodging Tory supporting farmers.

[Hymie]

^^^^^

and why does that give them exemption for IHT?

[barney4444]

Hymie doesn't understand the issues for family farms.

I think Hymie understands and explains the issues perfectly.  

[Hymie]

[ToraToraTora]

Farms are exempt because they have a special place in the nation, they provide the food. They are passed down tax free because as we see here they will be disolved as a business in 4 generations. Unfortunately the rich have been using this as a way to avoid IHT so the government are trying to stop that. If the governement wants to stop the rich buying land to avoid IHT then great but this is throwing the baby out with the bath water. As usual with this government and the tea leaf they have acted without analysing the effect.

[ToraToraTora]

The problem is we have the worst chancellor in history thrashing about like a kid on a bouncy castle with no real idea what she is doing:

https://www.theanswerbank.co.uk/News/Question1883086.html

 

[gulliver1]

Hymie...Victoria Derbyshire had got Clarkson by his Rolex on this clip . He was pleading with the camera men surrounding him to back him up. Well done Victoria.

[Untitled]

Clarkson doesn't have the juice anymore. he used to be funny. now he's just a sad puffy imitation act of his former self.

[gulliver1]

10.15 Rachel Reeves does know what she is doing .She is taxing the Tory tax dodgers  well done Rachel ,  weed them out , Name them and shame them.

[naomi24]

Hymie, as far as I'm aware rules relating to inheritance tax regarding business vary and are quite complex and I'm not an expert.  What I do know, however, is that farms not only provide a living for farmers, they are his home and his family's whole life. Farmers not only feed the nation, they manage and care for the countryside, and in that they are unique.  They're the people who cut the hedgerows, keep the roads clear of snow and usable and clear the ditches - no mains drainage where I live so that is essential to combat flooding.  This tax has been imposed by people who know nothing of the countryside and nothing of farming - even if Mr Starmer did see a cow once or twice in his youth.  It is wholly destructive, it's borne of Labour greed and political spite, and nothing good can come of it.  If they kill the farming industry then what?  Think about it.

[Prudie]

What did you do with your tax free half million then Sandy? Give it away?

[naomi24]

Prudie, you read my mind.