The wealthy think they’re different

Are they rich or poor? First you say they're rich and then that their farms are failing. If you mean they're rich because of the value of their land that they own and use to farm on that is not the same as having liquid assets.

Shit in england must be weird because you don't have to be rich to own land in America, just smart enough to know where to buy what you can afford. And you shouldn't have to pay a transfer fee to pass your land down to your children you sound like a boot licker.

I stand with the farmers.

From a farmer’s perspective (small tenant, renting from my parents) I largely agree with you as do most of my farming friends, though I am suspect the improvements to agriculture you describe will be small as to my probably over simplified thinking, a reduction of inheritance tax relief of 20% is unlikely to change land values by anything more than 20%?

If you take land to be worth roughly £10k per acre but rent only £50 - 200 per acre per year, I would say that the agricultural value of land is in the order of 1-4k per acre (20 x the annual rent); the inheritance relief (until now), up to about £4k per acre (40% of 10k); until recently the single farm payment subsidy of £100/acre annually worth about £2k per acre (20 x annual), though the Sustainable Farming Incentive is looking to be similar to maintain this value; and the remainder (£0-3k) amenity, status or roll over of capital gains tax relief value. So dropping the inheritance tax relief may alter the value of land in one way, but much of it will remain similar.

What I feel may be missing from your argument and the governments proposal is how the value of inheritance tax relief is to be replaced as part of farm businesses ‘income’.

Presently many farmers accept relatively low prices for the food they produce and small returns in the short term, on the condition that there is inheritance tax relief, ie value will come later. Maybe the £1M from 2 parent + 50% relief will be sufficient to maintain this for genuine farms, but I suspect it is not quite enough. If I am right, food prices will have to rise or we will have to import more, and whilst I am biased, I believe domestic food production and security is a genuine public good. If we wish to maintain it, won’t food prices have to rise or an alternative source of value (eg subsidy) have to be introduced?

Fake money baby eaters and slaves

Mmm, another person with very little understanding of the farming industry weighing in on how farmers are rich aristocracy who don't know how to run a proper business.

Look, if farmland were sold to pay inheritance tax to other farmers so that the total amount of farmland stayed the same, ensuring food security for the country going forwards, then fine. But it won't be. Farming is a battered industry where prices are constantly pushed down while inputs are driven up, meaning food is almost invariably created at a loss that the farmer has to make up for. Farming is not a profitable business and there's no way to run a farm, turn a substantial profit and also feed the country. If you think there is, write an economic paper and get it published because we need a solution and quick!

I think the real problem here, which isn't being discussed, is that a relatively few people own so much land, including farmland. If we are going to live in societies and have rules, there should be a more equitable distribution of real property.

This guy sounds like a commie. Commies hate farmers farming.

All the farmers need to do to avoid paying Inheritance Tax on their farms, is pass their farms on to their children at least 7 years before they die.

i dont think you fully understand the topic you are addressing, as noted by some of the top comments

You also forget their brand new big shiny Range Rovers go through the farm accounts, the whole thing is a scam, they put as much through their farm accounts as possible so they can manipulate their income so they don't pay income taxes. I live in a farming community and I have never met a poor farmer

I agree with the general arguments of wealth entitlement among the elites. But small farmers should be supported because big Ag is worse.

Could the land owners roll their name into a company instead of under family name to dodge these inheritance laws? inheritance laws sound like a load of bollocks to me. The ultra wealthy have all the best suits for how to dodge as much of these dodgy taxes as they can.

Complicated tax laws are stupid. Vote Libertarian and repeal complicated tax laws that only the ultra wealthy can exploit

"You will own nothing" like everyone else seems to be the argument here.

hunter thompson wrote (in songs of the doomed iirc) that the rich are different in that their lives are not limited by money like those of most people, but by character

If you’re a professor making six figures at a college you are wealthy compared to most people. Stop pretending you’re middle class when you’re not…

Also the estate tax is absurd. If you want to reduce wealth inequality end all bailouts with the pricyatecentalbankofengland. Until you end the oricatecentralbamk you’re supporting a system that benefits the rich or doesn’t promote a more equality based system. Centralbanks ensure the rich don’t get wiped out in a downturn.

Our economic system is made by the rich, for the rich. What did you expect?

The farmers are right. Their lands belong to them. The government has nothing to do with those lands. It will kill farming

Some good points made in this video even though I think inheritance tax should be abolished like Canada and Australia. Farmers should pay the same tax rates as everyone else with or without IHT in effect. I also don't believe there should be any subsidies / favourable policies / etc from the gov just because they are agricultural businesses. Like all other business owners, farmers are supposed to innovate or sell their lands to someone else if they aren't making much money out of it.

PS: I respectfully and fundamentally disagree with Mr.Murphy over IHT though, because it totally kills aspirations of grassroots and middle class families.

I was raised poor. As an adolescent, I listened to more wealthy & successful people. I learned to delay gratification and endure some reasonable discomfort to obtain a greater goal. I was told : " Never make a dollar without putting some aside to increase your worth. I watched working class co workers waste their paychecks. Today, I am very comfortable with my children educated and productive societal members. I donate 50% of my positive cash flow in my charity that benefits visually impaired children in Panama, Central America. This guy has pursued a career in education and has a terminal case of envy. Do Well, Then Do Good.

We shouldn't tax inheritance

I spent some years working with the extreme rich.
And l mean extreme (eg. 6 homes, London, Paris, chalet in the Alps, Caribbean island, Mediterranean cliff-top mansion, home in Dubai, helicopter, yacht ...)
One emotion they never experience is gratitude.

The wealthy ARE different. They're wealthy. I don't know how they do things in the UK but farmers in the US MIGHT break even IF their subsidies aren't cancelled. Debt is in constant pursuit of the farmer. They even had a huge concert series to raise money for farmers back in the 80s. Lord knows the government wasn't going to do it. They are not even close to very wealthy here in the US. They owe on every bit of that equipment and on every acre. Banks have no problem foreclosing on the hand that feeds them.

"Sell" their farms to their children.

WTF

"LIFE seperates us. DEATH is the equalizer.

Hold on a sec--I admit that, as a Yank, I don't know diddly about politics in England, but it sounds to me like when you use the word "farmers", you don't mean the poor slobs who actually go out, bust their asses planting and harvesting, feeding their livestock and taking care of their critters, and making shit wages, do you? From what I'm hearing, you're actually describing the same class of pretty much hereditary land owners who live off the work done by the people who actually do all the hard work of real farming while they sit back and collect the money, and if that's the case, I can see doing something about parasites like them. But again, being a Yank, I not only do not have a dog in this fight, but also KNOW I don't have any say in any other country's politics except where those politics affect the US, and so I'm not going to tell you Brits how to run your own country.

You’re talking a fair amount of nonsense with this one Richard!

They are different in the way they spend.

Tosser tax.
A good roster pays his tosser tax.
Tosser.
Next please.
But?
Next please.

money change consciousness and it is observed in companies with more than 8 employees. with lot more its clear that there is a martian row

All taxation is Theft

This idea that we have to pay taxes on what we already own. Stick with UBI it makes more sense

This guy just want slaves on the plantation.

Not all farmers are aristocrat's

Revolution Calling

Keep it up comrade. The plebs need to support the transfer of farmland to the funds ✊ Also cows are bad because flatulence or something 💨

I'm so glad your videos found their way to my feed. I'm really appreciating your commentary. Subscribed!

The reason behind all of this is natural selection mainly, every rich person who wants to share their wealth and help others, who loves equality or equity (you choose), aren't getting any richer.

I think some folk could do with researching the 'Cheap Food Policy' introduced by Labour in 1947 and the introduction of Subsidised Farming coupled with the Tax Breaks. It was not optional, it was put in place to make food affordable and ease the burden of malnourishment on the NHS.

It was a temporary measure, only ment to last for 5 years.........

We are still stuck in it today due to failings of every single government since to get us out of it!!!

The farmers are protesting again taxing a Mandatory Subsidised Industry that had these Tax breaks put in place by government rule to balance the books and grow cheap food 🤓

I personally don't mind if 20% has to be paid to the Gov upon my parents death, but I will mind if the Gov then denies my livestock an additional 20% on the price at cull to compensate what we are already trading at bottom line for on the global price as due to the terms of Subsidiary, the Gov get to influence that to 🤓

Be careful, or if this isn’t formed right you will end up creating Big Ag as the only farming in UK like what happened in the US

They are different. They are smarter than the rest of us.

So a career long accountant....including being a chartered accountant.....note not a management account. So He would have been mainly interested in balance sheet vs P/L side of things. Probably looking at tax advice as well. Not a hands on management accountant that would be looking at the workings of a business to help drive it forward. (Note Im a farmer but also a qualified management accountant)

He shows his colours when he compares us to the Royal Familly.....

then goes on to say that as we just hand our farms on we are failing as no innovation, no new thinking, no reform, no adaption, etc. Has he no concept of how farms have changed in the last 30 years, how much tech is used, how much we innovate, how many of our kids go away to Uni or abroad to learn and gain experiance away from home and often come back home to drive change?

He says one of the most powerful images of the protest in london was the coast we wore....£1,000 a pop! Well he clearly was not there and he clearly has friends who know nothing about what we were wearing. Yes I spend a few hundred quid and a decent set of water proofs and £100 on boots.....as Im in them constantly in all weather and they are needed, they are art of my tools to do the job safely....oh I rarely see a barbour jacket now unless I go into town and its non farers wearing them. (Can you even buy a Barbour for £1k??). Oh and apparently Im privileged to be allowed to put PPE through my accounts but he cant....well you are sat inside all day chap!

He also seems to have forgotten completely about CGT, poor form from a so call chartered accountant.

An then he compares a farm business to a large house in London, foolish at best, but blatantly stupid

He thinks the price of land will fall, well no sign of that, and what about all the non farmers wanted to shelter a Million£ and end up paying just 20% vs 40% that they currently pay, and rather stupid..

He thinks we are bad for the environment....hmmm...hes probably not been on a farm ever, has not seen all the conservation work ongoing by farmers, the hedges being replanted, SFI, Stewardships etc.

The only thing he says I agree with in part, is this was sprung on us and needs a time of conversion to allow for planning, agreed, but the limits need looking at urgently. Though he does want 40% tax, not 20%

Oh, and by the way we do pay tax just like everyones else, an indeed 96% of the population never pay any inheritance tax either.

He really needs to better understand how farming and farming markets work, investment vs return, importance of food security and cheap food....

He's, annoyed, angry, finds us repugnant

We are entitled, way above average wealth, privileged, inadequate, inefficient, noisy

Well for sure, he is a total fool and arse with it.

Smug git...

Do you get up at 5 am in the middle of December and go outside all day working? Or just sit in front of a camera spouting BS ?
Farmers deserve their money

The man making this video should have a go at farming himself and see how rich he gets, the vast majority of farmers wouldn’t have got a wardrobe that’s worth £1000 let alone one coat. The problem with farming is we are price taker is not price setter mainly because we are at the bottom of the food chain and the supermarkets have got us all by the balls. That’s why the money is just not there to pay the tax. It would be much fairer if they taxed the person who inherited if he were to sell the land that way it wouldn’t affect genuine farmers. It would stop a lot of non-farmers buying up land,

Dear Richard, on the whole I do like your incisive take on society and the world we live in. However in this debate I think that there are a several other factors to consider :-
1. The value of a farm nowadays is partly a product of the general runaway inflation particular to land and property, so the valuation of a farm property bears little relation to the living that can be earned from it. Land is not cash in the bank!
2. Linked to the above, the supermarket cartel has in recent years made it very difficult to make the kinds of profits that would pay for inheritance tax.
3. Effective farming of any particular area of land does require intimate knowledge of how that piece of land reacts to weather, (drought, inundation, wind etc.) vehicle traffic, animal stocking, different crops, the wildlife it protects, it's fertility etc. You can see what I'm getting at here. Of course one could make a reasonable go of it but with tight margins an intimate knowledge is invaluable in avoiding costly mistakes.

Give this man a spade to dig his own grave and give him the option to spend a month on a hill farm in winter or retreat to a desert island to reflect on is self-importance before he dies of hunger 😂

Hard to watch even if there are valid points, he comes over as such a self important smug git.