Bring on the revolution! The UK has gone Full Stalin taxing Farmers. How very dare they! The reality is UK farming is a national treasure and should b

UK Farmers Trigger the Revolution – Politely. - Blain's Morning Porridge

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2024-11-23 07:30:08

Bring on the revolution! The UK has gone Full Stalin taxing Farmers. How very dare they! The reality is UK farming is a national treasure and should be a source of national pride – but the IHT revolt is a distraction from land price distortion, overly powerful monopolistic buyers, and Brexit incompetence by the previous shower in power!

James May, Captain Slow of Top Gear fame, asked a very simple economics question yesterday: If a farm generates £50k of income per annum, what makes it worth the £3 mm at which UK inheritance tax will likely become payable? Great question..

(Before I start… I love UK farmers. I think UK farmers produce the best food on the planet, and they are wonderful, dedicated people! But… they are being manipulated. The farmer’s revolt is angry – but like most revolutions is directed at all the wrong issues by actors with other agendas)

Going back to Captain Slow’s question: 60 times multiples are usually associated with start-ups promising unfathomable upside. No one would pay that multiple for an unproductive asset in a low return business, strongly suggesting the price of farms has been distorted by the tax advantages that go with them? Doh!