many. As I have written before, a low (or lower) energy future is inevitable, and large farms running on lots of diesel may struggle in that scenario.
Maybe it would be better if it did, but how many people actively seek out local food outlets and farm shops? Can farms actually afford to pay the tax?
What will highly geared businesses do? I suspect land prices will not come down in the short term, but if they do, how will the lenders respond? Call in loans on farm businesses that have tried to expand to keep pace with modern life and supply chains? It is such a tricky situation, I really don’t want to draw too many conclusions. The concept of removing the temptation for ‘city’ money to be put into farmland, thereby artificially inflating its value is a good one; I’m just not sure that the changes we saw in late October will have that effect.
The wider concern about valuable assets being passed down through generations tax free is fair, but maybe the tax should only be due at point of sale? Or at least consideration should probably be given to increasing the exemption, maybe £3 or £4 million. Unfortunately £1 million doesn’t buy you much more than a house and a few acres, it certainly won’t buy you a farm. The central issue is the value of the land is out of line with its earning potential.
What we really need is a mature, national and detailed conversation about what we expect from land and the people that manage it. Change and land reform is inevitable, but that change needs to be managed. It is far too important to leave it to the market following these crude tax changes, but I think that is what has been done. I don’t think we are facing the death of UK agriculture, but it is certainly going to be a tricky time for
Back on the farm we have finished apple picking and are about to get the next lot of cattle in. We have been spoiled with some wonderful autumnal weather and have made the best of it, keeping the autumn born calves and their mothers out for as long as possible. Grass is still growing, which is well received considering what a poor year we’ve had. My thoughts now turn to hedge laying, fencing and pruning our apple trees. It is always sad to see a mature apple tree falling over and I worry it is our fault. Maybe we should have cut out the mistletoe in previous years, but it is a job that rarely comes to the top of the list.
So, I have bought a tractor mounted raised platform and armed with a pole saw I intend on cutting out as much mistletoe as I can over the next few months. Cutting out the mistletoe is a form of planning for the future, one of the central arguments about the inheritance tax changes. Why do something if your actions do not have some form of legacy? Again, it’s a really emotive issue, but we only have apples to pick because my grandfather planted the trees several decades ago and dad and I started planting the gaps with new trees when I was in school. Did my grandfather think about legacy back then, in post war Britain, or did he just do the right thing on the day?
I suspect the budget changes will not be repealed, and we will have to learn to live with them. In many cases they can be planned for anyway. But the fact remains that food, health, land and life itself are inexorably linked. And the longer we kick that particular can down the road, the worse it will be for all of us.
As Christmas time approaches and we have some time for reflection, it is worth remembering that the true cost is paid somewhere or by someone. Make good choices, shop local and support small businesses, avoid plastic tat and focus on what is really important.
Have a happy Christmas and good luck for 2025.
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BUS INE S S ON THE FARM
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