Cap Reform - Will Active Farmers proposals mean the end of Contract Farming & Share Farming?

It would certainly bother a lender if the asset value halves overnight...

Clive said:

I maintain that a farmer is a person who gets the majority of his income (or lack of income !) from farming.

So no you are probably not a farmer by my definition jake and maybe I'm not either. Why should we have any preferential taxation to anyone else ?

Fact is the tax man doesn't like loopholes and this one will be be closed sooner or latter like it or not

Am I a racing driver ? If tax advantages for racing drivers existed I could call myself one despite not making my living doing it

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Thats the point, we don't. All businesses (and the assets that comprise them, including buildings, land, capital items etc etc) get the same IHT and CGT reliefs. Agricultural property gets agricultural property relief, if you owned a chain of shops you'd get business property relief. All privately owned businesses are effectively free from IHT, just like farmland is, and even large shareholdings in limited companies are too - I think if you have a controlling share holding in a listed company you qualify for BPR.

If you want to start a F1 racing team, or buy an existing one, all the assets would be free from IHT, and you can even call yourself a racing driver if you like, I'm not going to moan that you're getting all these IHT reliefs and that you're really just a farmer.

It wouldn't give any confidence to lend for land purchase or equity release for a year or two

Calm down peeps.All this talk about "farmers" is a lot of nonsense.All the active farmers became unit ers ages ago.Most have moved on to become blockers now.

WTF?