Steve Ridsdale

East Yorks farmer, Chair or British Farming Union,

[Steve Ridsdale @steveridsda]

@earthFgardener @Kitingbikinguk @TWBFarms TWB Farms are a fantastic example of practices which sequester Carbon, improve soils, provide biodiversity, etc.

[Steve Ridsdale @steveridsda]

@AiringViews @AnnaLongthorp British dairy cows ARE NOT injected with hormones. Buy British.

[Steve Ridsdale @steveridsda]

@duffy1972 Tax take always works smoother if there's some cash available to pay the tax. Doesn't work so well for illiquid things.

[Steve Ridsdale @steveridsda]

@PlantBasedNews 25kg for 1kg of beef???

Most of that must be the water in the grass.

You've to make sure you're comparing eggs with eggs (i.e. do it on a dry matter basis).

[Steve Ridsdale @steveridsda]

@loosecollie Size isn't everything. You need quality.

Most of their herd will be Bos Indicus (Brahman), for tick and insect resistance. Eating quality isn't as good as Bos Taurus. Google it.

[Steve Ridsdale @steveridsda]

@loosecollie Still think of British Strawberries at Wimbledon week. Hasn't Dyson started growing them?

[Steve Ridsdale @steveridsda]

@AnnaLongthorp @goustocooking RT could work harder at promoting the brand, they could morph into a producer group, they could help us with pricing the brand (that the retailers say they want). Most farmers are members. They're not working for us.

Conclusion. RT work for the BRC.

[Steve Ridsdale @steveridsda]

@AnnaLongthorp @goustocooking (I've no issue with RT IF retailers commit to it and pay a consistent price for it) otherwise it isn't achieving enough for us.

[Steve Ridsdale @steveridsda]

@AnnaLongthorp @goustocooking Most processors (& retailers) seem to say they want Red Tractor, but will source cheaper non-assured at drop of a hat. If processors won't actually commit to RT, then we need to ask ourselves if we should keep banging our heads against the brick wall. Is RT a failed concept?

[Steve Ridsdale @steveridsda]

@loosecollie Good crop there Martin.

We cut our first bit on Monday.

[Steve Ridsdale @steveridsda]

@RebeccaCait04 @AnnaLongthorp @Keir_Starmer ...but honestly, if you've got loads of cash liable to IHT, and buying a farm is so advantageous, then just BUY A FARM.

If there was a rule stopping you, then I could understand the frustration. But there's absolutely nothing stopping anyone buying a farm (or other business).

[Steve Ridsdale @steveridsda]

@RebeccaCait04 @AnnaLongthorp @Keir_Starmer Farmland doesn't get all the tax breaks that you get with your primary residence. (I could moan about that, but I won't because I understand why there's no CGT on your home). There's full CGT on farmland, but lower IHT.... for logical reasons.

[Steve Ridsdale @steveridsda]

@RebeccaCait04 @AnnaLongthorp @Keir_Starmer You could hand over before you die, but could be very expensive in CGT.

[Steve Ridsdale @steveridsda]

@RebeccaCait04 @AnnaLongthorp @Keir_Starmer ...likewise, farms can't afford to pay IHT every generation, otherwise they'd get smaller and less efficient, then the price of food would go up. It's sensible rules.

[Steve Ridsdale @steveridsda]

@RebeccaCait04 @AnnaLongthorp @Keir_Starmer Hmm, but there's no CGT on your home. When you die there's no CGT for you or your kids to pay.

There is CGT on farmland.

Different asset classes, different rules (for good reasons). e.g. you'd struggle to get up housing ladder if you had CGT to pay each time. Hence no CGT 👍

[Steve Ridsdale @steveridsda]

@RebeccaCait04 @AnnaLongthorp @Keir_Starmer Just remember that you can't ever retire (otherwise you won't get the IHT advantage). My Dad is 83 and comes to work 8am, 7 days a week. If he retires he pays massive amounts of IHT. It's not exactly easy.

[Steve Ridsdale @steveridsda]

@RebeccaCait04 @AnnaLongthorp @Keir_Starmer If it's so financially advantageous, then just buy a farm. It's that simple. I don't see any reason to moan about it.

If you've got a spare £3 million or so, and you're worried about IHT... crack on. You'll have to run a business though, feed livestock 7 days a week, etc.

[Steve Ridsdale @steveridsda]

@RebeccaCait04 @AnnaLongthorp @Keir_Starmer So go and buy a farm if it bothers you.

(but just remember, although you are exempt from capital gains tax with your own home, you may need to pay it if it's a farmhouse). It's simply different tax rules for different asset classes.

[Steve Ridsdale @steveridsda]

@RebeccaCait04 @AnnaLongthorp @Keir_Starmer Owning and running a business (and if you like, getting tax breaks which go with it) is open to everyone.
If you've got spare cash, then go buy a farm. It won't make much money whilst in your ownership because governments want cheap food, but fill your boots and buy a farm.