This Week in Farming: IHT latest, combines and tax evasion

Welcome back to another edition of This Week in Farming, your one-stop-shop for the best Farmers Weekly content from the past seven days.

First, here are your markets (opens as PDF).

There’s another penny off red diesel compared to last week, which may bring a crumb of cheer to those replenishing tanks after harvest – but apart from that, not much going on.

Now, on with the show.

Inheritance tax latest

Think tank reports are two a penny and rarely worth a big story, but this week’s 136-pager from the influential Centre for the Analysis of Taxation (CenTax) on inheritance tax (IHT) was different.

Co-authored by Arun Advani – one of the most prominent advocates for the initial reforms – it has reignited debate over how many estates a year will be affected, but also proposes some new options that may bring relief to smaller businesses.

In my editorial this week, I say that CenTax’s close proximity to Treasury officials mean that these should be taken seriously, but as rumours swirl of further inheritance tax reform at this autumn’s Budget, there may be more pain to come.

And this week we also have more information on heritage relief, another IHT mitigation available to a small number of farms.

Poultry problems

The long-running River Wye saga will be well-known to poultrykeepers across the UK.

So it’s great to see further innovation in technology to limit the potential polluting impact of broiler litter, with a new treatment method to heat sheds and limit phosphate emissions.

Dominating the headlines though has been the troubling news of further outbreaks of avian flu at what is meant to be a low-risk time of year.

NFU Mutual, the only insurance provider to offer insurance against bird flu, will only be taking on new clients until 1 September this year.

Harvest latest

With wider-than-normal crop yield variations across the UK this season, there’s little wonder that harvest data has sparked fierce debate online.

So it was a bad year for the AHDB to have to admit it’s got some of its figures wrong.

What isn’t in doubt, however, is that much of the national crop has been gathered in, with combines racing through light crops this week under blue skies, including this West Sussex estate which looks to finish well ahead of schedule.

And co-operative United Oilseeds is happy at least, as it says the record for the average national yield a hectare of OSR is set to be broken, even if the number of hectares planted is still low by historical standards.

Combines compared

With a small heap of low-value grains in the shed, changing the combine will be a low priority for many growers this year, but we know that many people still like to have a look at what’s on offer.

That’s why machinery editor Oli Mark has rounded up driver’s perspectives on three of the latest models in the field – the Case IH AF10, the New Holland CR11 and John Deere’s T5 600 Hillmaster.

Deere, which published its quarterly global earnings this week, saw its biggest share price drop in three years after it trimmed its revenue forecast, as low crop prices around the world see farmers keep the chequebook firmly shut.

Who’s up and who’s down?

On the up this week is Irish processor Dawn Meats, trading as Dunbia in the UK, after it purchased (subject to approvals) a controlling stake in New Zealand’s biggest red meat exporter.

One wonders what that might do to the lamb price in due course.

Feeling less chipper will be David Smith, the former director of Scottish machinery firm Balgownie.

He’s been banned from holding similar executive positions for 11 years for failing to declare over £1.5m in VAT, following an investigation by the Insolvency Service.

Listen to the podcast

Don’t forget to tune in to the Farmers Weekly podcast, with Johann Tasker, Louise Impey and Hugh Broom.

This week the gang discuss the impact of the AHDB yield data admission in more detail. 

You’ll find it anywhere you listen to podcasts, or listen free on the FW website.