Budget 2024

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blueinsa said:
Oh for those heady days of 2016 again when all you could think about was those poor farmers Bob ;-)

Brexit didn’t do for them so what next? Starmer and Reeves take a shot yet here you are, all in favour all of a sudden?

Remarkable Jeff!
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Starmer and Reeves having a pop at Brexit supporting Jimmy Dyson and you’re surprised? I’d soak the **** for every fucking penny. And Clarkson. Although he would make a series out of being reduced to leaving on cold beans out of a can.
 
denislawsbackheel said:
If you have inherited a £2 million farm from a couple there will not be a penny of IHT.
The total IHT free allowance would be £2.65 million combining the transferable farm house allowances and the transferable farm land allowances.
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This of course assumes that the farmer actually is a married couple and either has planned appropriately with a will. It misses the fact that farms have other assets such as cash.

A viable farm will have farming equipment or livestock etc which are not subject to relief although I'd imagine most farms of this scale will be run as a registered business.

Either way nobody will pay this tax kindly. The main winner now will be the lawyers, solicitors and estate planners!
 
denislawsbackheel said:
You mean their total assets are considered like everyone else’s?
How shocking.
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Well there was once an argument that farmers were doing something important such as producing food and so it made sense to keep such things within families because why not?

This is very different to a normal estate where a family member inherits a now empty parents house. That family member is extremely unlikely to live in that house and there is nothing to do except sell it and realise its value. It's quite right to tax that because that person is making a monetary gain from its value.

With farms this isn't always the case and the vast majority of farms are passed down so the value of their land is ultimately irrelevant as it isn't sold so no gain is made. This tax introduces a punishment for the simple fact that the land is worth X.

In the end I just have to ask do you want cheaper food and farm goods or not because how does this help that? It will target people like Jeremy Clarkson and rightly so but it will hurt 'some' historically legitimate farmers too.
 
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BobKowalski said:
Well, congrats on inheriting £2m of farmland and presumably a viable commercial business to go with it.

For starters isn’t it 20% above £1m? If so we just reduced it to £200k. Then you look at the books of what will be several hundred acres of farmland, turnover, profit, loss, employee numbers etc - because this is a business not farmer fucking Giles toodling around on his fucking tractor and you borrow against the farm if it’s a profitable and viable concern.

Average UK farm size is 40 acres, so unlikely to trouble the £1m threshold. If owned by a married couple then good estate planning may get you a combined £2m threshold (not an expert here!).

Bottom line. Let me inherit £2m of land and a viable business and I’ll figure out the rest :)
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And the IHT payable over ten years, so £20K a year.
 
Brewster's millions said:
You still don’t have any idea about how much land will have to be sold, the ability to raise finance, the income of farms. So on and so forth.

None.

And if Labour can’t be arsed doing a risk assessment on how many pensioners they’ll kill by withdrawing the WFA, then they won’t be doing one on this will they?

As for the rest of your post, carry on making a fool of yourself. You seem a natural.
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BBC's More or Less did an assessment of claims about how many might die because of withdrawal of WFA and said it was impossible to put a figure on it. How could you calculate the effect of having only a £1100 pension increase over two years rather than £1300 with the WFA?
 
Vic said:
BBC's More or Less did an assessment of claims about how many might die because of withdrawal of WFA and said it was impossible to put a figure on it. How could you calculate the effect of having only a £1100 pension increase over two years rather than £1300 with the WFA?
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I would have thought that you were expertly placed to answer that question, given that Labour produced its own risk assessment on withdrawing the WFA as recently as 2017.

Can’t you just ask someone in your party to talk you through it, and explain the methodology? Can’t be that difficult because it’s not that long ago.
 
Quite a few big companies predicting price rises as a result of the large tax rises on business anounced in the last budget. I guess thats why the BofE are being very cautious about reducing rates further. Bailey is gradually learning from his past mistakes.
 
Churchlawtonblue said:
Quite a few big companies predicting price rises as a result of the large tax rises on business anounced in the last budget. I guess thats why the BofE are being very cautious about reducing rates further. Bailey is gradually learning from his past mistakes.
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Price gouging to keep their profits up.

Be nice if the 'party of the workers' kicked them in the bollocks for doing so.
 
TinFoilHat said:
Price gouging to keep their profits up.

Be nice if the 'party of the workers' kicked them in the bollocks for doing so.
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That is your assumption, but I suspect the reality is different.

It is in our sector. This alternative reality is that companies profits have already been squeezed by staff wages inflation and they have no choice but to pass these costs on.

I expect many small businesses to do the same, especially in the hospitality trade, where existing staff shortages and rising costs will only be exasperated by these tax increases.

I suspect the B of E is expecting a negative inflationary affect from the budget. Interest rates will stay roughly at the existing level and one consequence of this will be that the very large housing targets set out by the new government will be missed by a significant margin.
 
Churchlawtonblue said:
That is your assumption, but I suspect the reality is different.

It is in our sector. This alternative reality is that companies profits have already been squeezed by staff wages inflation and they have no choice but to pass these costs on.

I expect many small businesses to do the same, especially in the hospitality trade, where existing staff shortages and rising costs will only be exasperated by these tax increases.

I suspect the B of E is expecting a negative inflationary affect from the budget. Interest rates will stay roughly at the existing level and one consequence of this will be that the very large housing targets set out by the new government will be missed by a significant margin.
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Seems all so negative.

Listened to a treasury official who said that there were a few downsides but, in the round, this is what needs to happen if we want public services.
 
The Future’s Blue! said:
Seems all so negative.

Listened to a treasury official who said that there were a few downsides but, in the round, this is what needs to happen if we want public services.
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Well that's a government spokesperson so you could say he would say that. The proof of the pudding is in the eating. If we still get good growth then the budget will have worked. You can't pay for all these benefits without growth.

However the BofE seem to be acting very cautiously, which indicates hat they think it's not going to be all plain sailing. This is actually a nice change as Bailey has got his predictions on inflation very wrong in the recent past.
 
Churchlawtonblue said:
Well that's a government spokesperson so you could say he would say that. The proof of the pudding is in the eating. If we still get good growth then the budget will have worked. You can't pay for all these benefits without growth.

However the BofE seem to be acting very cautiously, which indicates hat they think it's not going to be all plain sailing. This is actually a nice change as Bailey has got his predictions on inflation very wrong in the recent past.
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Do you remember where we were, only a few months ago?

A balance has to be made, what balance do the rich want to accept?

What we have been given is the people subsidising the people (Universal Credit), while others take that money out of the economy.

You must be a business person, please tell me what you brought to the party?
 
BobKowalski said:
Well, congrats on inheriting £2m of farmland and presumably a viable commercial business to go with it.

For starters isn’t it 20% above £1m? If so we just reduced it to £200k. Then you look at the books of what will be several hundred acres of farmland, turnover, profit, loss, employee numbers etc - because this is a business not farmer fucking Giles toodling around on his fucking tractor and you borrow against the farm if it’s a profitable and viable concern.

Average UK farm size is 40 acres, so unlikely to trouble the £1m threshold. If owned by a married couple then good estate planning may get you a combined £2m threshold (not an expert here!).

Bottom line. Let me inherit £2m of land and a viable business and I’ll figure out the rest :)
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Average farm size isn’t going to be 40 acres. 40 acres is nothing - probably enough to feed 30 sows if set to barley for a year and sell the weaners to market. A hobby farm at that size, you won’t make a living off it.
 
The Future’s Blue! said:
Do you remember where we were, only a few months ago?

A balance has to be made, what balance do the rich want to accept?

What we have been given is the people subsidising the people (Universal Credit), while others take that money out of the economy.

You must be a business person, please tell me what you brought to the party?
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There are many different ways of raising tax. Raising it the wrong way only results in a recession and more UK borrowing.

Fyi yes and I have paid every penny of tax I have owed for the good of our country and I am pleased to do so, unlike many big corporations who do not.

Look through my post history on this thread and you will see my thoughts on this in more detail.
 
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