Budget 2024

[The Future’s Blue!]

Capital gains tax varies and if the farm became your primary residence there would be no tax I guess.

Assuming you paid full whack of IHT then Capital Gains you’re still walking away with around £1.25 million which I think we can all agree would be a terrible position to be in.

#protectmillionaires

Looking at the last 2 statements, I’m wedged either way, and done nothing for it.

 

[Alan Harper's Tash]

Looking at the last 2 statements, I’m wedged either way, and done nothing for it.

Tories have to pretend to care when they’re out of power.

 

[hinchcliffes bulbous conk]

I quoted you the average income of farms over a three year period.

Again, curse me with the ‘problem’ of inheriting a commercial business and farmland worth £2m. The ‘worry’ would keep me awake at nights.

How much of that income is net profit?

 

[denislawsbackheel]

Capital gains tax varies and if the farm became your primary residence there would be no tax I guess.

Assuming you paid full whack of IHT then Capital Gains you’re still walking away with around £1.25 million which I think we can all agree would be a terrible position to be in.

#protectmillionaires

As I pointed out there would be no IHT if inherited from a farming couple.
There would be no CGT either if sold immediately. CGT resets on inheritance.

 

[BobKowalski]

How much of that income is net profit?

Fuck knows.

But I have put 2.4 acres of my fictitious 150 acre farmland up for sale for £400k freehold. This is a guide price and am open to offers. And yes this is a real listing.

@Brewster's millions has agreed to crowdfund my legal fees for the sale. It’s at ‘Help a millionaire stay rich’. My mate, Brew has all the details. Dig deep and often - and yes it’s a farming pun.

 

[BobKowalski]

The IFS giving their opinion on IHT and Farms.

“I’m afraid I have absolutely no sympathy with their arguments on inheritance tax and the impact on family farms and agriculture. This is special pleading by some extremely wealthy people. Very few farmers will be affected by this, for example....there's no other country in Europe or hardly any others that completely exempt business assets and agricultural assets from inheritance tax. We never used to, didn't destroy family farms. I'm disappointed actually to see such special pleading given such prominence"

 

[One Fan Clapping]

Never mind farms I’m 15p up since Thursday with my savings from the budget on San Miguel.

 

[blueinsa]

More bollocks. Most farms and farmers will not reach the £1m threshold. And why the fuck is the Chancellor required to know anything about farming? She’s employed to run the finances of the country not work shifts in the milking parlour. And yes there will have been a lot of supporting documents on the effects of any tax rises or changes on particular industries for her to consider. She doesn’t wake up one morning and suddenly decide to pick on farmers or whoever.

Mind you, it’s instructive how everyone leaps to the defence of those that are least in need of it. You might as well label this thread ‘Will no one think of the ‘poor’ rich folk’

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!

 

[The Future’s Blue!]

The IFS giving their opinion on IHT and Farms.

“I’m afraid I have absolutely no sympathy with their arguments on inheritance tax and the impact on family farms and agriculture. This is special pleading by some extremely wealthy people. Very few farmers will be affected by this, for example....there's no other country in Europe or hardly any others that completely exempt business assets and agricultural assets from inheritance tax. We never used to, didn't destroy family farms. I'm disappointed actually to see such special pleading given such prominence"

Heard the same pitch the other day, and wasn’t expecting it. Basically referring to those with the deepest pockets not wanting to pay, using a situation for their own means.

I used to be in favour of farmers but started to rethink that situation after many of them voted for Brexit, probably over EU legislation and autonomy, but, to me, it felt like turkeys voting for Christmas.

Said to me that it was more about ‘self’ than ‘selflessness’, and that they seen themselves in a different light to the average Jo(e).

 

[The Future’s Blue!]

Never mind farms I’m 15p up since Thursday with my savings from the budget on San Miguel.

Tesco are cheeky bastards, still charged me the same price for a crate.

Can we get the Tories back?