Sir K claims "a budget for Working People", ha!!!

LD I don’t think that goes far enough. Just abolish the 7 year rule?

It's slightly easier to find loopholes when it concerns property rather than actual money. By undervaluing property and offsetting certain amounts it is possible to reduce the tax to be paid.

I agree ronib. I hope, within the 5 years of this parliament, the 7 year rule will be abolished by the Labour government.

ronib

Casdon what I am saying is that loopholes need to be closed and they have not.

I don’t think what you describe as a loophole regarding the seven years is one ronib. There has to be the ability for people to gift their children money, unless you think if you give your children money at any age it should be part of your estate because they aren’t entitled to it.

Just to add to my previous post … in relation to gifting property, land, and large amounts of money, valuable assets etc.

Whilst I am very pleased with RR’s budget, for me she didn’t go far enough in some areas with regard to taxing wealth (not income).

Nevertheless , it’s a good start and … a journey of a thousand miles starts with a single step.

Casdon does the Labour Party want to restructure inherited wealth and privilege ? It is most definitely not in my power.
If the government has this aim, then whilst tinkering around the edges with VAT on school fees, it has not addressed inherited wealth. The full communist state is only just beginning.
Although gifting money to children is one way of upholding house prices in England anyway.

ronib

Casdon does the Labour Party want to restructure inherited wealth and privilege ? It is most definitely not in my power.
If the government has this aim, then whilst tinkering around the edges with VAT on school fees, it has not addressed inherited wealth. The full communist state is only just beginning.
Although gifting money to children is one way of upholding house prices in England anyway.

I was asking for your view ronib, on what you think should happen regarding inherited wealth, you seem to be going round in circles, but I may have misunderstood what you were saying?

Casdon my view is of no importance. I am trying hard to understand the government’s policy if it has one.
I am reading that the farmers are very concerned and unhappy. What government attacks its own food production?

As I said ronib, I don’t understand where you’re coming from with your questions, can you explain what loopholes you mean exactly, and what your view is on how the government could/should close them? We already know what the government have said they re going to do in the next year, it was in the budget.

what government attacks its own food production

ronib a government who having been in opposition more times than governing, has panicked and pushed through an ill thought out (if it has been thought about at all) IHT.

This is so wrong on so many levels.

Less food production, more imports, more food miles, I could go on but it is sooo depressing and extremely sad for U.K. Farmers of many generations.

Less food production, more imports, more food miles . . .
Green credentials?

Farmers arent happy for sure that’s not surprising they havn’t made any money for years, now IHT changes have made it worse. Many will rent the land out to neighbours that are expanding but rents are low, especially for grassland so maintaining any decent living standard isn’t easy.
The younger generation in many cases move to other jobs not wanting the hard work or long hours needed.

In addition I’m expecting land prices to fall because it will be less attractive to other non farming investors. That’s not going to help young farmers because even if it halves it’s still out of reach, plus there will be less capital to tax.

So overall if prices fall and property is transferred other ways there will be very little extra revenue collected.

Casdon The loophole must be that if any form of wealth is legally gifted away then that becomes inheritance tax free.

I happen to think that attacking the land owning classes is pointless. It also reminds me of my history lessons on the Russian revolution and look how that ended!!

M0nica

BevSec

growstuff

biglouis

Taxes are a legalised form of theft.

What a ridiculous statement.

Biglouis quite correct!

So how would you pay for roads and schools and the NHS and street lighting and the police and the fire service and the army and all the other unconsidered facilities and services we all take for granted as we go aabout our lives?

Good question.

I assume those who think tax is legalised theft would rather only pay for what they use personally.

I think you'd have to be pretty wealthy to be able to afford the upkeep of the street you live on. Roads and motorways would have to levy a toll - you'd have to take out a policy with your local or nearest fire brigade; pay private insurance for health - including emergency care - pay for each child's education. Not sure how we could work out which bit of the army you might need to defend yourself and how much you might have to pay for it. At the same time save to buy a house, provide for your old-age...

Just how many people could afford to be entirely economically self-sufficient realistically?

It's a ridiculous suggestion. When you take out private insurance, you are still entering into the same principle involved with general taxation. The pricing of your policy will have been made on various assumptions which will include your premiums paying for those who end up needing treatment - while you may not.

Of course, we could have gated communities for those who are wealthy enough to be able to afford to only pay for what they need, and the rest of society can live beyond the pale and shift the best they can for themselves. The difficulty would be that from these you would need to draw the labour to service the gated communities - these 'peasants' would be the ones unblocking your drains, repairing your roads, disposing of your rubbish, etc... a whole army of deprived people living outside the fence working for the wealthy few. What could possibly go wrong?

ronib et al, you do know that a farmer inheriting a farm will only pay IHT on anything over £2million!

The bulk of farms, particularly family farms, come under that value so still won’t qualify for IHT.

LizzieDrip

ronib et al, you do know that a farmer inheriting a farm will only pay IHT on anything over £2million!

The bulk of farms, particularly family farms, come under that value so still won’t qualify for IHT.

Average price per acre 2023 (agricultural) £11,300

Average size of U.K. farm 213 acres.

Average price of farm (excluding plant, live stock, buildings) £2,406,900.

I think number 10 might see some very angry farmers quite soon …..

GG so IHT would be eligible on £406,900, payable over 10 years.

Many people in this country would be very happy to inherit a farm (or anything) worth £2,406,900. Tax should be paid in it.

on it not in it

LizzieDrip

GG so IHT would be eligible on £406,900, payable over 10 years.

Many people in this country would be very happy to inherit a farm (or anything) worth £2,406,900. Tax should be paid in it.

I do not agree.

In my opinion farms should be exempt from IHT when handed down through families.

We all want a greener planet, less food miles, less over processed food, farm shops and farmers markets are the way forward.

This part of the budget does absolutely nothing to encourage farmers or help with U.K. food security.

LizzieDrip

GG so IHT would be eligible on £406,900, payable over 10 years.

Many people in this country would be very happy to inherit a farm (or anything) worth £2,406,900. Tax should be paid in it.

🤔

Hope you've got plenty of food stock-piled.

GrannyGravy13

LizzieDrip

GG so IHT would be eligible on £406,900, payable over 10 years.

Many people in this country would be very happy to inherit a farm (or anything) worth £2,406,900. Tax should be paid in it.

I do not agree.

In my opinion farms should be exempt from IHT when handed down through families.

We all want a greener planet, less food miles, less over processed food, farm shops and farmers markets are the way forward.

This part of the budget does absolutely nothing to encourage farmers or help with U.K. food security.

👏👏👏

ronib

I think number 10 might see some very angry farmers quite soon …..

Oh good!

Do you remember the tractors in the centre of Paris? Tractors blocksding the capital?

Our British farmers need to take some lessons from their French farming friends.

Difficult to say if it is a 'budget for working people 'as Starmer is unable to define 'working people.'
Very uneasy about the record tax burden and increased borrowing to fund dubious projects.

eazybee

Difficult to say if it is a 'budget for working people 'as Starmer is unable to define 'working people.'
Very uneasy about the record tax burden and increased borrowing to fund dubious projects.

Two in three of the highest tax budgets have been Tory.

Lamont.

Sunak

Reeves.

With regard to “dubious projects”

Could you be more specific?