Governments First Budget

@fancythat I got lost on a lot of it.
😳

Babs03

Am I correct at thinking that capital gains tax will be increased on disposable assets like shares etc., but remain the same on residential property?

I got lost on that bit.

No mention of 998 who arrived yesterday on the Starmer ferry service and on Monday 876 arrived into Dover,,,,,,.., Did this get factored into the UK spending needs. None of this is going away any time soon is it?

Rosie51

Wyllow3

Thank you WWM2

Re small family farms - read that if parents transfer ownership to 7 years before death of both as per houses then Inheritance tax will not be paid?

Do farming families come with an inbuilt knowledge of exactly when death will strike, enabling them to get the timing just right? A curse and a blessing I'd have thought!

Wouldn't it be wonderful if we had precognition.

Greyisnotmycolour

Isn't Universal Credit, paid to workers, a state subsidy for employers ?

Yes, it's so wrong, and it's wrong. It makes much more sense to pay the staff properly so they aren't drawn into benefits and have to account for everything they spend and earn.

FriedGreenTomatoes2

I listened to Sunak's response to the budget and I have to say it was the best speech I've heard him make. He destroyed this Budget. Oh well, he’s yesterday’s man now.

He sure is!

I don't understand what he meant by 'working families' paying more tax, more on mortgages and so on. Jeremy Hunt repeated this when interviewed later, and the man with the mic didn't challenge him. I assume that's what they were whispering about over their phones when the speech was being given, but what have I missed?

Thought the same Sunak made a great speech and without all the fuss of the budget speaker Maybe he could let social housing tennants know what labour are doing stopping tennants being able to buy thier homes and importantly when it starts I got the impression that Rachel was stopping all discounts is that rightIt really was a quick statement and when does it start

Isn't Universal Credit, paid to workers, a state subsidy for employers ?

Wyllow3

Thank you WWM2

Re small family farms - read that if parents transfer ownership to 7 years before death of both as per houses then Inheritance tax will not be paid?

Do farming families come with an inbuilt knowledge of exactly when death will strike, enabling them to get the timing just right? A curse and a blessing I'd have thought!

*in thinking

Am I correct at thinking that capital gains tax will be increased on disposable assets like shares etc., but remain the same on residential property?

I listened to Sunak's response to the budget and I have to say it was the best speech I've heard him make. He destroyed this Budget. Oh well, he’s yesterday’s man now.

fancythat

Sorry, but anyone can clap for spend spend spend[if that is what it turns out to be].

If it turns out to be much more balanced, then it may be ok.

£32 billion more borrowing, apparently.

Farmland value has increased way above the productive capacity of the land so working farmers will welcome a lower value

Eh? They can borrow off the assets, surely?

Casdon

Most farmers I know downsize when they retire madelene, they move into a bungalow on their land if there is one, or more often to town because they want to be part of what’s going on after years of working largely alone, and they pass the farmhouse on too. That’s my plan too, downsize and gift my children the difference.

Some pass the farm land and business and keep the old farmhouse. The important bit is timing and proper records.

ronib

I think the attack on farming families is designed to reduce the volume of methane from cows!! Global warming and all that jazz…

Global warming and all that jazz killed over 60 innocent people today plus the thousands of lives that have been ruined 😡

Casdon

I mean to downsize, I don’t live on a farm. I do live in a farming community though, and I see this happening frequently with farmers I know. I feel the same actually, I love living in the country, but it gets much harder and more isolating as you get older.

Mr Dog's family are small farmers (he isn't) and he agrees with what you say, Casdon. I'm a townie through and through, so will bow to his (and your) experience .

Re the farming community - I wonder what Jeremy Clarkson will have to say about it all. Be interesting.

Even with arms twisted and fingernails pulled, the OBR would only grudgingly admit to a £9.5 billion black hole, nothing like the £22 billion flouted by RR!

I mean to downsize, I don’t live on a farm. I do live in a farming community though, and I see this happening frequently with farmers I know. I feel the same actually, I love living in the country, but it gets much harder and more isolating as you get older.

Doodledog

Wyllow3

Thank you WWM2

Re small family farms - read that if parents transfer ownership to 7 years before death of both as per houses then Inheritance tax will not be paid?

RR said that in the budget. She said that this would protect family farms as most would not therefore pay IHT. I don't see this as an 'attack' on family farmers at all - in fact the Chancellor is aware of the implications for them, and has taken that into account.

🤔

“Let me be clear – changes to agricultural property relief and business property relief would be a devastating blow to British farming as we know it, the effects of which will be felt for generations to come,” was the message from NFU President Tom Bradshaw on the sending of the letter.

“It’s hard to see anything which would destroy the new government’s relationship with farmers more completely, or do more damage to family farm businesses, be they the owners of farms or the tenants who farm them for the landlord.”

Signatories of the letter include the four farming unions – the NFU, NFU Cymru, NFU Scotland and Ulster Farmers’ Union.

www.nfuonline.com/updates-and-information/farming-industry-writes-to-chancellor-about-possible-apr-changes/

We absolutely must have improvements in the NHS. It’s imperative in my opinion.

An average sized farm now is 300 acres. Farmland is often valued at £10,000 per acre. That's £3million before you count any other assets

Thanks Casdon.
Do you live in a farmhouse, or do you mean simply to downsize?

Well the piggy bank has been upturned and as no money fell out RR is splurging on the UK credit card. Altering fiscal rules to suit. I don’t pretend to understand the half of it - Wes Streeting had better come up with the goods.

I hope he makes a decent fist of it. He was quoted at the weekend “the NHS isn’t on its knees, it’s on its face”.

If there's no proper NHS reform, then it'll be a Reform win at the next election.