Governments First Budget

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.

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.

ronib

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

So is the problem cows?
Or mountains of plastic?

If you pass your house to your children seven or more years before your death, you can still live in it, but you have to pay market rent, otherwise it is wilful deprivation of assets. Or you can just move out. But that’s not farmers, that just normal people like us, or me anyway.

Oh thank you Wyllow. I don’t know any lawyers who specialise in farming.

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?

That’s generally what happens these days, it’s a rare farmer who doesn’t actually retire and pass their assets on well before they die, although of course it doesn’t work out in every case. I think many of us could learn that lesson.

Its standard practice according to a farming lawyer firm I read, indeed advised, it's certainly standard practice in families generally and not been changed.

I might be completely wrong, but I thought that could be viewed as wilful deprivation of assets Wyllow.

I did exactly the same Monica, I had a feeling that there was going to be no big surprises as so much had been leaked. It's businesses that have taken the biggest hit with increased NIC and a lowered threshold; We will have to wait and see how much it will effect us in the long term with regard to interest rates and prices in shops and hospitality etc.

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?

He drank the pint in between courts
I can’t remember what his brother drank.

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

As expected the whole budget was a bit of a damp squib, everything had been carefully released prior to today and none of the truly dreadful things forecast happened,

Heigh ho, cannot work out why I woke up to check what the measures were. There is nothing there that will matter if I do not hear about them for a month or two, or even ever.

He did a lot of bowing and I do so solemnly declaring.
Is that hard work?
Is was hard work for me rushing to three different places to watch him!

think I’m recovering from a mild covid or really bad viral cold.
There's a nasty cold and cough doing the rounds, I tested for Covid but it was negative. However it does make you feel rotten.

madalene

Oooh, thinking about it, my son drank a pint earlier this year, in London. Wearing his KC clothing, minus the wig

Had he been working hard?
If so, it was well-deserved.

So to stop a few speculators, charge IHT at a high rate when farms are passed down through the family?

Never mind, the consumer will absorb the costs through increased food prices because supermarkets won't.
Or more farmers will give up or be driven to despair.

I was there, I saw it.

Oooh, thinking about it, my son drank a pint earlier this year, in London. Wearing his KC clothing, minus the wig

Wyllow3

In relation to Social Care, mentioned above:

"There will be £1.3bn for additional grant funding for local government, including £600m for social care

*WWM2, were you intending to post a summary of the budget as a whole, as piecemeal its harder to see "gains and losses"? There is one up in the Guardian, but I didn't know what you intended*

Oh thank you. I’ve had a lazy afternoon, - think I’m recovering from a mild covid or really bad viral cold.

I was going to have a look and post in the morning, but I’ll have a look now.

Ok, I must be ofd then petra, or as you say, I need to get out more.
M sons both drink bottled lagers when I’m out with them, but maybe we’re just an odd family, although I had thought we were a perfectly normal family until you pointed out our shortcomings in the beer department.

Allira

My post was to Wyllow but others appeared in between.

I dont recall a new tax on farms being mentioned in the budget at all?

This could push up food prices.
As I said previously, most governments have little or no understanding of farming.

There are a lot of non farming investors putting cash into farms to get the tax concession, the main effect of increasing IHT on farms will be to reduce value of farmland.

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

In relation to Social Care, mentioned above:

"There will be £1.3bn for additional grant funding for local government, including £600m for social care

WWM2, were you intending to post a summary of the budget as a whole, as piecemeal its harder to see "gains and losses"? There is one up in the Guardian, but I didn't know what you intended

Talking about beer😊

Oooh Allira, I forgot about Farage. He does drink beer. But he’s a multi millionaire. Does he need to save a penny on a pint although he does seem to drink quite a lot of them.