Governments First Budget

So let’s see what happens when a 500 acre farm that is an ongoing commercial prospect gets hit by IHT

Current value £6m less £1m exemption
IHT due £5m x 20% = £1m

If that was borrowed at say 5% + capital repayment over 20 yrs
that’s £100,000 a year, very few are making £200 an acre.

Or land could be sold, if so CGT has to be paid + sale costs over £1.3m has to be found reducing the size of the farm by 110 cares and making it less commercially viable.

That why farmers are angry, it hits the best commercial farms hardest.

FriedGreenTomatoes2

Matt cartoon today.
It’s being dubbed the ‘Tractor Tax’.

Matt missed one out, cuts in payments scheduled following closure of the old Basic Payments Scheme

Matt cartoon today.
It’s being dubbed the ‘Tractor Tax’.

“I'm afraid that they 'run the world' because we let them. For some reason extreme wealth is revered, despite the fact that it has been acquired at the expense of the rest of the population”

Yes they run the world - because they have the money to lend us, to provide the services we want/need. It doesn’t matter whether they are UK based or overseas the only thing they are interested in is return on capital. These are the companies that pay our pensions, our life insurance, fund our utilities, not just our lifestyle, the lifestyle of every country. If anyone is imagining a UK with no outside investment they are living in fairy land.

Inheritance tax does not affect these investment companies they will sell shares from day to day, if the values fall there is no capital gains tax either, make an investment less attractive values fall.

Increasing IHT takes money directly out of the commercial farms in the UK, the 70% of farms said to be exempt are not commercial, £1m represents 80 acres, that is the owners pension fund. I’m not especially bothered about values falling, it will enable the farmer with money to spend to buy more acres. As a tax raising change it’s very poorly thought out.

fancythat

That idea now seems to be more mainstream.

Even a year ago, I think many, and on this forum as well, would have shouted "conspiracy theory".

It's hardly a conspiracy theory.

Adam Smith was warning about the way the wealthy merchants and factory owners influenced governments to their own advantage 250 years ago. Mostly taking by advantage of the men in parliament being largely ignorant of 'business.

What is ironic is that Smith's writings on the operation of 'markets' have been used to justify their practices. But Smith also had a moral dimension and concern for the 'workers' which has been conveniently ignored by his followers.

That idea now seems to be more mainstream.

Even a year ago, I think many, and on this forum as well, would have shouted "conspiracy theory".

I agree to MaizieD, too many shadowy un=electeds pulling the strings behind the scenes, governments, whatever their persuasion covertly colluding with them. Yes! it's damn depressing they appear to run the world for whatever purpose, for all their rhetoric it's not for egalitarian reasons, their agenda to my mind is at best self serving and at worst sinister.

MaizieD

Allira

TerriBull

GrannyGravy13

Bill Gates and Larry Fink visit Starmer and Reeves days ago.

Gates and Finks are massive buyers of agricultural land…

I've signed a petition in support of the farmers. When we have individuals such as Bill Gates and Larry Fink, Black Rock, the largest multinational investment management corporation in the world with more than $10 trillion in assets, buying up vast swathes of agricultural land we need to have some concern. Black Rock were the instigators of the "ESG", that most companies have adopted, why we need a feckin' dubious hedge fund to be arbiter of people' s morals and ultimately have a far reach into what we consume via their buying out the independent farmers we need questions regarding the motives of those who are trying to shape the world and for what end.

I'm afraid that these are the people who run the world.
Politicians just tinker and do what they can.

I'm afraid that they 'run the world' because we let them. For some reason extreme wealth is revered, despite the fact that it has been acquired at the expense of the rest of the population. .

Any party genuinely proposing to clip their wings is feared and ignored. The idea that a more even distribution of resources would be a good thing seems to provoke more horror than agreement.

I agree

It is truly depressing.

Allira

TerriBull

GrannyGravy13

Bill Gates and Larry Fink visit Starmer and Reeves days ago.

Gates and Finks are massive buyers of agricultural land…

I've signed a petition in support of the farmers. When we have individuals such as Bill Gates and Larry Fink, Black Rock, the largest multinational investment management corporation in the world with more than $10 trillion in assets, buying up vast swathes of agricultural land we need to have some concern. Black Rock were the instigators of the "ESG", that most companies have adopted, why we need a feckin' dubious hedge fund to be arbiter of people' s morals and ultimately have a far reach into what we consume via their buying out the independent farmers we need questions regarding the motives of those who are trying to shape the world and for what end.

I'm afraid that these are the people who run the world.
Politicians just tinker and do what they can.

I'm afraid that they 'run the world' because we let them. For some reason extreme wealth is revered, despite the fact that it has been acquired at the expense of the rest of the population. .

Any party genuinely proposing to clip their wings is feared and ignored. The idea that a more even distribution of resources would be a good thing seems to provoke more horror than agreement.

God. Help. Us. All.!

Sorry, that should have read between July and September.

I couldn’t find much about it, but this is a debate in Welsh Senedd, which contains a few interesting facts I didn’t know about claiming Pension Credit.
Apparently there’s a cut off date for applications getting WFP in December.
The application rate has increased by 152% between July and August.
Most importantly, DWP are already directly contacting households they believe may be eligible.
www.theyworkforyou.com/senedd/?id=2024-10-16.2.620496
Incidentally, one thing which is benefitting us all is the mild weather, which must be saving on our fuel bills at the moment.

TerriBull

GrannyGravy13

Bill Gates and Larry Fink visit Starmer and Reeves days ago.

Gates and Finks are massive buyers of agricultural land…

I've signed a petition in support of the farmers. When we have individuals such as Bill Gates and Larry Fink, Black Rock, the largest multinational investment management corporation in the world with more than $10 trillion in assets, buying up vast swathes of agricultural land we need to have some concern. Black Rock were the instigators of the "ESG", that most companies have adopted, why we need a feckin' dubious hedge fund to be arbiter of people' s morals and ultimately have a far reach into what we consume via their buying out the independent farmers we need questions regarding the motives of those who are trying to shape the world and for what end.

I'm afraid that these are the people who run the world.
Politicians just tinker and do what they can.

Mollygo

eazybee

Perhaps it would be a good idea for all those who profess to care about the plight of struggling pensioners to actually do something positive for them, rather than scaring them with hyperbole.

How do you know that those who' profess to care about struggling pensioners' are not helping the elderly. Do you have experience of attempting to help and being rigorously rejected; 'we can manage and don't need your help.' Unless there is Power of Attorney even next of kin are powerless.

Have dealt with some of those you mention. Claiming benefits is still seen as shameful to some. They weren’t brought up in a time of claim as many expenses as you can even if you don’t actually need them.
l

That is very true, Mollygo
Some people see it as charity.

eazybee

^Perhaps it would be a good idea for all those who profess to care about the plight of struggling pensioners to actually do something positive for them, rather than scaring them with hyperbole.^

How do you know that those who' profess to care about struggling pensioners' are not helping the elderly. Do you have experience of attempting to help and being rigorously rejected; 'we can manage and don't need your help.' Unless there is Power of Attorney even next of kin are powerless.

Have dealt with some of those you mention. Claiming benefits is still seen as shameful to some. They weren’t brought up in a time of claim as many expenses as you can even if you don’t actually need them.
l

GrannyGravy13

Bill Gates and Larry Fink visit Starmer and Reeves days ago.

Gates and Finks are massive buyers of agricultural land…

I've signed a petition in support of the farmers. When we have individuals such as Bill Gates and Larry Fink, Black Rock, the largest multinational investment management corporation in the world with more than $10 trillion in assets, buying up vast swathes of agricultural land we need to have some concern. Black Rock were the instigators of the "ESG", that most companies have adopted, why we need a feckin' dubious hedge fund to be arbiter of people' s morals and ultimately have a far reach into what we consume via their buying out the independent farmers we need questions regarding the motives of those who are trying to shape the world and for what end.

rather than scaring them with hyperbole

If they are not computer literate then they are very unlikely to be scared by anything posted on Gransnet.

Perhaps it would be a good idea for all those who profess to care about the plight of struggling pensioners to actually do something positive for them, rather than scaring them with hyperbole.

How do you know that those who' profess to care about struggling pensioners' are not helping the elderly. Do you have experience of attempting to help and being rigorously rejected; 'we can manage and don't need your help.' Unless there is Power of Attorney even next of kin are powerless.

Sorry, I'm away, so this might have already been mentioned, but the Independent Schools Council is taking on the government over its 20% vat policy. Well, not exactly the ISC, but their top legal firm Kingsley Napley.

I think the gist of the case will be to do with breaches of the European Convention on Human Rights Act.

Oh good! Well done.

🙂

Yes Allira, I advocate for an elderly neighbour.

I realise that some (not all) elderly people are not computer literate, which is why those of us who are should advocate not frighten!

LizzieDrip

Exactly growstuff.

Perhaps it would be a good idea for all those who profess to care about the plight of struggling pensioners to actually do something positive for them, rather than scaring them with hyperbole.

Are you looking out for any elderly neighbours?

Our neighbours are very good and look out for us.

I suppose those who are computer literate may not understand that others who are not, may not even be aware or able to access the information to apply for such benefits.

11.9m people (22% of the population) do not have the digital skills needed for everyday life in the UK

Some sections of the population are more likely to be digitally excluded than others. These are:

older people
people in lower income groups
people without a job
people in social housing
people with disabilities
people with fewer educational qualifications excluded left school before 16
people living in rural areas
homeless people
people whose first language is not English

NHS Digital.

These are the very people who may need help.

Exactly growstuff.

Perhaps it would be a good idea for all those who profess to care about the plight of struggling pensioners to actually do something positive for them, rather than scaring them with hyperbole.

LizzieDrip

I just cannot understand why people don’t apply for pension credit, if they may be able eligible. Age Concern will help people with the application process if necessary - it’s actually not as difficult as people think.

Also, for those struggling ‘on the cusp’ councils and many energy providers have ‘warm home discounts’ that they may be eligible for.

And there aren't 240 questions which need to be answered. I've looked at the form and most of them aren't applicable.