Governments First Budget

escaped

I've only had a quick look as I'm busy baking to take on holiday tomorrow.

I'm pleased the NHS is being given priority, especially diagnostic centres to speed things up. I just hope they can find enough staff to fill the vacancies.
I'm a bit miffed that she said most things can’t be put in place until next year or even later, yet she can immediately clobber parents with the 20% VAT on school fees from the start of next term. That's mean. Hey ho. I'll put up and maybe shut up now!

I noticed that too!

Plus something starts from tomorrow!
But I forget what.

Yes, she did

However, following much speculation, she confirmed reforms to agricultural property relief (APR) and business property relief (BPR) from April 2026.
From this date, the first £1m of combined business and agricultural assets will continue to attract no inheritance tax.
But, for assets over £1m, inheritance tax will apply with 50% relief.
Andrew Entwistle, partner and head of valuations at GFW said the changes will have a bigger impact on British farming than Brexit, and “show a deeply limited understanding of the realities of family farming”.

“The suggestion that most family farms won’t be affected because they aren’t worth over £1 million is, frankly, unrealistic.

“Farmers are often asset-rich but cash-poor; with an average farm valued around £3 million, we’re now looking at inheritance tax bills of approximately £400,000.”

www.farmersguide.co.uk/business/politics/chancellor-announces-hammer-blow-reforms-to-agricultural-property-relief

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.

madalene

Why have they cut one penny off a pint of draught beer?
Is it an old fashioned idea that a working man drinks pints and will be grateful for saving a penny off it?
All the younger ones drink bottled lagers these days.
Would draught lager count as beer?

Working people drink beer. It's to cheer up working people.

Politicians drink subsidised wine from the H of C bar.

Actually, Farage drinks beer, doesn't he? Well, that might please him 🍻

Our village pub is a CAMERA pub and all the specialist beers are on draught, so it will please all the evening dog walkers. It’s filled every evening. 🙂

I can’t see landlords reducing the cost of a pint to the punters. They will need this to offset other costs.

25Avalon

I can’t see landlords reducing the cost of a pint to the punters. They will need this to offset other costs.

Entirely up to them. There will be those who do however, and they will get the custom.

If average farms start losing £400,000 in inheritance tax, young people will no longer want to go into farming, as the farms will gradually become smaller. They’ll have to sell land to pay the bill. Farmers are mostly asset rich but cash poor. If younger people don’t want to follow their parents into farming, there will inevitably be less food produced in this country and more food transported to the country from abroad.

That’ll help Ed Miliband’s green targets won’t it!

I don’t think a penny off a pint is going to attract more customers, to be honest. I’ve no idea why she did that. It won’t make any difference to anyone.

Allira

growstuff

Allira

Mollygo

Improving the life of my DGD will not immediately become apparent when her bus fare becomes £30pw. Easier if you live in an IGO area, but she doesn’t.

I was surprised that bus fares have to be paid for to attend FE College here; when I asked if DGD should get a pass, DS said no, they had enquired, even though the local schools have no sixth form.
Another expense for parents.

It's not just wherever you are. 16-18 year olds have to pay for transport everywhere.

Yet 16-18 year olds must remain in education or training.

Rather that than sat in their rooms on their ps5 or whatever, tik tok maybe !! Education and apprenticeships what is wrong with that.

madalene

Why have they cut one penny off a pint of draught beer?
Is it an old fashioned idea that a working man drinks pints and will be grateful for saving a penny off it?
All the younger ones drink bottled lagers these days.
Would draught lager count as beer?

Madalene
You need to get out more. Craft and draught beers were the largest proportion of beers bought last year.
Very old thinking that keg beers are only for the pidgeon fanciers and those that keep whippets and store their coal in the bath.

It's a very short-sighted tax.

Of course, the idea might be to force young farmers into selling off some land for all these new homes that are proposed.

All the new home occupiers are going to want to eat, though, aren't they. Have they thought of that? 🤔

Allira

Yes, she did

However, following much speculation, she confirmed reforms to agricultural property relief (APR) and business property relief (BPR) from April 2026.
From this date, the first £1m of combined business and agricultural assets will continue to attract no inheritance tax.
But, for assets over £1m, inheritance tax will apply with 50% relief.
Andrew Entwistle, partner and head of valuations at GFW said the changes will have a bigger impact on British farming than Brexit, and “show a deeply limited understanding of the realities of family farming”.

“The suggestion that most family farms won’t be affected because they aren’t worth over £1 million is, frankly, unrealistic.

“Farmers are often asset-rich but cash-poor; with an average farm valued around £3 million, we’re now looking at inheritance tax bills of approximately £400,000.”

www.farmersguide.co.uk/business/politics/chancellor-announces-hammer-blow-reforms-to-agricultural-property-relief

This will destroy many family farms. Don't forget that inheritance tax has to be paid promptly after death. I don't know any farmers who have a spare £400,000 cash available to pay the tax. Their only option would be to sell off land which would make the farm unviable.
I am hugely relieved our children did not want to take on our farm when we retired.

It is part of the Labour budget tradition I think.

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.

Talking about beer😊

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

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

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.

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.

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

I was there, I saw it.

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.

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.

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.