Governments First Budget

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!

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.

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

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

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?

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.

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

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.

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.

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

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.

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?

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.

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.

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.

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

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

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

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/

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.

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!

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

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 .

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

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.