Here comes the tax rises

Originally Posted by Pierre

he said "you're lucky he sold it to you at all, the thing about land is...they don't make it anymore....."

Land is expensive but land that would be exempt from IHT is worth even more. That said, you can you build on the land you purchased? Land for which you can't get planning permission is worth even less irrespective of its scarcity.

[nomadking]

Originally Posted by Damien

Land is expensive but land that would be exempt from IHT is worth even more. That said, you can you build on the land you purchased? Land for which you can't get planning permission is worth even less irrespective of its scarcity.

If you sell it or develop on it, that will attract tax.
The problem with inheritance tax is that you are forced to sell something to pay it. Where it involves a business of any sort, that business is likely to be destroyed.

[papa smurf]

Originally Posted by nomadking

If you sell it or develop on it, that will attract tax.
The problem with inheritance tax is that you are forced to sell something to pay it. Where it involves a business of any sort, that business is likely to be destroyed.

Thats socialism

Originally Posted by nomadking

If you sell it or develop on it, that will attract tax.
The problem with inheritance tax is that you are forced to sell something to pay it. Where it involves a business of any sort, that business is likely to be destroyed.

With farming land, they have 10 years to pay the IHT…

[OLD BOY]

Originally Posted by Pierre

They’ve screwed up big time with the inheritance tax on farms.

They’re idiots and have not thought it through at all……which is really worrying and shows ignorant form, as they did with WFA.

This will be reversed, very quietly, in the next 12 months………..just wait for Iran to nuke Israel and they’ll announce it then.

It seems that Rach didn’t anticipate the impact of employers’ NI contributions either. They just don’t understand business. They are well out of their depth.

---------- Post added at 19:41 ---------- Previous post was at 19:39 ----------

Originally Posted by denphone

You need to listen less of Clarkson and Dyson who basically bought the farmland to avoid paying tax.

The words ‘babies’ and ‘bath water’ come to mind.

---------- Post added at 19:44 ---------- Previous post was at 19:41 ----------

Originally Posted by Damien

Well, it will discourage buying farming land purely as an investment since it's no longer a loophole to avoid tax. Why would Dyson buy it up if that money is now subject to just as much inheritance tax?

Is that all you see? This is nothing but vindictiveness against people with money.

---------- Post added at 19:45 ---------- Previous post was at 19:44 ----------

Originally Posted by Hugh

With farming land, they have 10 years to pay the IHT…

I’m sure that will be a great comfort to those trying to keep their farms afloat. You’re all heart, Hugh.

[mrmistoffelees]

Originally Posted by OLD BOY

It seems that Rach didn’t anticipate the impact of employers’ NI contributions either. They just don’t understand business. They are well out of their depth.

---------- Post added at 19:41 ---------- Previous post was at 19:39 ----------



The words ‘babies’ and ‘bath water’ come to mind.

---------- Post added at 19:44 ---------- Previous post was at 19:41 ----------



Is that all you see? This is nothing but vindictiveness against people with money.

---------- Post added at 19:45 ---------- Previous post was at 19:44 ----------



I’m sure that will be a great comfort to those trying to keep their farms afloat. You’re all heart, Hugh.

I’d argue that austerity was victimisation of those less well off and that those with more should pay more. And I say that as someone whose tax liability is going to go up by approx 15-20% in the next fiscal year and possibly more if I decide to sell some of my stock and shares

Originally Posted by OLD BOY

Is that all you see? This is nothing but vindictiveness against people with money.

If you think IHT shouldn't apply at all then that's the argument that should be made. But when it does apply then we should close off loopholes that allow people to avoid it.

[Pierre]

Originally Posted by Hugh

With farming land, they have 10 years to pay the IHT…

Working for 10 years, on a business you’re lucky to make 1% profit on the investment you put in, just to pay for the privilege of owning it, which your parents already owned……and knowing that after you’ve worked yourself to death that when you die your kids will have to do the same thing.

Don’t have ten years to pay for the machinery, livestock, harvested stock and everything else.

It’s just a typical ignorant attitude that comfortable well pensioned lefties from middle Britain have from their now wholly owned semi or detached houses……………

You seem nice…

[Pierre]

Originally Posted by Hugh

You seem nice…

Well, that’s subjective. But nicer than some…….even most. If indeed that was directed at me.

Originally Posted by Pierre

Working for 10 years, on a business you’re lucky to make 1% profit on the investment you put in, just to pay for the privilege of owning it, which your parents already owned……and knowing that after you’ve worked yourself to death that when you die your kids will have to do the same thing.

Don’t have ten years to pay for the machinery, livestock, harvested stock and everything else.

It’s just a typical ignorant attitude that comfortable well pensioned lefties from middle Britain have from their now wholly owned semi or detached houses……………

1% sounds bad - average income of £96k not so bad…

https://www.fwi.co.uk/business/busin...ite-volatility

Average farm incomes rise to £96,100 despite volatility

Sad that you have to descend to ad hominem insults…

[Pierre]

Originally Posted by Hugh

1% sounds bad - average income of £96k not so bad…

https://www.fwi.co.uk/business/busin...ite-volatility



Sad that you have to descend to ad hominem insults…

Not ad hominem, just an observation.

Averages are great aren’t they?

But from your link from 2022 - 2023.

incomes for general cropping, grazing livestock, poultry, and mixed enterprises all declined on the year.

grazing livestock farms in less favoured areas had the biggest decline year on year, falling by 41% to £25,400

These type of businesses made an average loss of £10,400 based solely on agricultural activities, and remain reliant on diversified incomes and support payments

A loss!!! You work all year, from dusk ‘till dawn and lose £10k ………..where’s the £90k for these guys.???

Averages…………are great aren’t they?

But don’t worry, you have 10 years to pay your IHT with the minus -£10K a year you’re earning , Hugh from his sofa in Idle advises.

Just to finish, the article ends with

Lowland grazing livestock farms also had reduced incomes in 2022-23 compared with the previous year, falling by 37% to £21,600.

It’s also unclear if these figures are actual profit, after staff overheads etc…..

I know you’ve done it before, but do you actually read the article you post, after a quick google search, or just go for it.


Because it makes you look St…… I won’t say it, Paul will be after me again.

[OLD BOY]

Originally Posted by mrmistoffelees

I’d argue that austerity was victimisation of those less well off and that those with more should pay more. And I say that as someone whose tax liability is going to go up by approx 15-20% in the next fiscal year and possibly more if I decide to sell some of my stock and shares

Are you expecting a knighthood? You should be furious.

---------- Post added at 23:34 ---------- Previous post was at 23:30 ----------

Originally Posted by Damien

If you think IHT shouldn't apply at all then that's the argument that should be made. But when it does apply then we should close off loopholes that allow people to avoid it.

It’s just wealth jealousy in action. But like everything else from Labour it’s ill thought out and will backfire. The wealthy will just find other means to protect their possessions or will take their wealth elsewhere.

Originally Posted by Pierre

Because it makes you look St…… I won’t say it, Paul will be after me again.

Tread carefully, you're already on thin ice again, you seriously need to take a chill pill.

[mrmistoffelees]

Originally Posted by OLD BOY

Are you expecting a knighthood? You should be furious.
.

Why should I be furious ?