The UK Budget Oct 2024.... are farmers not fuming?

[Gabriel_Hurl]

And this fancy dress up tosser

[imtommygunn]

Andrew Lloyd Webber there too 

Auld Farage cares rightly about farmers I'd say.

[Gabriel_Hurl]

Andrew Lloyd Webber

Definitely the first person you think of when you think of a farmer

[naka]

That 7 year thing is standard I think. Non farmers do that with houses so they don't have to pay for their nursing homes etc.

Fairly standard estate planning is to transfer assets to children as the IHT tapers down and disappears if you survive 7 years. It has to be a gift without reservation though, i.e. you cant transfer your house to your kids and then live in it rent free as the HMRC will look through that.

Trusts are a way of reducing IHT as well that give a bit more flexibility and could be useful for some farmers after the Budget. However, they are more complex to set up and will need legal structuring.

One thing that has not been mentioned too much is  bringing pensions "in scope" for inheritance tax. Currently, private pensions are excluded from inheritance tax. Now pension pots  will now be included in IHT calculations from 2027 so the pension pot will get added to property and shares as part of potentially chargeable assets using up the allowance.

Most of these measures will affect "wealthier" people but it will hit farmers badly as you have to have the cash to pay the tax.

So, if you've paid off your  mortgage, you can't transfer your  house to a son/daughter, and continue  to live in the house?

You can, I'm not sure if the specifics or how it's done but you definitely can.

You can if you remain as  a tenant and pay rent , payment of which is transparent and regular.
HMRC/ social services ( care home)are looking into all these types of scenarios

[johnnycool]

Andrew Lloyd Webber

Definitely the first person you think of when you think of a farmer

He "farms" just under 5,000 acres.

That's the sort of cúnt that should be paying Inheritance tax...

[gallsman]

God help the farmers when their main spokes person openly admitted he bought his farm to avoid paying Inheritance Tax;

Clarksons tax avoidance farm

And then you've chief Brexiteer Bad-Enoch telling them she's got their backs!!

Made an absolute **** of there by Derbyshire (I think?) while trying to ridicule her himself     

[93-DY-SAM]

Wonder if this tax stays around and isn't overturned will it change those farmers of a Unionist mindset that they'd be better off in a UI.

Certainly adds more fuel to that fire.

[AustinPowers]

Fair fucks to them. A few load of slurry sprayed on Keir and the rest would be perfect

Amen to that

[AustinPowers]

Wonder if this tax stays around and isn't overturned will it change those farmers of a Unionist mindset that they'd be better off in a UI.

Certainly adds more fuel to that fire.

I doubt it. Sure didn't some say they'd  rather  eat grass.

The neighbouring farm's  grass, obviously.

[lenny]

Fair fucks to them. A few load of slurry sprayed on Keir and the rest would be perfect

Amen to that

We complain non stop about our public services and waiting lists etc and then when a government proposes a tax on the very wealthy landowners to pay for improvements we get most people complaining again. I've read a number of top economists saying this will only affect 13% of farmers and the ones it will affect can well afford it. People like clarkson and dyson who buy up huge amounts of land to avoid paying taxes are exactly the reason this tax is being introduced.

[general_lee]

Fair fucks to them. A few load of slurry sprayed on Keir and the rest would be perfect

Amen to that

We complain non stop about our public services and waiting lists etc and then when a government proposes a tax on the very wealthy landowners to pay for improvements we get most people complaining again. I've read a number of top economists saying this will only affect 13% of farmers and the ones it will affect can well afford it. People like clarkson and dyson who buy up huge amounts of land to avoid paying taxes are exactly the reason this tax is being introduced.

I've never met a poor farmer. Some are tighter than others, but never met one that can't make ends meet. Farming isn't easy work either but they've had it good for long enough. Don't forget what they've done to Lough Neagh as well, barely a slap on the wrist too.

[Milltown Row2]

No sympathy for people earning millions paying more tax, who got out of paying tax that the average earner has to pay

They'll get not much sympathy from Joe Public either

[imtommygunn]

The media have framed it as an outrage though so that significantly influences Joe public's opinion of it. Whether it is an outrage or not is another matter.

[Milltown Row2]

The media have framed it as an outrage though so that significantly influences Joe public's opinion of it. Whether it is an outrage or not is another matter.

I've no sympathy for Joe Public who believes what social media tells them 

[Sportacus]

If Labour had an ounce, they'd have known this would rile the farmers massively. They were arrogant and out of touch on this topic. By that logic it will take them a while to realise this is the wrong hill to die on.
Clarkson is also an arrogant p***k and while he draws attention, it was getting that anyway.