£11,000 an acre

[neilo]

That'll be them they're a progressive bunch

And good luck to them.

 

[Walterp]

And good luck to them.

And, of course, to my hero Mr Lewis and his family...

 

[franklin]

on what though?

Well, if they want a tax efficient, low capital risk, inflation-proof asset which generates a small but useful cash income and might also provide a nice house in the country, I might suggest they buy some kind of farm?

 

[Baling Hay]

Well, if they want a tax efficient, low capital risk, inflation-proof asset which generates a small but useful cash income and might also provide a nice house in the country, I might suggest they buy some kind of farm?

Exactly! He could end up buying less land after he pays stamp duty and all other costs etc. unless he moves to a cheaper area.

 

[Walterp]

Exactly! He could end up buying less land after he pays stamp duty and all other costs etc. unless he moves to a cheaper area.

Note: if Julie had sold up and moved to the Scots Borders or thereabouts, her Stamp Duty bill would've been c. £100,000.

It's no longer cheap to move and, at least in this respect, we are moving closer to European levels of property taxation.

 

[Gulli]

Well, if they want a tax efficient, low capital risk, inflation-proof asset which generates a small but useful cash income and might also provide a nice house in the country, I might suggest they buy some kind of farm?

Or a small house and lorry load of booze

 

[oil barron]

Note: if Julie had sold up and moved to the Scots Borders or thereabouts, her Stamp Duty bill would've been c. £100,000.

It's no longer cheap to move and, at least in this respect, we are moving closer to European levels of property taxation.

How did you come to that figure? Surely with both of you in the legal profession you could have reduced the stamp duty bill down to an insignificant amount.

 

[Walterp]

How did you come to that figure? Surely with both of you in the legal profession you could have reduced the stamp duty bill down to an insignificant amount.

SDLT is 5% for people buying land in the UK, I'm afraid.

 

[Sussex Martin]

on what though?

Booze, fags, loose women fast cars etc. I would probably waste the rest .

 

[oil barron]

SDLT is 5% for people buying land in the UK, I'm afraid.

Can you not split it up to make some of it non-residential. Then also transfer stock or machinery at a healthy rate to reduce the blow? Plus split the purchase 3 ways between you, the wife and your boy.

 

[Honest john]

Well the farm owned by an Oxford Collage was sold reputably for 12 to 13 K acre. To a well known Potato grower.
Its an equipped holding but buildings old and of no great value. I seem to remember a cottage as well.

A rent of £300 would show a return of 2.4% With the tax benefits of IHT and CGT Some may think that's OK in a low interest rate decade.
Its always to much. It was at 200. It was at 2,000, and it will be at 20,000.

 

[Honest john]

Is that nearby then?

The 350 acres is all about to be drained too.

You can't knock the man. There will be diggers & drainers 1st. Then buildings and tracks. It will be done right & blow the cost. Fair play he didn't start with very much.

 

[Flat 10]

If you want your land tidied let it to him-drains get jetted, P,K boosted weeds controlled etc etc and that is merely in year one.
Incidentally what did he start with and roughly when?
G's started 1948 I think FYI.

 

[Walterp]

Can you not split it up to make some of it non-residential. Then also transfer stock or machinery at a healthy rate to reduce the blow? Plus split the purchase 3 ways between you, the wife and your boy.

Stamp Duty's modern equivalent is payable at a percentage of the purchase price (5% over £1,000,000 if I recall) and it doesn't matter if the land is agricultural or residential. There are anti-avoidance measures which mean that apportionments have to be fair, so SFP entitlements would have to be fairly valued, for example, with corroborative evidence available; if there are three separate purchasers that would reduce the rate to 4% ( a lower threshold) but in reality another anti-avoidance measure would kick in (multiple transactions) meaning that it would get referred to HMRC.

The reality is that, if Julie had moved on, the potential bill of around £100,000 SDLT would have to be taken into account. As it is, Julie paid c. £30,000 SDLT just on buying her own farm back, levied on the bit she didn't already own and payable within 30 days of completion.

Ouch!

 

[Daniel]

Well the farm owned by an Oxford Collage was sold reputably for 12 to 13 K acre. To a well known Potato grower.
Its an equipped holding but buildings old and of no great value. I seem to remember a cottage as well.

There was a three bed bungalow on it, big garden well shielded by trees, best thing they can do will be to rebuild it. There are lorry loads of chippings already on the fields and no doubt it will be drained as soon as the current crops are lifted. The farm already own maybe 1500 acres directly opposite and are currently building a big new store by the road to go alongside 4 existing ones and a loading bay.

One thing it won't be starved of is investment!

 

[Honest john]

There was a three bed bungalow on it, big garden well shielded by trees, best thing they can do will be to rebuild it. There are lorry loads of chippings already on the fields and no doubt it will be drained as soon as the current crops are lifted. The farm already own maybe 1500 acres directly opposite and are currently building a big new store by the road to go alongside 4 existing ones and a loading bay.

One thing it won't be starved of is investment!

I wont see Lincs Drainage for a while yet then.
How much ground do they farm now ?
I used to go to all those farms when worked for JD.
In those days Clark / Weasenham FM's / Fresenham / Carter. I remember Mr Clark very stressed most of the time.