Emergency budget threat to farmers poll!

[Bossfarmer]

Theres an emergency budget to be announced next month for the government to claw back money to pay for covid 19! what do we think will be affected? VAT back for farmers? subs? IHT? is there a way to transfer ground to young kids but retain control until theyre old enough? a lot to think about!

 

[yellow belly]

Do nothing different different
It is very easy to jump out of the frying pan into the fire if you guess wrong

some people stocked up on diesel due to rumours of scrapping red diesel paid 50p a litre and could have got it for 25 p
Never worry about what may never happen

 

[teslacoils]

Why clobber farmers? The public will is to clobber overseas tax havens. £70bn a year through aggressive tax avoidance. Bojo will be after a crowd pleaser.

 

[Bossfarmer]

Do nothing different different
It is very easy to jump out of the frying pan into the fire if you guess wrong

some people stocked up on diesel due to rumours of scrapping red diesel paid 50p a litre and could have got it for 25 p
Never worry about what may never happen

if they decide to remove IHT in the budget businesses could be screwed, it could cost my kids millions in the future, a lot to consider, theyd prob have to sell up!

 

[Doing it for the kids]

if they decide to remove IHT in the budget businesses could be screwed, it could cost my kids millions in the future, a lot to consider, theyd prob have to sell up!

If you haven’t future planned your affairs by now then it’s a bit late.

inheritance planning is not done in 10 minutes!

 

[Bossfarmer]

If you haven’t future planned your affairs by now then it’s a bit late.

inheritance planning is not done in 10 minutes!

do most folk sign over to kids like? i was 30 before i got anything

 

[deleted user 837354]

Will be interesting to see what they do. My guess is more tax on fuel, more tax on the non-essentials.

 

[Bossfarmer]

Will be interesting to see what they do. My guess is more tax on fuel, more tax on the non-essentials.

i had assumed they were just going to print money but its seems not the case

 

[GeorgeK]

If there is an emergency budget I believe it will focus on the biggest issue facing the country, which is preventing mass unemployment. There may even be tax breaks or more loans to keep businesses going? Taxes won't be increased for a year or two because the economy is far too shaky, in the short term the government will continue borrowing and throwing money around. In the longer term... they will be coming after us for everything we've got

 

[Henarar]

if they decide to remove IHT in the budget businesses could be screwed, it could cost my kids millions in the future, a lot to consider, theyd prob have to sell up!

why would removing IHT be a worry, all that would mean is the gov wouldn't get as much money

 

[Doing it for the kids]

depends how you are set up? Are you Ltd?

 

[Bossfarmer]

depends how you are set up? Are you Ltd?

no partnership

 

[Bossfarmer]

why would removing IHT be a worry, all that would mean is the gov wouldn't get as much money

howd u mean? at the moment if something happens to me it all gets passed on tax free

 

[Henarar]

howd u mean? at the moment if something happens to me it all gets passed on tax free

and the same if they got rid of iht

 

[Bossfarmer]

and the same if they got rid of iht

i meant iht relief

 

[steveR]

Will be interesting to see what they do. My guess is more tax on fuel, more tax on the non-essentials.

Luxury tax.. so 25% VAT on some items.
Fuel can stand more tax as it is so cheap at the moment.

 

[steveR]

If there is an emergency budget I believe it will focus on the biggest issue facing the country, which is preventing mass unemployment. There may even be tax breaks or more loans to keep businesses going? Taxes won't be increased for a year or two because the economy is far too shaky, in the short term the government will continue borrowing and throwing money around. In the longer term... they will be coming after us for everything we've got

Sell up and emigrate... NZ was not as badly affected by CV19?

 

[Clive]

Germany just cut vat so expect similar

my prediction will be big cuts in corporation tax and income tax

no way taxes are about to rise imo there are other smarter ways to fix economies

 

[Clive]

why would removing IHT be a worry, all that would mean is the gov wouldn't get as much money

farmers worry too much about IHT - it’s not unique to farming, other business have business property reliever which is quite similar

neither will disappear

 

[Clive]

also remember that the 100k or so that will die from c19 are mostly old / state dependan / diabetic / long yet. sick etc t - if they cost a. average if 50k pa each (i suspect the real number is higher !) then that’s a BIG saving going forward