Emergency budget threat to farmers poll!

[Bossfarmer]

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

Didnt think of that

 

[Bossfarmer]

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

42% of the poll seem to disageee with you, has it not been talked about for a while to bring land values down a bit?

 

[teslacoils]

You have to be a) very rich and b) very lax with your tax planning to need to buy land to avoid iht. The vast majority of people pay no iht. Look how many buy or own land, either in am overseas company or through family holding companies. I don't see the big deal.

 

[jendan]

Didnt think of that

Because its tosh! Old age care and welfare costs will keep going up inspite of Covid deaths in old people.

 

[jendan]

You have to be a) very rich and b) very lax with your tax planning to need to buy land to avoid iht. The vast majority of people pay no iht. Look how many buy or own land, either in am overseas company or through family holding companies. I don't see the big deal.

Well i would like to know how to avoid it.My accountant gave me the basic rates and told me how to roughly work it out depending on what or how much i wanted to sell.Fag packet calculations show it would be many 000s of pounds even after annual reliefs etc.

 

[db9go]

I see now big tax increases until after the next election as if he does anything big with tax he will kill any recovery
He is more likely do a long term government bound like they did after the last war wrap it all up in one and call it ????
They are looking at possible 3 million unemployed.
B J wont be in charge at the next election.

 

[lloyd]

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

Said with so much compassion

 

[Steevo]

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

I can't see them complicating VAT too much on things - that adds a cost and hassle to a business that sells items of multiple VAT rates. Also complicates accounting for businesses having too many VAT rates. Not so bad on consumer goods tho.

However - if they decided to add it on top of yachts or something like that which is more specialist and only sold by luxury suppliers (rather than lobster which is a luxury sold in non-luxury food shops for example) then I could understand that.

 

[czechmate]

Well i would like to know how to avoid it.My accountant gave me the basic rates and told me how to roughly work it out depending on what or how much i wanted to sell.Fag packet calculations show it would be many 000s of pounds even after annual reliefs etc.

Give it away 7 years and a day before you die.

 

[fgc325j]

Suggest that you visit this site www.taxcafe.co.uk and buy a copy of their IHT guide. I found it very useful in explaining things, and
they update it after every budget.

 

[Goweresque]

I can't see them complicating VAT too much on things - that adds a cost and hassle to a business that sells items of multiple VAT rates. Also complicates accounting for businesses having too many VAT rates. Not so bad on consumer goods tho.

However - if they decided to add it on top of yachts or something like that which is more specialist and only sold by luxury suppliers (rather than lobster which is a luxury sold in non-luxury food shops for example) then I could understand that.

What would be the point of putting VAT on luxury items? All it would do is drive the producers of them out of the UK. Thats the whole point of the the uber wealthy, they can spend their money anywhere they like. If UK yachts are 25% dearer than exactly the same thing from another country, guess what, there won't be any UK yachts sold, or manufactured. Thus having precisely the opposite effect to that intended - more people on the dole and less tax revenue coming in. In fact what we should be doing is reducing taxes on such things, so that the worlds wealthy beat a path to our door to come and buy them.

 

[midlandslad]

I can see them getting rid of the free rebasing of values for CGT, that is a no brainer!

 

[Still Farming]

Chase ,evade and avoiders and off shore tax wasters and illegal lot ,not screw the easy target's ,they want to ?

 

[yellow belly]

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!

It would finish all family farms in one generation
The bigger estates are mostly trusts so not affected
If bpr was kept and apr removed all tenancies would end on termination and agents would cream it in with managing a farm business for the owner

 

[pappuller]

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!

Slow horses,wild women and Jack D whiskey will sort that little issue they wont have to worry about it then Boss Man

 

[ajd132]

Carbon taxes

 

[Clive]

Said with so much compassion

i’m not saying its a good thing !

as the video i posted makes light of though don’t think for a moment the government won’t have “run the numbers through the computer” though !

 

[Clive]

I can't see them complicating VAT too much on things - that adds a cost and hassle to a business that sells items of multiple VAT rates. Also complicates accounting for businesses having too many VAT rates. Not so bad on consumer goods tho.

However - if they decided to add it on top of yachts or something like that which is more specialist and only sold by luxury suppliers (rather than lobster which is a luxury sold in non-luxury food shops for example) then I could understand that.

taxing rich people more is the very definition of stupidity

tax them less, there will be more of them to pay tax

this makes morse sense financially but politically it’s hard to get people to accept

the only way out of this hole is BIG tax cuts so Amazon, apple, google, facebook, microsoft all the words banks and every billionaire in the world etc all flock to the uk, pay tax here, employ people here who all pay tax and consume here

that’s how you build a strong economy imo

 

[Drillman]

taxing rich people more is the very definition of stupidity

tax them less, there will be more of them to pay tax

this makes morse sense financially but politically it’s hard to get people to accept

the only way out of this hole is BIG tax cuts so Amazon, apple, google, facebook, all the words banks and every billionaire in the world etc all flock to the uk, pay tax here, employ people here who all pay tax and consume here

that’s how you build a strong economy imo

Lot of logic there, we’re heading towards the biggest financial shake up for a generation.

we now need to get Britain turned back into a country of businesses making things to sell rather than just a country that’s trying to look busy shuffling bits of paper about.

 

[goodevans]

Well i would like to know how to avoid it.My accountant gave me the basic rates and told me how to roughly work it out depending on what or how much i wanted to sell.Fag packet calculations show it would be many 000s of pounds even after annual reliefs etc.

Death or death duties?