New JD Tractor left under tree for 20 year

[multi power]

Ah, but:

but like the auctioneer said "where are you going to find another like it ?"

 

[Roger Perry]

Absolutely allowable.

 

[Simon Chiles]

A mate of mine shares a yard with several other businesses, up until a couple of years ago stood an old Class combine that too had never been used, infact it had stood for so long that it had a tree growing up through the middle of it. Not only that but because the farm was split in half by the M25 they had to build a tunnel under the motorway when it was constructed that the combine could fit through so it could get from one side of the farm to the other. As the combine was never used it never used the special tunnel. The combine was eventually cut up for scrap as it had deteriorated so badly. Considering both the capital outlay for the combine and tunnel it was unbelievable for something that wasn't used.

 

[glasshouse]

A mate of mine shares a yard with several other businesses, up until a couple of years ago stood an old Class combine that too had never been used, infact it had stood for so long that it had a tree growing up through the middle of it. Not only that but because the farm was split in half by the M25 they had to build a tunnel under the motorway when it was constructed that the combine could fit through so it could get from one side of the farm to the other. As the combine was never used it never used the special tunnel. The combine was eventually cut up for scrap as it had deteriorated so badly. Considering both the capital outlay for the combine and tunnel it was unbelievable for something that wasn't used.

Those tunnels are a total waste of money.
A farmer i know insisted on a tunnel under a new motorway, and the quote was about £800k.
He said to the govt bloke, just give me £500k and i will manage without, but no, they were not open for business.
Thats why there are so many tunnels unused. Another farmer got a tunnel, but they wouldnt make it wider than 4m, so he cant get half his kit through.
Another motorway built a bridge over a railway, costing over £1m. Railway closed the same day motorway opened.

 

[bravheart]

They make a good shed for winter storage of said combine

 

[roscoe erf]

Maybe it took the bloke 14 hrs to realise it was shite.

NAUGHTY STEP FOR YOU

 

[Exfarmer]

Those tunnels are a total waste of money.
A farmer i know insisted on a tunnel under a new motorway, and the quote was about £800k.
He said to the govt bloke, just give me £500k and i will manage without, but no, they were not open for business.
Thats why there are so many tunnels unused. Another farmer got a tunnel, but they wouldnt make it wider than 4m, so he cant get half his kit through.
Another motorway built a bridge over a railway, costing over £1m. Railway closed the same day motorway opened.

Theres someone on this forum who may like to comment on this @Fran Loake

 

[Fran Loake]

We have a tunnel and a bridge, both awkward for moving kit from one side of the farm to the other but invaluable really and we couldn't manage without them.

We could however, happily manage without the motorway - how long before that is redundant ??

 

[Old Codger]

Not a bad IHT dodge really. Just make sure you stay in business right up to the end, leave the business and all the equipment to whoever you want, all free of IHT as business assets. Cash in the bank would be taxable, machinery not. Plus chances are they would hold value, if not appreciate, as new machinery would rise in price over the years.

In fact I'm beginning to wonder if buying a new tractor and parking it up for 10 years might not provide a decent return on investment - what did a new JD cost 10 years ago, and what could you sell the same tractor for today with 50 hours on the clock (you'd have to run it up regularly I guess to keep things operational)?

Machinery does not qualify for Agricultural IHT relief, I've just been through all this myself.

https://www.gov.uk/agricultural-relief-on-inheritance-tax

 

[warksfarmer]

Machinery does not qualify for Agricultural IHT relief, I've just been through all this myself.

https://www.gov.uk/agricultural-relief-on-inheritance-tax

Does vintage stuff qualify?

 

[Old Codger]

Does vintage stuff qualify?

99% sure it doesn't, it's certainly not mentioned in the list I linked to.