Retirement and farm sale

[countryman765]

Morning all, I am 54 had a fck full and over the next few years will be selling all cattle. Will be finished milking by winter and fatten all cattle off in following 12 24 mths due to being down with tb .
What do I need to consider in relation to taxation etc if and when we sell up ?
No children to follow on and no else interested

 

[Kidds]

Talk to your accountant and ask them about entrepreneur relief or whatever name it goes under these days.
Basically you pay 10% rather than 20% when you sell up but you have to cease trading and sell your assets within 3 years.

 

[Ramrod]

Talk to your accountant and ask them about entrepreneur relief or whatever name it goes under these days.
Basically you pay 10% rather than 20% when you sell up but you have to cease trading and sell your assets within 3 years.

BADR

 

[Henarar]

is the herd on the herd basis ?

 

[Nearly]

Don't rule out cashing everything in before next general election.
Beef up, land up.

 

[serf]

After the next election it will be tax up too

 

[Still Farming]

Just reduce slowly like you are possibly and into different tax years

 

[neilo]

After the next election it will be tax up too

Why so? The current lot haven't reduced taxes during their term in office.

 

[serf]

Why so? The current lot haven't reduced taxes during their term in office.

If its labour that's in it will be CGT up or deminshed thresholds , IHT upped or thresholds reduced , it's Labour it's what they do tax and spend

And yes these other cretins spent like it was going out of fashion but they were liberal lefty socialist types though not Tories

 

[Skintagain]

Why so? The current lot haven't reduced taxes during their term in office.

Next lot will spend more

 

[neilo]

If its labour that's in it will be CGT up or deminshed thresholds , IHT upped or thresholds reduced , it's Labour it's what they do tax and spend

And yes these other cretins spent like it was going out of fashion but they were liberal lefty socialist types though not Tories

The present govt have already reduced CGT thresholds, which are now down to just £6k.

Shadow chancellor has stated that they gave no land to do away with IHT relief on ag businesses, although I would suggest it's a job to argue against a cap on it.

 

[Still Farming]

Why so? The current lot haven't reduced taxes during their term in office.

The Conservatives are in Government but in the devolved nation of Wales we have had 25 yrs of Labour

 

[deleted user 837354]

Consult accountant at the earliest opportunity.

 

[neilo]

The Conservatives are in Government but in the devolved nation of Wales we have had 25 yrs of Labour

Who haven't increased tax rates over the rates set in Westminster either, even where they could have.

 

[serf]

Shadow chancellor has stated that they gave no land to do away with IHT relief on ag businesses, although I would suggest it's a job to argue against a cap on it

And you believe her ,
as soon as / if that lot get in MOMENTUM will crawl from under the rock they've been hiding under and all sh!t will break loose ...

 

[bobk]

Why so? The current lot haven't reduced taxes during their term in office.

As someone said , you ain't seen nothing yet

 

[Still Farming]

Who haven't increased tax rates over the rates set in Westminster either, even where they could have.

No they just do everything detrimental to Wales and blow MILLIONS on crap.

 

[bobk]

No they just do everything detrimental to Wales and blow MILLIONS on crap.

And the Welsh mob are only playing at it .

 

[Swarfmonkey]

The present govt have already reduced CGT thresholds, which are now down to just £6k.

And they haven't brought back indexation for CGT either.

My better half refers to the current lot as CINOs - Conservative In Name Only.

 

[serf]

And they haven't brought back indexation for CGT either.

My better half refers to the current lot as CINOs - Conservative In Name Only.

I refer to them as swap the "I" for a "U" and swap the "O" for a "T"....