Election 2024

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How are Labour doing after their first 12 months

  • Total voters
    23
PISKIE said:
Oh indeed, there's the landed Gentry, who stole that common land from the people in the first place, or had it 'bequeathed' to them by Kings, Queens, Dukes and other iterations of the aristocracy. But a lot of those people are so rich, that they don't even need to 'farm' to try and avoid their tax as they just stash their holdings into offshore accounts or investments into hedge funds and other tax incentivised schemes. Or they rent their land to other farmers and pull in more cash through leaseholds and tenants.

But along with that, is the wealthy in society who have used the tax loophole in farmland to buy up huge swathes of land to dodge inheritance tax. Clarkson is a prime example, and I think he admitted that he only bought his farm to avoid inheritance tax, same as James Dyson, the dickhead who pushed for brexit and then moved his company Malaysia when it pushed up costs in the UK. It's people like this that Labour are targeting as they've managed to reduce the land that is actually used for farming by 1m acres in the last year alone.

There were only 80 farms in the UK that were valued at above £2.5m that would have been subject to inheritance tax last year.

This tax isn't going after the small farms, it's going after the wealthy ones. And even then it's only at half the rate that everybody else pays.
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Why are you having this discussion?
It's sucky ffs <laugh>
 
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Horny 4 Hamas said:
You could apply that logic to various things though that affect far more people. Fuel tax, for example. ***s, alcohol etc.

No tax is ever going to be popular but we have little in the way of wealth tax. IHT is a sensible middle ground between the sort of wealth tax Corbynite drips demand and nothing IMO.
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That’s a good point. Otherwise wealth just continues to trickle up.
 
Libby said:
I think the threshold should be raised at least. Seems way out compative to property prices.

Has the threshold even changed at all in last decade or two?
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The rate for everybody else is £325k and as far as I know, if you have property worth that you are taxed at 40% on all of it.

For farms the rate is half of that at 20% and the threshold is £1m. But you can also add your £325k for property and if you’re married you can transfer your spouse’s relief, which brings the figure up to near £3m. Also I think farms are only taxed on the amount over £3m not the first £3m

I don’t know when the property rate threshold was last increased.
 
PISKIE said:
The rate for everybody else is £325k and as far as I know, if you have property worth that you are taxed at 40% on all of it.

For farms the rate is half of that at 20% and the threshold is £1m. But you can also add your £325k for property and if you’re married you can transfer your spouse’s relief, which brings the figure up to near £3m. Also I think farms are only taxed on the amount over £3m not the first £3m

I don’t know when the property rate threshold was last increased.
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Not quite - the 40% IHT is only due on the excess over the £325k
 
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Sucky said:
You want me to download soundcloud?

I have free premium Spotify no ads I can hook u up with if you want
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You won’t find that track on Spotify, but yeah bro hook me up.

Check it out. You can listen from the link. Nice rework of that Marlon Asher classic.
 
Anyway funny to see Clarkson getting triggered by Victoria Derbyshire, when she put it to him that he admitted he only bought a farm to dodge IHT

He went off on a rant about the BBC instead, tax dodging question dodging grifting **** <laugh>
 
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PISKIE said:
<ok>
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One more thing - you can make PETs of assets during your lifetime 'Potentially Exempt Transfers' - if you live for 7 years from the date that you give the asset, it will be completely free of IHT ... if you die during that time the IHT will be on a time phased amount dependent on the point within the 7 years that you die ...
 
PISKIE said:
Anyway funny to see Clarkson getting triggered by Victoria Derbyshire, when she put it to him that he admitted he only bought a farm to dodge IHT

He went off on a rant about the BBC instead, tax dodging question dodging grifting **** <laugh>
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Another multi-millionaire public schoolboy who has somehow hoodwinked people into believing he’s some sort of working class champion of the people. The bloke brazenly said he bought the land to avoid inheritance tax. Real farmers should think he’s a ****.
 
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Horny 4 Hamas said:
Another multi-millionaire public schoolboy who has somehow hoodwinked people into believing he’s some sort of working class champion of the people. The bloke brazenly said he bought the land to avoid inheritance tax. Real farmers should think he’s a ****.
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Yep this.

Ordinary working farmers should be pleased that Labour are closing the tax loophole for rich ****ers like Clarkson who abuse the system designed to support farms and agricultural production.

The irony of that **** putting himself forward as a champion of farming, when he’s only in it to dodge tax.
 
I wonder if a better way around the farm inheritance tax, would have been better if a tax had been applied at point of sale. This would capture farm sales to people like Clarkson and protect families that have run farms within the family all their life. As it currently stands these new rules don't come in until 2026, so you could capture these sales earlier, instant tax return, not that in itself is a problem - it's how you capture people like TV celebrities that have already bought the land. Maybe put in a rule that covers sales after a certain date, to recover that aspect by the new rule of inheritance Ie making sure land grabbers like Jeremy are caught but reassures lifetime family farmers security, regardless the value of the land as long as it is continually used as such.
 
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brb said:
I wonder if a better way around the farm inheritance tax, would have been better if a tax had been applied at point of sale. This would capture farm sales to people like Clarkson and protect families that have run farms within the family all their life. As it currently stands these new rules don't come in until 2026, so you could capture these sales earlier, not that in itself is a problem - it's how you capture people like TV celebrities that have already bought the land. Maybe put in a rule that covers sales after a certain date, to recover that aspect by the new rule of inheritance Ie making sure land grabbers like Jeremy are caught but reassures lifetime family farmers security, regardless the value of the land as long as it is continually used as such.
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Unless the farm as a whole classified as Principle Private Residence there would have been some CGT (Capital Gains Tax) potentially for the seller ...
 
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