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Random Irritations

Mudball

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I’ve had a few cars with these sensors. All have had new tyres fitted and never had a problem with any.
2 weeks ago i had replaced 2 tyres on the RHS...and did not have any problems. however one of the LHS tyres was slowing slow puncture and so took to the garage and had it changed. He said he could repair it, but given the tread, it may need to be replaced in a month or so. So changed it. Drove home and I can see the problem. It initally showed the tyre pressure, but now it is not.
 

Bunkermagnet

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I’ve had a few cars with these sensors. All have had new tyres fitted and never had a problem with any.
All new cars have them now, the design of them may be different but they all have them.
Tyre fitters have been known to damage them, my SIL for example.
 

Starter

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The 7 years was discussed at length and has a lot of urban myths attached to it, ie, if a person goes in to care a Local Authority can ignore the 7 year rule if the person needing the care signed over the property and continued to live there.

I’m 100% happy with the advice I received thank you.👍🏻
It's clear that the advice you received is for an entirely different set of circumstances to those surrounding the agricultural community.

That's how it should be but it negates your original comment about how easy it would be for farmers based upon your own unrelated experience.

And it's the first time I have heard of information on an official Government website dismissed as an urban myth.
 

PaulMdj

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It's clear that the advice you received is for an entirely different set of circumstances to those surrounding the agricultural community.

That's how it should be but it negates your original comment about how easy it would be for farmers based upon your own unrelated experience.

And it's the first time I have heard of information on an official Government website dismissed as an urban myth.
Hence why in my original post to you I suggested that expert advice is affordable for farmers as each circumstance will be different.

It is very easy for anyone to get that advice, all it takes is one phone call or a visit to a high street bank.

As for the 7 year rule, I’m talking about people’s lack of understanding of what is on the Gov website, check out “deprivation of assests” 👍🏻
 
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upsidedown

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But with the way it can be worked no IHT can be paid on a farm under £3mil due to allowances and behind able to use spouse

If the farm is worth £1mil they wont pay any IHT

A farmer wouldn't be liable to Inheritance tax on a farm valued up to £1m...also there is no inheritance tax on assets (up to £325k ,so that's now £1.325m before tax.

If he's married, his spouse can pass on another £1.325m,bringing the total to £2.65m.

Add onto that the £175,000 tax free allowance when passing on a main residence to a child or grandchild,the total untaxed amount for a married farming couple comes in at £3m.
can be paid on a farm under £3mil due.
This is the nub of the problem, the CLA ,NFU and the 40,000 + farmers on Tuesday are telling us 75 % of farms are valued over £3m so will end up paying IT which will have an impact on their business of having to sell off 20% of the land from a potentially already struggling farm to struggle even more because they've now got 20% less land to try and make a profit on. Who will buy this land ? Neighbouring farmer? Unlikely.
 

Voyager EMH

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Obviously they’ll pay tax in other ways, just like we all should, but even £500 Mil, is some way short of £4 Billion.
Yes, the Duke and his 3 older sisters all receive an income from the estate which I imagine is substantial and attracts income tax.
And then there are all the people they employ who pay income tax.
If they had to sell £4 billion of their estate, that would merely put a lot of property into other hands - wealthy foreigners perhaps who might not pay much tax in the UK.
 

D-S

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can be paid on a farm under £3mil due.
This is the nub of the problem, the CLA ,NFU and the 40,000 + farmers on Tuesday are telling us 75 % of farms are valued over £3m so will end up paying IT which will have an impact on their business of having to sell off 20% of the land from a potentially already struggling farm to struggle even more because they've now got 20% less land to try and make a profit on. Who will buy this land ? Neighbouring farmer? Unlikely.
So they should just gift the land in excess of the 3 million to their heirs and the liability will gradually reduce over the next 7 years (I believe this comes into effect in 2026 so if you do it soon it will already reduce by up to 30% anyway).
You can insure against the liability in the meantime as it gradually reduces to zero.
 

Arthur Wedge

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can be paid on a farm under £3mil due.
This is the nub of the problem, the CLA ,NFU and the 40,000 + farmers on Tuesday are telling us 75 % of farms are valued over £3m so will end up paying IT which will have an impact on their business of having to sell off 20% of the land from a potentially already struggling farm to struggle even more because they've now got 20% less land to try and make a profit on. Who will buy this land ? Neighbouring farmer? Unlikely.

So 75% of farms are worth over £3mil ?!

That seems massively different to what was reported
 

chellie

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I am lucky that the dairy farm a couple of miles from me has a vending machine. You pay your money, put your bottle under the machine and get a lovely pint of the freshest, most sustainable milk and the money all goes to the farmer.
Raw milk? Our local dairy farm does that as well. We just get the bottled deliveries from them though.
 

upsidedown

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So they should just gift the land in excess of the 3 million to their heirs and the liability will gradually reduce over the next 7 years (I believe this comes into effect in 2026 so if you do it soon it will already reduce by up to 30% anyway).
You can insure against the liability in the meantime as it gradually reduces to zero.
I'm sure professional advice will be sought asap
 

upsidedown

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Same here



Trip there twice a week with daughter who loves it
Have a chat with them Phil the next time you're up there . As 4th generation farmers they're doing a great job and will in all probability not be affected, but given where their farm is and land around LB is on the market for £13K an acre I'll bet they're concerned
 
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