Random Irritations

[IanM]

True.
And he's helping the airlines and hotel businesses stay solvent.
Some of his money is coming back into the country that way.

I won't insult you by listing the other taxes he, his companies and employees are paying.

 

[4LEX]

Ah excellent start with an insult make yourself feel smart. Insecurities must really play on your mind. Poor sausage.

Let's await for the facts and figures rather than yet more speculation from you .. that when your proven wrong you just disappear into the night..

Must be used to being wrong by now it's a daily occurrence

I apologise for having a life, good job and stuff to do that doesn't involve living on an internet forum 24/7

The only thing I've been wrong about was the Ukraine war, which I'm happy to admit. No shame in calling one of the most complex geopolitical wars in our living history badly. Everything else I'm generally spot on with and add something worthwhile. As for being wrong being a 'daily occurrence', I only post once or twice a week, so does how does that compute?

I did recall casually calling you out in the summer when you were claiming all your signings and the new manager were brilliant though. How's that working out?

Back to the topic. So in your own words after stating it 'won't effect ACTUAL working farmers too much', you're now saying we should wait for the facts and figures? What were your previous comments based on then? Facts and figures or speculuation?

 

[PJ87]

I apologise for having a life, good job and stuff to do that doesn't involve living on an internet forum 24/7

The only thing I've been wrong about was the Ukraine war, which I'm happy to admit. No shame in calling one of the most complex geopolitical wars in our living history badly. Everything else I'm generally spot on with and add something worthwhile. As for being wrong being a 'daily occurrence', I only post once or twice a week, so does how does that compute?

I did recall casually calling you out in the summer when you were claiming all your signings and the new manager were brilliant though. How's that working out?

Back to the topic. So in your own words after stating it 'won't effect ACTUAL working farmers too much', you're now saying we should wait for the facts and figures? What were your previous comments based on then? Facts and figures or speculuation?

Quite happy with the signings, the manager is taking time but change doesn't always work out.

It's not going to affect the majority of working actual farmers

Please take the time to read this thread I posted the other day about it

https://twitter.com/x/status/1859385352886362192

 

[Pin-seeker]

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.

Blimey I’m not sure if it’s impressive or a bit sad the amount of time you’ve spent researching this just to have a debate on it

 

[PJ87]

Blimey I’m not sure if it’s impressive or a bit sad the amount of time you’ve spent researching this just to have a debate on it

To be fair to Phil it's not hard the BBC etc have done some in-depth information on it to try and explain the situation to everyone

 

[4LEX]

Quite happy with the signings, the manager is taking time but change doesn't always work out.

It's not going to affect the majority of working actual farmers

Please take the time to read this thread I posted the other day about it

https://twitter.com/x/status/1859385352886362192

He'll be sacked within the next two weeks, stick a load on it. Good value on him as next manager to be sacked before Russell.

Yes it will, hence the big turnout in London. I totally agree on the likes of Clarkson and Dyson being targetted, however the current situation will impact working farms that have been passed down for generations. Do this calculation for me based on your circumstances. Total up your value in property, cars, savings, investments, possessions plus throw in 49 acres (using your source as the average farm land ownership) which is £11,000 per acre and then add it all together. What's your total? How much IHT would have to pay on the new rules for farmers? This is nationwide stats and doesn't focus on the SE, which I mentioned.

The link you've used is from someone that isn't a farmer and admits to knowing very little about it. Is that really your best source of information on a key issue?

 

[PJ87]

He'll be sacked within the next two weeks, stick a load on it. Good value on him as next manager to be sacked before Russell.

Yes it will, hence the big turnout in London. I totally agree on the likes of Clarkson and Dyson being targetted, however the current situation will impact working farms that have been passed down for generations. Do this calculation for me based on your circumstances. Total up your value in property, cars, savings, investments, possessions plus throw in 49 acres (using your source as the average farm land ownership) which is £11,000 per acre and then add it all together. What's your total? How much IHT would have to pay on the new rules for farmers? This is nationwide stats and doesn't focus on the SE, which I mentioned.

The link you've used is from someone that isn't a farmer and admits to knowing very little about it. Is that really your best source of information on a key issue?

Its somebody who's bothered to actually read up on the situation, applied some in-depth analysis and proven to provide very interesting information, far more than the media have done on the matter.

He prob will be sacked soon. We won't beat Newcastle or arsenal and that will seal his fate.

Onto inheritance tax

House 550k
Possession and cars 100k for sake of arguments (it's prob less)

Pension and investment aren't included because it doesn't transfer over upon death

So add that to the land you mention

49 x 11k £539k

The house would transfer to my kids for free as it's main residence going to children or grandkids so my wife and I 500k each tax fee would get a million tax free on the house

Let's lump the 100k and the land together for the rest that's 639k , under the 1 million

So I would not have to pay any iht (well my children wouldn't)

Even if my house was 1 million I'd still be under the million for the business part (IE the land)

Farming equipment is obviously worth a lot more

Farming tax row - BBC Verify on which figures are more reliable and why - BBC News

Government claims have been hotly contested by farmers, and the BBC has been scrutinised for its analysis.

www.bbc.co.uk

BBC figures above

In 2022 64% of farm land was either wholly or partly tennant held , which would avoid a lot of the IHT issue

 

[KenL]

Mods.
Can we please bring back discussing politics and ban inheritance tax discussion? Far less contentious and divisive.

 

[4LEX]

Its somebody who's bothered to actually read up on the situation, applied some in-depth analysis and proven to provide very interesting information, far more than the media have done on the matter.

He prob will be sacked soon. We won't beat Newcastle or arsenal and that will seal his fate.

Onto inheritance tax

House 550k
Possession and cars 100k for sake of arguments (it's prob less)

Pension and investment aren't included because it doesn't transfer over upon death

So add that to the land you mention

49 x 11k £539k

The house would transfer to my kids for free as it's main residence going to children or grandkids so my wife and I 500k each tax fee would get a million tax free on the house

Let's lump the 100k and the land together for the rest that's 639k , under the 1 million

So I would not have to pay any iht (well my children wouldn't)

Even if my house was 1 million I'd still be under the million for the business part (IE the land)

Farming equipment is obviously worth a lot more

Farming tax row - BBC Verify on which figures are more reliable and why - BBC News

Government claims have been hotly contested by farmers, and the BBC has been scrutinised for its analysis.

www.bbc.co.uk

BBC figures above

In 2022 64% of farm land was either wholly or partly tennant held , which would avoid a lot of the IHT issue

It's not in-depth analysis on the matter, it's a left leaning person trying to tow the party line. There's more holes in it than a watering can but I really can't be bothered to bring them up.

I can't stress enough how I'd like to see Dyson, Clarkson and the rest of the Dukes and assorted 'nobility' taxed. The latter, including the Royal family are dossers who have stolen land and avoided tax for long enough. It doesn't go far enough to target them. It's designed to target the real working farm, with the goal of forcing them to sell or to sell large parts of their land.

I do appreciate you putting your assets out there, I was mainly talking about a farm that has to adjust to this with no notice. You've had the benefit of foresight and being able to manage the liability, whereas these working farmers haven't had that.

 

[PJ87]

It's not in-depth analysis on the matter, it's a left leaning person trying to tow the party line. There's more holes in it than a watering can but I really can't be bothered to bring them up.

I can't stress enough how I'd like to see Dyson, Clarkson and the rest of the Dukes and assorted 'nobility' taxed. The latter, including the Royal family are dossers who have stolen land and avoided tax for long enough. It doesn't go far enough to target them. It's designed to target the real working farm, with the goal of forcing them to sell or to sell large parts of their land.

I do appreciate you putting your assets out there, I was mainly talking about a farm that has to adjust to this with no notice. You've had the benefit of foresight and being able to manage the liability, whereas these working farmers haven't had that.

Not sure how much foresight one can have considering the laws on iht are pretty generous for houses IE a million

That said though this doesn't come in until April 2026 so farmers have time to look into the options, there is the option of passing it on now at zero tax under the old laws if they were over no? And after 2026 they can still do the same just need to live 7 years after they pass

I believe they can't get any income from the farm after they pass it on though

The anger from farmers up London though how much is from facts how much from speculation though? How many people know the full iht rules. Many people think it's 325k and get all angry until they are explained that it's a lot more when passing onto kids

 

[Slime]

To be fair to Phil it's not hard the BBC etc have done some in-depth information on it to try and explain the situation to everyone

Oh, the BBC.

 

[PJ87]

Oh, the BBC.

I really don't get people's issue with the BBC

The right thing it's left leaning the left think it's right bias

It's very much balanced

 

[4LEX]

Not sure how much foresight one can have considering the laws on iht are pretty generous for houses IE a million

That said though this doesn't come in until April 2026 so farmers have time to look into the options, there is the option of passing it on now at zero tax under the old laws if they were over no? And after 2026 they can still do the same just need to live 7 years after they pass

I believe they can't get any income from the farm after they pass it on though

The anger from farmers up London though how much is from facts how much from speculation though? How many people know the full iht rules. Many people think it's 325k and get all angry until they are explained that it's a lot more when passing onto kids

The rules on IHT aren't generous, they've remained the same for decades despite house prices rising. It's not just houses worth a million that suffer, it's everyone. This is separate to the farmers issue though.

I totally disagree that most farmers think it's £325k only, that's the bare minimum for a normal estate. Why would they think the threshhold?

 

[PJ87]

The rules on IHT aren't generous, they've remained the same for decades despite house prices rising. It's not just houses worth a million that suffer, it's everyone. This is separate to the farmers issue though.

I totally disagree that most farmers think it's £325k only, that's the bare minimum for a normal estate. Why would they think the threshhold?

I did not mean farmers, I mean average Joe who is worried about Iht on their house when they pass. It's a common misconception of the amount and what happens when you go over.

I disagree that it's everyone who suffers as only 7% of estates paid IHT in 2023 which is very low still.

This is a needed tighten for people like Clarkson

 

[Arthur Wedge]

Getting annoyed with Vans blocking me in

 

[PaulMdj]

Catching up on threads and seeing after 3 days of sensible discussion and debate we get the eventual name calling and pointless posting by some on here.

 

[Voyager EMH]

I won't insult you by listing the other taxes he, his companies and employees are paying.

All true, but he avoids personal UK income tax.
He is a very wealthy and successful businessman who chooses to live in Monaco and not pay income tax to the UK despite the UK being the main source of that income.
Can't really fault his arithmetical reasoning - he has spent his whole life seeking the best financial deals for personal gain.
I don't know what would persuade him to live in the UK and pay UK income tax.

 

[IanM]

Better weather?

 

[Voyager EMH]

Better weather?

And a convenient spot for his £150 million yacht.

 

[hambugerpete]

I really don't get people's issue with the BBC

The right thing it's left leaning the left think it's right bias

It's very much balanced

Come on we all know the BBC is nowhere near as accurate and as unbiased as a friend of a friend or that bastion of English farmers Jeremy Clarkson