The Budget 2025

It's only until 75 years of age that you wouldn't pay Inheritance Tax on a pension pot.

After 75 it just becomes another asset.
If people are worried the can buy an annuity with their pension pot and the pot has gone. Most will still probably have some savings and a property to pass on to family idf they are worried about not leaving money behind. Currently most people also live beyond 75.
 
Completely ****ed it for family farms.

40% IHT on agricultural assets above £1m.

Essentially (because family farmers don't tend to have lots of disposable income) they will have to sell their assets - fields, buildings, machinery to pay the tax, thus crippling the business.

Who will be there to mop up these assets when sold? The big conglomerates.

Therefore this budget is handing over family run farms to the big multinational companies via IHT.

So much for Labour looking out for the working man 👎



(I have relatives and friends in this industry so it's an issue that resonates with me).
What is a normal value for a family farm.

I used to think 100 acres @ £3k an acre.
 
Completely ****ed it for family farms.

40% IHT on agricultural assets above £1m.

Essentially (because family farmers don't tend to have lots of disposable income) they will have to sell their assets - fields, buildings, machinery to pay the tax, thus crippling the business.

Who will be there to mop up these assets when sold? The big conglomerates.

Therefore this budget is handing over family run farms to the big multinational companies via IHT.

So much for Labour looking out for the working man 👎



(I have relatives and friends in this industry so it's an issue that resonates with me).
Having an asset worth £1m isn’t your average farmer, and if it is then it’s an unfortunate change. Like any business it should pay its fair share, multiple farms have community assets for different places so will unlikely ever go above the £1m threshold.
 
Having an asset worth £1m isn’t your average farmer, and if it is then it’s an unfortunate change. Like any business it should pay its fair share, multiple farms have community assets for different places so will unlikely ever go above the £1m threshold.
Most small family run farms will way exceed £1m.

A friend of mine farms sheep. His farm assets amount to around £3m. It sounds a lot, but the profits he makes after the lambs go to mart do not afford him a lavish lifestyle. Far from it. He barely gets by. The land he owns within that £3m amounts to just enough to rotate his livestock.

Now when he passes this down to his son, his son will have to sell off assets to raise around £400k of tax. Thus his business will not have enough infrastructure to yield profits enough to make a living.

His case is far from isolated.

This aspect of the budget is absolutely scandalous.
 
Last edited:
Anyone blaming Labour for the shelving of the A1 dualling in Northumberland needs to think again.

The Tories had promised it for 14 years and cancelled it time and again. They only put it back on the agenda after the election was called knowing that Labour would have to cancel it when elected.

It was a political ploy, pure and simple. I’ve been highly critical of Labour since they were elected but this isn’t on them.
 
1730323277525.png
I genuinely thought this was a spoof tweet from a satire account. Thank God Londoners are finally getting the economic benefits of some long-overdue infrastructure investment.
 
Anyone blaming Labour for the shelving of the A1 dualling in Northumberland needs to think again.

The Tories had promised it for 14 years and cancelled it time and again. They only put it back on the agenda after the election was called knowing that Labour would have to cancel it when elected.

It was a political ploy, pure and simple. I’ve been highly critical of Labour since they were elected but this isn’t on them.
You are quite right. It was another unfunded Tory project.
 
They are asking £800,000 for the agricultural land with the farm in Saltburn in this thread, and its seems a typical family farm except it has a substantial farm house and some cottages, so the land would be exempt from IHT under the new rules.

Average farm in England is about 207 acres, but that could include some big farms that are not family own land businesses. Say farms owned by pension funds. The Co-op for example also own some large farms. Round me a lot of farms are owned by the Duchy of Cornwall and the farmers rent them. My relatives ran the Low Force Farm which some of you may have parked next to when visiting Low Force. It was quite large but rented from the Raby Estate and limited what it could be used for because of poor climate of the high Pennines.
 
Most small family run farms will way exceed £1m.

A friend of mine farms sheep. His farm assets amount to around £3m. It sounds a lot, but the profits he makes after the lambs go to mart do not afford him a lavish lifestyle. Far from it. He barely gets by. The land he owns within that £3m amounts to just enough to rotate his livestock.

Now when he passes this down to his son, his son will have to sell off assets to raise around £400k of tax. Thus his business will not have enough infrastructure to yield profits enough to make a living.

His case is far from isolated.

This aspect of the budget is absolutely scandalous.
Must admit, I wouldn't mind £3m of assets though.
 
Anyone blaming Labour for the shelving of the A1 dualling in Northumberland needs to think again.

The Tories had promised it for 14 years and cancelled it time and again. They only put it back on the agenda after the election was called knowing that Labour would have to cancel it when elected.

It was a political ploy, pure and simple. I’ve been highly critical of Labour since they were elected but this isn’t on them.
The dualling of the A1 epitomises the entire Northern Powerhouse strategy. That was all it asked: Doing the most basic infrastructure upgrades quickly, please. And they didn't and wouldn't and now here we are.
 
From someone who represents the most deprive ward in our town, Pallister Park, I'll say this. the National minimum wage increase is huge, that along with the UC debt clawback rules from 25 to 15% and changes to the carers allowances, school improvements, quicker NHS appointments and a £1billion into the Household support fund is massive, it's the most pleasing budget I can remember and I was in my prime during the Blair years.
Our people have been let down for at least 15 years, stagnation being the best we have had, today with the the above means we can start to see some light. Lets not kid ourselves, the increase of the NWM is life changing to many in the most deprived parts of our towns, and Pally is amongst the most deprived.

I've cracked open a bottle of red tonight- (Le Chemin Cache Malbec, £4.99 from £7,99 on offer from Aldi) Still lots to do, lots to convince people, who are sick to death of false promises. Lots of work to prove that the enemy isn't the people fleeing for their lives or a better life, but from the very people that some of them believe is the answer to their problems.

Oh, and to help, I've had plenty of messages from my place of work, where most earn £30-£50k-which isn't a bad wage in my home town, that they also welcome this budget and appreciate that today the people are being looked after and not just those the play games on the stock exchange.

Cheers.
 
Most small family run farms will way exceed £1m.

A friend of mine farms sheep. His farm assets amount to around £3m. It sounds a lot, but the profits he makes after the lambs go to mart do not afford him a lavish lifestyle. Far from it. He barely gets by. The land he owns within that £3m amounts to just enough to rotate his livestock.

Now when he passes this down to his son, his son will have to sell off assets to raise around £400k of tax. Thus his business will not have enough infrastructure to yield profits enough to make a living.

His case is far from isolated.

This aspect of the budget is absolutely scandalous.
If your friend say has an net income of £30k on £3m of assets suggests he is in the wrong business as he is getting a return of 1% on his assets.

Would he not be better renting/leasing the land out for more than £30,000 a year?
 
If your friend say has an net income of £30k on £3m of assets suggests he is in the wrong business as he is getting a return of 1% on his assets.

Would he not be better renting/leasing the land out for more than £30,000 a year?
This is why many farmers struggle and do end up walking away. It's incredibly tough to get by, however most carry on as it's all they've known. Plus, they're doing a job for the country.

For example, where would you rather your meat came from; a family run farm or a major farming corporation?

This IHT decision is going to cripple 70,000 small farms.
 
Back
Top