The Budget 2025

Corcaigh_the_Cat said:
We've seen locally how tennant farmers have been treat by their Tory landowners, an absolute disgrace.

They're not going to be affected by the changes to inheritance tax, unless they're passing on a decent sized wedge to their offspring.
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If the land owner is going to have to sell, the tenant will be evicted.
 
I've seen a load of moaning in the media but I have not seen any suggestions on would could have been done differently.

The country was crashing, slowly and not so slowly under the tories for 14 years. It couldn't continue.

This budget is only the start, to try and arrest the horror of what has been done to our hospitals, schools, armed forces, prisons, councils.etc etc etc.

The huge question for me is still where the **** did all the money go that the tories did NOT invest into our services?

It will take at least 2 Labour terms to get us back on track. I hope they get it.
 
The new farming IHT rules do not come into place until April 2026.
Don't anyone kid themselves that in the meantime farming families won't be engaging with tax and legal advisers to restructure land, farms and other assets to beat the deadline.

Stuff I've picked up from farming sites:

Transfers between spouses and civil partners will continue to be IHT-free.

Separately from the £1m relievable threshold, personal nil-rate bands applying before IHT starts being charged are being frozen for a further two years, until 2030. This means that the first £325,000 of any estate continues to be inherited tax-free. This rises to £500,000 if the estate includes a residence passed to direct descendants.

When, in addition, a tax-free allowance is passed to a surviving spouse or civil partner, the threshold rises to £1m. Combined with the £1m exemption announced in the Budget, this potentially gives £2m of relief for many farming families.

Transfers to individuals more than seven years before death will continue to fall outside the scope of IHT.

There is likely to be a dramatic increase in lifetime gifts by parents to their farming children to avoid IHT.
 
northernrower said:
www.farminguk.com

Inheritance tax changes 'immensely damaging' to tenant farmers

Chancellor Rachel Reeves has been urged to 'think again' as inheritance tax changes will be 'immensely damaging' to the let sector of agriculture.
www.farminguk.com www.farminguk.com

This will explain.
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It doesnt actually but what it suggests to me is that some farmers will consider selling assets and gift them to family to avoid paying Inheritance taxes. They don't have to sell as a result of this budget change.
 
northernrower said:
www.farminguk.com

Inheritance tax changes 'immensely damaging' to tenant farmers

Chancellor Rachel Reeves has been urged to 'think again' as inheritance tax changes will be 'immensely damaging' to the let sector of agriculture.
www.farminguk.com www.farminguk.com

This will explain.
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Crying a river for large estates now that might have to sell. Maybe the tenants could then buy their farms? Or would the new buyer keep them on? What else would they do with the land?

Farming UK isn’t an impartial source though so I have taken the article with a pinch of salt.
 
Boro.Fur said:
Transfers to individuals more than seven years before death will continue to fall outside the scope of IHT.

There is likely to be a dramatic increase in lifetime gifts by parents to their farming children to avoid IHT.
Click to expand...

Tight ass old farmers will hate this but it is a simple way to get round it by the sounds of it. Or will capital gains tax be payable in this case?
 
No wonder Sunak lost his s**t

Carol Vorderman on Twitter

Rishi Sunak fuming about the fact that his tax avoiding wife can't now go back to her non-dom tax status (Mrs Sunak saved £20 million in taxes by claiming non-dom tax status) thanks to Rachel Reeves cancelling that tax loophole
🤣🤣
 
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