Wrong-Direction
Well-known member
- Mar 10, 2013
- 13,640
Bit annoying stamp duty for first time buyers has gone from £425000 to £300000
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[Politics] The Labour Government
- Thread starter Super Steve Earle
- Start date
LamieRobertson
Not awoke
You should still be ok for that beach hut
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 36,025
it's a good way to ensure some form of reliable taxation from business. we do already have income taxes, while company profits are variable and may not occur. without it, many business would pay next to no taxes.
it is literally a tax on jobs and not a great idea from that point. the gamble/judgement is that there's sufficient growth in economy to absorb it.
dsr-burnley
Well-known member
- Aug 15, 2014
- 2,632
You are of course assuming that we all have at least 7 years' notice of our date of death. Sadly, experience doesn't bear this out. And of course if you are talking about potentially exempt transfers, they would need to be incredibly careful of the "gifts with reservation" exemptions.
Otherwise, dying in possession of limited company shares or partnership assets is just as taxable as dying in possession of land and property.
dsr-burnley
Well-known member
- Aug 15, 2014
- 2,632
The problem for farmers is that their return, based on asset value, is tiny. Suppose the farm is 200 acres, notional value say £2m, with a 5% return on asset value . Houses and barns use up the normal IHT allowance so the tax is £200k.
Annual profits are £100k less tax ( obviously subject to the usual big year-on-year variation) so perhaps £60k net of tax and NIC. So the new farmer has to live for 3+ years on fresh air because all his income has to go to pay the tax. And of course he is being charged interest and penalties.
If any thought has gone into this at all, it may be that the plan is to force family farms to sell to the highest bidder, which would probably be a multinational solar power company. The government could then claim to be wonderful supporters of green energy while importing more food from around the world. (But I very much doubt that that much thought has gone in to this policy. )
Annual profits are £100k less tax ( obviously subject to the usual big year-on-year variation) so perhaps £60k net of tax and NIC. So the new farmer has to live for 3+ years on fresh air because all his income has to go to pay the tax. And of course he is being charged interest and penalties.
If any thought has gone into this at all, it may be that the plan is to force family farms to sell to the highest bidder, which would probably be a multinational solar power company. The government could then claim to be wonderful supporters of green energy while importing more food from around the world. (But I very much doubt that that much thought has gone in to this policy. )
Bold Seagull
strong and stable with me, or...
I'm probably buying into online conspiracy theories about Bill Gates meeting with Starmer recently, but he's the US's biggest private owner of farmland owning almost 250,000 acres - so is it that crazy that he wouldn't buy farmland going cheap in the UK? The death of the family farm and all of that generational knowledge would be a shit legacy for this Government.
vegster
Sanity Clause
- May 5, 2008
- 28,273
Reeves explained very concisely on the BBC politics show this morning that It's 20% tax on the value of £1m plus farms...payable over 10 years, interest free. If 2 or 3 people co own a farm their tax exemption is £1m each so, a farm owned by 2 people worth £2m will be exempt if one dies...
Is it PotG?
Thrifty non-licker
Tuition fees going up 
Sir Keir Starmer will raise university tuition fees for the first time in eight years apparently.
This afternoon Bridget Phillipson, the Education Secretary, will announce the increase which will see tuition fees rise in line with the Retail Price Index inflation.
The fee rise is expected to come into force from September 2025, meaning that it will affect A-level students who are currently applying to universities.
Good luck everyone.
Sir Keir Starmer will raise university tuition fees for the first time in eight years apparently.
This afternoon Bridget Phillipson, the Education Secretary, will announce the increase which will see tuition fees rise in line with the Retail Price Index inflation.
The fee rise is expected to come into force from September 2025, meaning that it will affect A-level students who are currently applying to universities.
Good luck everyone.
superseagull1994
Active member
- Jun 21, 2011
- 113
Where has this been reported?Tuition fees going up
Sir Keir Starmer will raise university tuition fees for the first time in eight years apparently.
This afternoon Bridget Phillipson, the Education Secretary, will announce the increase which will see tuition fees rise in line with the Retail Price Index inflation.
The fee rise is expected to come into force from September 2025, meaning that it will affect A-level students who are currently applying to universities.
Good luck everyone.
Is it PotG?
Thrifty non-licker
highflyer
Well-known member
- Jan 21, 2016
- 2,553
Think you are falling for the spin from the wealthy landowners and TV celebrities cos-playing as farmers.
No idea why the discussion on this seems to have developed over on the Kemi Badenoch thread, but the last two posts there may be helpful.
You mean where has it been reported again, since it was already reported along with the reinstatement of a maintenance grant for the poorest earlier in this year and earlier in this thread (or the multiple other ones, I lose track).
You can insure against it with a Gift Inter Vivos policy.
Is it PotG?
Thrifty non-licker
superseagull1994
Active member
- Jun 21, 2011
- 113
Thank you both
dsr-burnley
Well-known member
- Aug 15, 2014
- 2,632
How expensive are those, roughly? And presumably not tax deductible.
dsr-burnley
Well-known member
- Aug 15, 2014
- 2,632
Plus VAT, perhaps?Tuition fees going up
Sir Keir Starmer will raise university tuition fees for the first time in eight years apparently.
This afternoon Bridget Phillipson, the Education Secretary, will announce the increase which will see tuition fees rise in line with the Retail Price Index inflation.
The fee rise is expected to come into force from September 2025, meaning that it will affect A-level students who are currently applying to universities.
Good luck everyone.
It makes no difference to the students what the tuition fee is, it only affects them on what the repayment mechanic is. A vast majority of students will not repay the loan in its 40 year term and it will get written off. It's a Graduate Tax, not a loan. What it does mean is that Universities will either stop losing money teaching UK students, or at least not lose as much as they have been losing.Tuition fees going up
Sir Keir Starmer will raise university tuition fees for the first time in eight years apparently.
This afternoon Bridget Phillipson, the Education Secretary, will announce the increase which will see tuition fees rise in line with the Retail Price Index inflation.
The fee rise is expected to come into force from September 2025, meaning that it will affect A-level students who are currently applying to universities.
Good luck everyone.