I thought that, for example, if you gift your house to your children then you can still live in it if you are paying a commercial rent. In my example, the farmer has effectively 'sold' the whole farm other than the farmhouse to his son. His son works the farm and the original farmer retires...
Can you explain a little more as to what the benefit to the farmer is that it is a gift with reservation (I'm no expert as you can probably gather)? If the farmer gifts the business for his son to carry on running and he retains ownership of the farmhouse and just retires would that still be...
Then you introduce IHT planning. Gift the farm to the descendants but keep the farmhouse. The farmer works as an employee of his descendents and when he dies the farmhouse is then inherited by same descendants and is probably within IHT thresholds!! Take out some life insurance for 7 year...
Just listening to James O'Brien and he has a guest who has written a book called the Lie of the Land. 1% of the population own 50% of the land in the uk! An area the size of greater London is set aside for grouse shooting!
Top 50 UK landowners
I don't think farmers of any size should be exempt but perhaps the policy could be tweaked a bit so that for farms that are owned by a family and that are passed down to a family member to continue food production (and food production should be the main purpose of the farm, for example, a livery...
Not sure that's a good argument. I have no sympathy for the likes of Dyson, Lloyd Webber and Clarkson. As for family farms, we are led to believe all the fearmongering is about not being able to pass it down and keep it in the family. Well know, they can, just 7 years before they die!!!
I'm not sure as I don't usually buy tickets on Trainline but I understand you apply the code on the payment page. Don't forget to include any railcards you currently have. At the end of the day, it's not much of a saving to me as Travelcard with senior railcard is about £14 and with extra...
Not sure if there have been any comments on this but why can't the farmers 'gift' the farm to their children and, providing they don't die within 7 years, it won't be subject to IHT? Also, take out life insurance for the next 7 years to cover IHT if you die within that period!
Agree, once you have the code then you have up until the 21st to book the travel (it doesn't even say on the email that the travel has to be on the 21st Dec!). I think the deadline of 10am referred to related to actually applying to get the code in the first place (although I stand to be...