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I think that some family farms will go under and that some will downsize. Where the land from the sale of those farms goes is another question.
What do you think the effect on the farming sector will be?
In general I've just found it quite odd how many people, who I think have a deep and subtle understanding of macroeconomics, have responded to the Labour budget (and other financial announcements) without questioning the underlying assumption that our national economy needs to be treated like a household budget i.e., that we need to tax the shit out of everything before investing in anything.
ffm-
treated like a household budget i.e., that we need to tax the shit out of everything
I rarely tax anything.
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without questioning the underlying assumption that our national economy needs to be treated like a household budget
this is a quite different argument (and a valid thing to question imo) than the one about whether farms over a certain value should be exempt from IHT.
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What do you think the effect on the farming sector will be?
Not that much. Could be wrong tho.
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Why will farms go under? Because they now have the added cost of servicing the IHT - to continue with our earlier £500k IHT bill over 10yrs being more than £45k pa?
Or I guess even if you took the C4 fact check e.g. Of £14k pa repaying IHT your still seeing a hefty hit on your income.
But you are also being given a source of income as well as an asset you can sell...hypothetically for £2.2m in the C4 e.g.
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In general I've just found it quite odd how many people, who I think have a deep and subtle understanding of macroeconomics, have responded [...] without questioning the underlying assumption that our national economy needs to be treated like a household budget i.e., that we need to tax the shit out of everything before investing in anything.
Hold that thought
snottyotter
ChasnotRobert
dst2
hugo7
Kimmo
What do you think it will mean?