In the news

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.

How did inheritance tax get abbreviated to IHT? In Heritance Tax?

And why is National Insurance NIX?

I guess IT would get confused with income tax, among many other things.

It is a much broader argument I agree. I think part of the justification for taxes like this (alongside "let's get one over on the rich cunts!") is to to wave the balance sheet around frantically as if any level and target of taxation is completely justifiable because the situation is so terrible.

What do you think the effect on the farming sector will be?

Not that much. Could be wrong tho.

Did they? I'd don't remember reading that and I don't seem to have seen Reeves, Starmer or anyone else mentioning it when defending their position?

WFT

You still have to replace the banana yourself when the one on the wall has rotten and is stinking the place up.

Simultaneously hilarious and sad. Image who could be helped with 6mn!

It’s self assembly you get sent a banana and roll of duct tape.

comedy banana artwork is bought by comedy crypto bro (possibly fraud adjacent).

what a time to be alive.

Crypto bro buys art piece at overly inflated price, not sure how many other squares need checked off for a money laundering bingo card

That's how fucked up things actually are.
Couple that with reading 'Open box before eating pizza' on a pizza box, and you'd be right to think that we're not going to make it, are we?

I can see Del Boy down the market now with a trunk full of bananas and gafa tape

this is massive: will it be massive, can only hope

America's response is grimly predictable, the hope is that the net widens to take into account their facilitation.

It’s only one banana, Michael. What could it cost? 6.2 million dollars?

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.

the discussion with the tax advisor here, before this whole thing blew up so bad, was, i thought, pretty clear
https://www.bbc.co.uk/programmes/m0024p1x

I'm not sure whether you're agreeing that farms might go under or not.

And I don't know what you mean by this

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.

I'm checking that the scenario I've given is the basis of your view farms will go under rather than something else, because your op didn't expand.

My opinion? In the 50k e.g. I think that would put a farm under if they'd done no prior tax planning. In the 14k e.g no I don't think that would put a farm under, because I think that on a farm that size there would be scope to finance that level of debt over a longer period.

I don't know what you mean by this

In our e.g. the child has been given a farm worth £2.2m which if worked returns an income of £45k. Which gives the following options:

1. Sell
   
2. Partial sale and work
   
3. Work
   
   

In options 2. and 3. they retain the option of selling some or all of the farm at some future point. In all these discussions it feels like there is an underlying implication that either the child can't sell, or if they do sell they're not getting a windfall.

There's always money in the banana stand picture.

https://www.theguardian.com/politics/2024/nov/22/pro-brexit-views-not-protected-workplace-discrimination-tribunal-rules-ukip
lol

To be fair, nft/crypto bro, shit art, hanlon's razor is a real thing.

Lad in my team is into crypto, Bitcoin, tokens etc and he told me the other day that he’d bought an NFT a few years ago for about £600 and he ended up cutting his losses at a tenner.

Ironically, he’s telling me this story as we’re away in another city having dinner the night before a seminar on sustainability.

I might knock up half a dozen duct taped banana replicas and head down Camden Lock.

The NFT thing completely baffled me, and at the time I was working for a company offering blockchain services and had their own NFT marketplace. Sitting in the room on launch day watching the amount of money being thrown around for these things was ridiculous.

Chorleywood. Named after the place it was developed. It's been further refined to get to where we are today with supermarket "bread". It's interesting reading older bread cookery books like English Bread and Yeast Cookery, written in the 70s and bemoaning the quality of the mass produced bread of the day. It's only gone down since then!