I would guess most people have been aware that there were problems in the UK economy for a long time.
Yyou cannot ringfence one aspect so that it is unaffected by ecomonic shifts.
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Arenāt they though? With the family as board of directors? Thats my limited experience.
Well I would have thought so but in that case what is the issue with inheritance tax? If the company is an entity in its own right it carries on until it goes bust ior is closed down or taken over but there is no IHT when the directors change is there.
Labourās new budget has also caused a drop in the exchange rates, down to 1.18 (1.20 yesterday)
Iām going to give a little thank you for doing a big exchange on Monday.
This article might go some way to explaining, although it is now 2 years old.
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Hasnāt it always been the case that when a farm is passed between generations that some of the land is sold to cover the inheritance tax?
I am sure succession planning could find a way around this.
In general, the farm is a private limited company. The land, however, is personally owned. The necessary change will come when that land, and the farming business on it, become a public limited company.
In France, most farmers rent the major part of the land they farm h they personally own about 20% of it - due to Franceās strict inheritance laws. Every time the owner of a small parcelle of land dies, their inheritors divide it up, taking account of the quality of each parcelle. Every couple of generations, the parcelles become so small, and have been rented out to different farmers, that they have to have a āremembrementā to join the parcelles together and make them viable concerns. This often takes a decade or two to finalise and creates enormous animosity in a village. Farming business and inheritance is not an easy subject.
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Interesting, thank you.
The budget is as bad as the Truss one, though not in the same way, and less dramatic. There maybe growth, and one hopes there will be, but not based on this mishmash. The omertĆ on the real elephant in the room, rapprochement with the SM, remains.
You forgot the word ācutsā at the end 
Trickle-down economics is an economic theory that suggests that tax cuts and other policies that benefit the wealthy and businesses will eventually benefit the economy as a whole.
So, the theory goes that making the rich even richer will somehow make us all better off. Thatās just so much garbage.
To be honest, Iād rather have someone tell me the truth than lie to me or obfuscate. To me, itās the latter that says thereās a problem.
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My in-laws worked hard all their lives and by regularly moving up the property ladder their net worth is way over the current IHT threshold so their inheritors will get a big bill when the time comes.
Is this fair?
canāt they organise their affairs to mitigate the IHT ?
Whether you think itās fair or not, will depend on whether or not you believe in a society where everyone contributes according to their capacity so that society is a better place for everybody.
Or whether you believe itās better for individuals to keep theit personal wealth and live in a poor society.
The UK view seems to tend towards the latter and the division between rich and poor in the UK is vast compared to many countries.
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No. But it is simple. Those that have nothing to pass on, obviously, donāt pay anything. The very wealthy use trusts and other methods, so they donāt pay anything either. Itās the ones in the middle, who have already paid bloody tax on the modest wealth theyāve managed to accumulate that get clobbered.
āMeet the new boss
Same as the old bossā
While pensioners can go whistle.
I wrote some months ago that I though Labour wold be as incompetent as the Tories, just in a more caring way. I was wrong on the caring bit.
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That is crux of the problem.
I think the crux of the problem is that people have lost faith in goverments using their tax money fairly.
Plus the recent demonisation of paying tax at all and the worship of shareholder profit.
How far we have come from the days of great benefactors like Rowntree.
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Totally, yes.
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Thatās you straight out of my will.