Vehicle Excise Duty. otherwise known as Tax Grab.

[JQB]

Well come and register in France no vehicle tax unless you use the Page which many do not .
Spain very low tax and fuel costs. Currently 1.30 euro pl.
House tax similar levels at 300 pa roughly.
Income tax similar to the UK, as to farmers very few will be affected, as 65% are rented farms no IHT. Many of the others were tax avoidance schemes like Jeremy Clarksons.
The other few are businesses and my business was not exempt IHT in fact I would have loved a £1m threshold then reduced tax ( do not remember the actual figures).

It's difficult, i've cousins who farm 750 Exmoor very little profit. I'm the eldest son of the eldest son so was in line to inherit two farms, luckily my father chose not to take on the farms and they were sold, so i don't now have a direct problem wirh the new legislation, but many will. My cousin's son will take over, but will he now? I doubt it. It'll be sold to a corporate tax haven tax avoiding investment firm, so where's the benefit in that? The tenant will pay rent, it'll end up in a tax haven.

 

[colinm]

It's difficult, i've cousins who farm 750 Exmoor very little profit. I'm the eldest son of the eldest son so was in line to inherit two farms, luckily my father chose not to take on the farms and they were sold, so i don't now have a direct problem wirh the new legislation, but many will. My cousin's son will take over, but will he now? I doubt it. It'll be sold to a corporate tax haven tax avoiding investment firm, so where's the benefit in that? The tenant will pay rent, it'll end up in a tax haven.

There where some figures banded about recently, a farm generating a net £40,000 income would likely be liable for £600,000 IHT, this can be paid over 10 years, so for 10 years you would be losing £20,000 per year!
For family farms, that could mean when your parents die you have to pay to keep your job!
I can understand that when the likes of Dyson or Clarkson buy farmland just to avoid IHT it's not good, but now those farms which are struggling to survive will have less incentive to continue.
Great news for those who want to buy pony paddocks though.

 

[colinm]

Ah but they have been paying nothing until now. Have you seen the size of some of these electric vehicles not to mention how much they weigh. As to their green credentials well we can argue that until the cows come home but my neighbour over the road has a two ton EV Mustang that I think cost about £60k or something. Should it be free? I don't think so.

After April he will be paying around £600 per year, as a lot of EV owners will have to, but maybe wee need to introduce this across the board, You up for paying say £800 a year for a motorhome for the first few years, then £400 a year thereafter?

 

[mariesnowgoose]

There where some figures banded about recently, a farm generating a net £40,000 income would likely be liable for £600,000 IHT, this can be paid over 10 years, so for 10 years you would be losing £20,000 per year!
For family farms, that could mean when your parents die you have to pay to keep your job!
I can understand that when the likes of Dyson or Clarkson buy farmland just to avoid IHT it's not good, but now those farms which are struggling to survive will have less incentive to continue.
Great news for those who want to buy pony paddocks though.

The French eat horse meat, as do other parts of the world, so it might turn out to be a food security lifesaver in the long run

 

[mariesnowgoose]

Getting back to the subject of vehicle tax.

A quick poll maybe? Find out how many (active) members will have to get rid of their motorhome (or any other vehicle they own) because they genuinely can’t afford to tax it as a result of the increases?

 

[mark61]

Getting back to the subject of vehicle tax.

A quick poll maybe? Find out how many (active) members will have to get rid of their motorhome (or any other vehicle they own) because they genuinely can’t afford to tax it as a result of the increases?

Probably a similar result as asking who wouldn't hand over their wallet when there's a 12 bore pointing up there nostrils.

 

[Tim120]

Not read all of the thread so apologies if repeating....
Would a better solution for family run farms be to not pay tax on inheritance of a farm but if the farm is sold, thereby if it stays within the family as a farm no liability to IHT.
Just a thought.

 

[mark61]

Not read all of the thread so apologies if repeating....
Would a better solution for family run farms be to not pay tax on inheritance of a farm but if the farm is sold, thereby if it stays within the family as a farm no liability to IHT.
Just a thought.

It probably would be, but being better is not the goal.

 

[mariesnowgoose]

Not read all of the thread so apologies if repeating....
Would a better solution for family run farms be to not pay tax on inheritance of a farm but if the farm is sold, thereby if it stays within the family as a farm no liability to IHT.
Just a thought.

Yes, but try telling that to the Whitehall treasury goons!

 

[mark61]

The likes of likes of Dyson or Clarkson have many other ways available to avoid inheritance tax. This is nothing to do with revenue and all to do with culture.
Whitehall knows exactly what they are doing. You either buy their bollox or you don't