Anyone watching the Budget 2024?

[LadyofRutshire]

I couldn't find a thread on today's budget. Anyone watching live?

The budget was ok. I am relieved. Also so refreshing to have a female chancellor.

Just to add to this comment. I now live in a small village on the edge of a lot of farmland.

There are some farms currently up for sale not too far from us.

For example, one is 480 acres and is for sale at £6.7 million, another is 380 acres and is £6.45 million. Both of them grow potatoes, grain and other things.

Another is 330 acres and for sale at £3.1 million - although that is just for the land, there are no buildings included.

Or slightly smaller, a farm with 170 acres for £2 million.

In contrast "Clarksons Farm" has around 1,000 acres

Was mildly surprised that I think I heard fiscal drag has been ended and allowances have been index linked again.

What % is your employer's pension contribution? I know the police is 31%.

For comparison, mine is 3%. Hardly "slightly" better.

Hmm, you've got a point.

If IHT applies to you, there are options.

Get married/civil partnership.

Donate your estate to a registered charity or a local community sports club.

But he and the practices are going to be buggered by this budget

I'm not watching @Killingoffmyflowersonebyone what is impacting the business?

Thanks for all the snide remarks regarding second properties. We are not buying to rent out. This will be our family home. My husband owns another property that his children live in with their mum. Sorry we didn't make them homeless.

Overall not a bad budget. I was a bit worried with all the press recently. Sounds like the farm iht needs looking at more closely though.

My dh has a small business but as he only has himself and 2 employees I’m hoping he won’t be impacted too much.

Agree with a previous poster about wishing they were all on the side of us, the constituents, instead of tearing strips off each other. I don’t think I’ve ever seen Rishi so animated though, that private jet increase has really got to him.

Also, that women sat to the left of Rishi is really annoying me with her shouting out and face pulling.

That's awful OP. Imagine if that happened to any other property buyer; the outrage.

Hope you can get it sorted

I look forward to a time when people do not have to express delight, surprise or any emotion whatsoever when a woman takes up any role at all. That’s when women will have made it.

APR also covers the value of the farmhouse if left with a working farm. Land is about £10,000 an acre. £1million is peanuts.

Well yes, that's generally what business have to do if they can't find other ways to increase revenue.

I mean I've made some assumptions but if;

10 of the 50 are on NMW FT (admin staff)
10 on £25k (nurses, new vets)
15 on £35k (average for a vet)
10 on £60k (higher end for experienced vets)
5 on £100k (highly specialized vets)

Then the changes to NI and NMW would result in around a 2-3% increase in overall staffing costs.

If that's enough to put people out of a job then he clearly wasn't planning to award even inflationary pay rises this year to his staff, and I've no idea how he made it through the energy crisis with such small margins.

The fact that you stated there have been opportunities to sell the practices to larger business suggests there is scope for increasing profitability.

I'm sure your husband is a fantastic vet and it sounds as if caring person with the best interests of his customers at heart, unfortunately that doesn't mean he's a good businessman.

@deflatedbirthday don't drop feed then!

@Shitshower access to all claimants bank accounts if you collect a welfare benefit. I assume it will be all benefits , means tested or not. It’s to tackle fraud.

Sunak is really throwing his toys out of the pram.

That is £1 million for a couple - ie two people.

If you are unmarried and wish to leave money to your children then both you and the father of the children get £500k each.

The only difference is that unmarried people have to pay IHT on the death of the first person and cannot leave it until the second death.

So the Tories basically committed fraud. RR started her speech with this and RS has made no comment in relation to it.

Dig at Sunak apparently who has property in the US.

Have you been punched by a patient ? My colleague was hit by a fire extinguisher, another chased into a toilet. Have you been verbally threatened by relatives despite being polite and helpful ? Have you worked repeated Christmas’ and your kids birthdays ? Only allowed to request 2 shifts a month ? Worked 2 weeks of days then nights for years whilst sleeping a few hours during the day ? Absolutely knackered ? Did you work during Covid and look after patients dying rapidly in front of your very eyes ? Oh and then catch long Covid and be left with heart issues ? We deserve every bit of it and it’s not even that good. I’ll have to nurse til I’m 67, try it maybe…

I can see larger 'family farms' will struggle with the 20% rate as PPs say family farms don't tend to have the cash to pay IHT without disposals. I don't know if the numbers will make family holding companies owning land above a £1m threshold more attractive. I expect the accountants will be making recommendations.

Is it certain this will lead to consolidation though if the incentive is reduced for the hugely wealthy to buy vast acreage for IHT relief as happens with several of the largest holdings in England now?

I think it's one of the traditions that the Deputy Speaker presides over the budget, not the Speaker.

Naughty Wes.

No massive new surprises.

Good they are being responsible.

Bit concerned to see how increased NI costs for businesses will pan out in terms of growth impact.

Concerned about the impact on farming.