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Debate House Prices
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What really is the outlook for farmland values? EE-I-HIGH-OR-LOW?
Comments
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Its actually 100%! I think you're thinking of business property relief which is 50%?
So if you want to pass on to your kids, say, 500k and ensure it is free of IT could you buy 500k worth of land (then maybe rent it to a nearby farmer until after your death) then the kids sell it and bank the full 500k?
How does it work if the land has a farmhouse attached? Do they divvy up the value so you only pay IT on tha house part?0 -
So if you want to pass on to your kids, say, 500k and ensure it is free of IT could you buy 500k worth of land (then maybe rent it to a nearby farmer until after your death) then the kids sell it and bank the full 500k?
How does it work if the land has a farmhouse attached? Do they divvy up the value so you only pay IT on tha house part?
Possibly but then would they have to pay cgt? isnt this more than iht?0 -
No IT paid at all, neither on the house,building or land or otherassets like machinery or livestock. Its all free of ITax."The purpose of Life is to spread and create Happiness" :j0
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Generally, I'm in favour of maximum access to the countryside, so long as the cost of this is shared. There aren't enough rights of way in my area, so I'd like to see more, enabling a larger number of circular routes, but if I was asked to provide one, I'd hope there would be cash to build the stiles and extra fencing required.
i think we agree on that. my point about loss of common land was not really aimed at smallholders (i'd love to do that myself if i had the chance) but more a general point about how our rights to be on the land have gradually be eroded and the places where we have a right to be with no extra charge or permission have considerably shrunk. perhaps things are not so bad in scotland where there is a general right to roam (i don't know how this works in practice as i haven't spent a lot of time in scotland).
i worry about investment land parcelling as this seems to be dividing plots up into useless portions only with the intention of making a fast buck at some time in the future. i'd also like to see re-wilding and re-forestation of significant areas with greater common access allowed.
to me there is something heart-sinkingly depressing about "keep out" signs on land.Those who will not reason, are bigots, those who cannot, are fools, and those who dare not, are slaves. - Lord Byron0 -
Gosh.....well I never knew that.No IT paid at all, neither on the house,building or land or otherassets like machinery or livestock. Its all free of ITax.
Shame LIR's not around as she'd know more about why farms/land have held their prices........but she'd dead busy sorting the farm she just bought.;)0 -
Gosh.....well I never knew that.
Shame LIR's not around as she'd know more about why farms/land have held their prices........but she'd dead busy sorting the farm she just bought.;)
Yes, I miss her on this forum. Hope she'll be back to give us an update soon, but ... err.....I know what it's like!
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After many, many hundreds of hours wandering around in other people's fields & woods, on and off footpaths, I can only say that I've never heard the words "Gerroffa moi land!"
My Dad heard it. A neighbour of my parents uttered words to that effect when a family decided to try out a quad bike across his oat fields. Literally across his oats, squashing them flat. He was unchuffed....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
i think we agree on that. my point about loss of common land was not really aimed at smallholders (i'd love to do that myself if i had the chance) but more a general point about how our rights to be on the land have gradually be eroded and the places where we have a right to be with no extra charge or permission have considerably shrunk.
Are you sure?
I think it's often the opposite, to be honest. More land is accessible than it used to be....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
for me there are two things to this
the UK will have to produce it's on food more and more in the future so it will need more farm land due to an increasing population.
the UK has a housing shortage and an increasing population that needs more houses built.
they both cannot really happen together without one or both increasing in demand and value.
I thought it was the case that we DONT actually have a housing shortage - if every household only had one house each? I believe there are rather a lot of "second homes" - so if all of these were "brought back into the picture" - ie "no-one has a second home - until everyone that wants one has a first home" then maybe we wouldnt "need" any more housing built?
We certainly DO need more land for foodgrowing and woodgrowing (all these new woodburners to "feed") and the more people there are - then the more countryside is needed for recreation purposes as well. it doesnt feel much like recreation being out in the countryside - UNLESS theres very few other people also out taking their leisure in the same area of countryside.
Which brings us neatly back round to Britain has way too many people...:(0
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