Companies House Changes

[AFJM78]

Morning. There was some significant activity on Companies House yesterday. Any one got any inside info? Hope its not sad news

 

https://find-and-update.company-information.service.gov.uk/company/02737866/filing-history

 

https://find-and-update.company-information.service.gov.uk/company/04348175/filing-history

[gooner1990]

I'm no expert but that looks to me like ME officially handing the reigns  over to EE.  

 

The Old Mill Trust Foundation appears to be an accountants.  

 

Given that ME has just turned 89 it may just be planning ahead for things that will sadly come sooner rather than later.

 

[dotdash79]

Looks like a trust has been set up and ME’s shares have been moved into the trust. So looks to be estate planning, would expect some other none farming assets to be moved into trust. 
 

I did read somewhere the other day farms and farm land isn’t in scope for inheritance tax. 

[A Particular Grey Chihuahu]

Got to do these things. I've just been sorting some power of attorney things with my parents. I definitely want to make sure I inherit that £500 when they go 😝

[Ayrshire Chris]

There’s possibly major changes about to happen to inheritance taxes. Maybe that’s the reason for changes. I’m sure the accountants know what they are doing. 

[efcfanwirral]

8 minutes ago, Ayrshire Chris said:

There’s possibly major changes about to happen to inheritance taxes. Maybe that’s the reason for changes. I’m sure the accountants know what they are doing. 

ha yeah the timing is definitely for that

[DDave]

posted in the wrong thread, please ignore

Edited yesterday at 01:51 PM by DDave

[Yoghurt on a Stick]

8 hours ago, dotdash79 said:

Looks like a trust has been set up and ME’s shares have been moved into the trust. So looks to be estate planning, would expect some other none farming assets to be moved into trust. 
 

I did read somewhere the other day farms and farm land isn’t in scope for inheritance tax. 

 

Whatever the reason, you just 'know' efficiency is at play. 

[Yoghurt on a Stick]

3 hours ago, A Particular Grey Chihuahu said:

Got to do these things. I've just been sorting some power of attorney things with my parents. I definitely want to make sure I inherit that £500 when they go 😝

 

In the same boat, only the amount is in the millions. I find out next Tuesday night just how much of a kick in the bollocks my now dead dad is going to give me. Being one of two black sheep of the family, it doesn't bode well. In fact, I think he's taking a right run up right now from beyond the grave to provide that boot into my 'stones' at the highest velocity he can muster. 

 

To the males out there - ever sat down on one, or both, of your own nuts? Well, that's the most exquisite pain my nuts have ever experienced, having 'been there', so to speak. Well, that'll be nothing compared to the possibility of this potential 'assault'.  lol

 

 

[Ayrshire Chris]

4 hours ago, A Particular Grey Chihuahu said:

Got to do these things. I've just been sorting some power of attorney things with my parents. I definitely want to make sure I inherit that £500 when they go 😝

Sadly I’m at the other end of that and have set up POA and will for my family. I need to know my Glastonbury memorabilia, wristbands etc don’t end up in a jumble sale😉😊

[incident]

So judging from what's publicly available following the changes yesterday:

 

GFEL Ltd (the main company, that puts on the festival) has been handed directly and fully from Michael to Emily.

 

GFL Ltd is a bit more complicated, but a controlling majority stake has been transferred from ME to a trust in his name.

 

Manorborder Limited (which I believe handles Worthy Farm / Festival related property) is still majority owned directly by ME, but with a reduced stake - shares totalling approximately 18% of the company have been split amongst the 5 children.

[Yoghurt on a Stick]

37 minutes ago, incident said:

So judging from what's publicly available following the changes yesterday:

 

GFEL Ltd (the main company, that puts on the festival) has been handed directly and fully from Michael to Emily.

 

GFL Ltd is a bit more complicated, but a controlling majority stake has been transferred from ME to a trust in his name.

 

Manorborder Limited (which I believe handles Worthy Farm / Festival related property) is still majority owned directly by ME, but with a reduced stake - shares totalling approximately 18% of the company have been split amongst the 5 children.

 

Thank you for the increased clarification. 

[russycarps]

This is how the rich stay rich. Paying tax is for the little people.

 

 

[Yoghurt on a Stick]

2 hours ago, russycarps said:

This is how the rich stay rich. Paying tax is for the little people.

 

 

 

Hello russycarps,

 

Congratulations on your return and 20K post.

 

I agree with what you say. In my own case my family could have gone off shore etc to avoid tax, but never did so ie they paid all the taxes that were due and never used clever financial chicanery to avoid paying tax. Something I have found out in life is that not all rich people are c**ts. Some of them just work very very hard to gain their riches. Personally speaking I question whether my parents choice of their zeal for even more money was the best thing for the family as a whole. I (and 3 of my 4 brothers) were used as free labour by my parents for over 20 years. That's holding down a job and them doing all their work on top. My youth and beyond was spent working, working, working. 

 

I recall that me and my brothers wanted the day off when Live Aid was on. When we broached the subject with my father were were told to 'Get in the f**king car, get over the the building site and do a days work'. There was plenty of that behavior.

 

Not every rich person was born with a silver spoon in their mouths.

[Ayrshire Chris]

1 hour ago, Yoghurt on a Stick said:

 

Hello russycarps,

 

Congratulations on your return and 20K post.

 

I agree with what you say. In my own case my family could have gone off shore etc to avoid tax, but never did so ie they paid all the taxes that were due and never used clever financial chicanery to avoid paying tax. Something I have found out in life is that not all rich people are c**ts. Some of them just work very very hard to gain their riches. Personally speaking I question whether my parents choice of their zeal for even more money was the best thing for the family as a whole. I (and 3 of my 4 brothers) were used as free labour by my parents for over 20 years. That's holding down a job and them doing all their work on top. My youth and beyond was spent working, working, working. 

 

I recall that me and my brothers wanted the day off when Live Aid was on. When we broached the subject with my father were were told to 'Get in the f**king car, get over the the building site and do a days work'. There was plenty of that behavior.

 

Not every rich person was born with a silver spoon in their mouths.

Wow, Springsteen could write a song from that!
seriously that sounds really tough. I agree with your last sentence.  I went through something similar with added extreme religion. 

[russycarps]

1 hour ago, Yoghurt on a Stick said:

 

Hello russycarps,

 

Congratulations on your return and 20K post.

 

I agree with what you say. In my own case my family could have gone off shore etc to avoid tax, but never did so ie they paid all the taxes that were due and never used clever financial chicanery to avoid paying tax. Something I have found out in life is that not all rich people are c**ts. Some of them just work very very hard to gain their riches. Personally speaking I question whether my parents choice of their zeal for even more money was the best thing for the family as a whole. I (and 3 of my 4 brothers) were used as free labour by my parents for over 20 years. That's holding down a job and them doing all their work on top. My youth and beyond was spent working, working, working. 

 

I recall that me and my brothers wanted the day off when Live Aid was on. When we broached the subject with my father were were told to 'Get in the f**king car, get over the the building site and do a days work'. There was plenty of that behavior.

 

Not every rich person was born with a silver spoon in their mouths.

 

Hi Yog thanks for the congratulations! 

 

Sorry to hear about your familial woes. Money is the root cause of much evil. 

 

But i agree, not all rich people are c**ts. What is rich anyway? Compared to someone with nothing, I am rich. Compared to most, I am not rich.

 

But whether I am rich or not, I pay my taxes without complaint. 

 

There is something incredibly grubby to see the founding family of Glastonbury desperately shuffling their paper work to avoid paying a few extra quid in tax. Very sad to see indeed. 

 

 

[CaledonianGonzo]

Seems to me they're just doing tax planning - which is just sensible.  If they don't get organised in an efficient manner within the legislation they're just pissing away money that would be passed on to either punters as ticket price increases or to charities in the form of smaller contributions.

[Crazyfool01]

they do give 2 million a year to the festival charities and help with many  other local projects ... 

Edited just now by Crazyfool01

[CaledonianGonzo]

Radical take, but its better for the future of the festival if the business succeeds rather than collapsing in a heap of debt and tax forfeiture.