Companies House Changes

[Crazyfool01]

I think we may have digressed slightly from the original topic …. 

[A Particular Grey Chihuahu]

5 minutes ago, Crazyfool01 said:

I think we may have digressed slightly from the original topic …. 

 

Yeah, so ME is just getting his affairs in order. Sorted 💪

[Quark]

The whole thing had kind of blurred for me to the point where ME is actually Yog's dad and had been employing him without pay for years to the point where they estranged, and Yog's going to return as the long-lost scion of the Eavii dynasty and take over the festival.

 

Or did I miss something?

[Yoghurt on a Stick]

1 hour ago, DeanoL said:

 But it won't necessarily end well!

 

 

 

It has ended well - for now, at least.

 

1 hour ago, DeanoL said:

If the company books were so complex it took two full days to audit it suggests it wasn't a simple structure. There was possibly some creative tax avoidance that was within the law.

 

I didn't say that the books were complex. Only that they were in good order.  Maybe they weren't just investigating one year's of accounting. I don't have full information on this - it was a long time ago, and I never had full information to begin with.

 

Anyway, I had the call with my brothers last night, and (and I know your going to find this hard to believe DeanoL) but both tax authorities in the UK and Ireland (who are aware of the estate already) are going to be paid in full ie. my dad didn't set up some 'out there' tax evasion type trust etc. 

 

Oh, and I am going to get a fifth of whatever is left over. That has now been confirmed. 

 

 

 

Oh, and I am, apparently, going to get a fifth of what is left over. So, that ticks that box, but there's another factor which may come into play which may sour things a little. waiting for info back on that.

[Yoghurt on a Stick]

11 minutes ago, Quark said:

The whole thing had kind of blurred for me to the point where ME is actually Yog's dad and had been employing him without pay for years to the point where they estranged, and Yog's going to return as the long-lost scion of the Eavii dynasty and take over the festival.

 

Or did I miss something?

 

I wouldn't mind a pint of whatever you've just had Quark

 

Anyway, I'm sorry for my input in getting this thread to go off topic. I do use this site, sometimes, like a pressure vessel relief valve for my life.

[Ayrshire Chris]

Changes announced in the inheritance tax payable on farming estates. That could explain the changes that started this thread! 
 

back on topic😉😊!  Wait, hold on, a penny off draught cider and beer as well😉.

Edited October 30 by Ayrshire Chris

[DeanoL]

5 hours ago, Nobody Interesting said:

 

The ones you refer to would not fit into the group you suggest as how could they get the mortgage in the first place - I did ask but you did not reply to that part.

 

As for the rest if only you knew where I lived you would not have written what you did.

But as said before, we will not agree and as you seem to have turned aggressive I shall now end the discussion as it will get us nowhere.

 

Sorry I thought it was obvious: single people can get mortgages on expensive properties if they earn enough. 

If you live a building with cladding I'd absolutely have said what I did and I'm even more appalled by your viewpoint to be honest. You're actually experiencing the system breaking down and screwing you over, yet you look at other systems and someone points out "yeah but some people get caught in this trap" and your response is "there's not many so the system is fine".

 

This is where the concept of solidarity comes in. Want single parents to stand with you on cladding? Then stand with them on IHT changes.

[DeanoL]

4 hours ago, Yoghurt on a Stick said:

 

It has ended well - for now, at least.

 

 

I didn't say that the books were complex. Only that they were in good order.  Maybe they weren't just investigating one year's of accounting. I don't have full information on this - it was a long time ago, and I never had full information to begin with.

 

Anyway, I had the call with my brothers last night, and (and I know your going to find this hard to believe DeanoL) but both tax authorities in the UK and Ireland (who are aware of the estate already) are going to be paid in full ie. my dad didn't set up some 'out there' tax evasion type trust etc. 

 

Oh, and I am going to get a fifth of whatever is left over. That has now been confirmed. 

 

 

 

Oh, and I am, apparently, going to get a fifth of what is left over. So, that ticks that box, but there's another factor which may come into play which may sour things a little. waiting for info back on that.

Glad it worked out well in the end!

I think you may be a bit confused on tax evasion versus tax avoidance. Evasion is illegal, you're right there's no chance your family did that if it was audited. But tax avoidance is using certain financial structures to reduce your tax burden, HMRC aren't looking for that (there's nothing they can do about it if they find it) and what your moral stance on it is varies. The country as a whole don't tend to care when rich oligarchs do it but do care when Jimmy Carr does!

[russycarps]

4 hours ago, Ayrshire Chris said:

Changes announced in the inheritance tax payable on farming estates. That could explain the changes that started this thread! 
 

back on topic😉😊!  Wait, hold on, a penny off draught cider and beer as well😉.

 

So back to the original post, the changes made were to avoid paying more inheritance tax, or not?

 

It's for some calling the festival hypocritical twats I plan on doing 

[Yoghurt on a Stick]

5 hours ago, DeanoL said:

Glad it worked out well in the end!

I think you may be a bit confused on tax evasion versus tax avoidance. Evasion is illegal, you're right there's no chance your family did that if it was audited. But tax avoidance is using certain financial structures to reduce your tax burden, HMRC aren't looking for that (there's nothing they can do about it if they find it) and what your moral stance on it is varies. The country as a whole don't tend to care when rich oligarchs do it but do care when Jimmy Carr does!

 

Thank you for the contents of this post. you may be right about all this. my head's spinning to be honest. I'll leave it there, as I think we all need the thr4ead to get back on track. Thanks for allowing me to spout off all.

[russycarps]

2 minutes ago, Yoghurt on a Stick said:

 

Thank you for the contents of this post. you may be right about all this. my head's spinning to be honest. I'll leave it there, as I think we all need the thr4ead to get back on track. Thanks for allowing me to spout off all.

 

I'm still trying to work out if this means you're a millionaire now or not!

[Blownimpression]

11 minutes ago, russycarps said:

 

I'm still trying to work out if this means you're a millionaire now or not!

You’ll know if he changes his username to Caviar on a Stick

[tarw]

3 minutes ago, Blownimpression said:

You’ll know if he changes his username to Caviar on a Stick

I think that it’s more likely to be high grade narcotics on a stick for Yog

[Yoghurt on a Stick]

7 minutes ago, russycarps said:

 

I'm still trying to work out if this means you're a millionaire now or not!

 

No, it's not going to mean that. There is, quite rightly, two countries tax authorities who will have their way. More money has gone on UK and Irish solicitors and accountants, and a very large amount was already spent on my mom's care (which I had completely forgotten about - not me mom, but the cost of the care). We looked after her ourselves until we were no longer able, as we couldn't prescribe on the spot medication, which became a necessity.  I currently don't know what the actual value will be, as both tax authorities have to ratify everything, which isn't yet done.

 

I'll make this the last response on the subject so that the thread doesn't totally disintegrate. 

[DeanoL]

17 hours ago, russycarps said:

 

So back to the original post, the changes made were to avoid paying more inheritance tax, or not?

 

It's for some calling the festival hypocritical twats I plan on doing 

Quite possibly. IHT relief on farmland has now been reduced to $1 million.

[JayDiesel]

3 minutes ago, DeanoL said:

Quite possibly. IHT relief on farmland has now been reduced to $1 million.

In addition to the £1m that exists already, so it's assets worth £2m+ that get taxed. Even then, it's in small yearly installments: https://x.com/MilesKing10/status/1851904924306591956

[pc3036]

With the changes coming in I wonder how this might affect the farm and the future?

 

Moved to an existing thread by Moderation Team.

Edited November 5 by StoneCircle

[Yeo-vile idiot]

3 minutes ago, pc3036 said:

With the changes coming in I wonder how this might affect the farm and the future?

Inst it already being discussed 

[pc3036]

Sorry. I didn’t see this. I should read threads better

Edited November 5 by pc3036
Came across wrong

[Ayrshire Chris]

On 10/31/2024 at 11:23 AM, JayDiesel said:

In addition to the £1m that exists already, so it's assets worth £2m+ that get taxed. Even then, it's in small yearly installments: https://x.com/MilesKing10/status/1851904924306591956

I can see Michael emptying the contents of the longdrops outside Downing Street😉😊

[stuartbert two hats]

On 10/26/2024 at 5:49 PM, CaledonianGonzo said:

 

Nope.

 

Course there is. Michael just gave his company away.  I'm not making a moral judgement about it, but they're clearly doing what they can to be tax efficient - I.e. avoiding paying tax.

[incident]

6 minutes ago, stuartbert two hats said:

Course there is. Michael just gave his company away.  I'm not making a moral judgement about it, but they're clearly doing what they can to be tax efficient - I.e. avoiding paying tax.

 

As things stood, at the point the change was made and when it was discussed, this (as much as we can garner from the outside) looked to be tax neutral.

 

The budget has subsequently changed the rules, with effect from April 2026. So assuming Michael lives that long then yes, this move should save a certain amount of inheritance tax on any land owned. If he doesn't, then it's still going to be tax neutral.

 

The question now would be whether the Eavii had a heads up this was coming - the changes certainly took a lot of people by surprise.

[CaledonianGonzo]

41 minutes ago, stuartbert two hats said:

Course there is. Michael just gave his company away.  I'm not making a moral judgement about it, but they're clearly doing what they can to be tax efficient - I.e. avoiding paying tax.

 

Pls see the other post re. the difference between tax planning, tax avoidance and tax evasion.

[russycarps]

I wonder how many millions their vast amount of land is worth.

 

I guess for some people, it's just never enough.

[SouthbanKen]

On 10/27/2024 at 4:03 AM, The other Bellboy said:

Personally, I've missed hearing from this guy - always a unique take on things. Every one who attends Glastonbury is a rich bastard? - I wonder if he actually thinks before typing, I try too personally but don't always get it right, but I feel I at least try and balance out my shoulder chips on occasion.

Like a few people on here, I'm quite into the tax and retiring stuff as its getting close for me, so have a little bit of insight. I have no issues with paying tax, have paid a sh*t load during my life, but inheritance tax is simply not fair, everything you have earnt during your working life has life already been taxed, so taxing it again is just plain wrong. They are just setting things up in an efficient manner. 

 

Inheritance tax is entirely fair and one the simplest forms of wealth redistribution available. 

 

The "its already been taxed" argument is a fallacy. If my dad has earnt and saved and paid tax on £1million (he hasn't lol not even close). And then he dies and that money goes to me and my brother, that becomes our wealth, and neither of us has paid tax on this un-earnt wealth that has come our way. 

 

Its a wealth tax, wealth taxes are required more than ever given the ever increasing inequality in this country, but they are very hard to administer as they would require everyone to have a tax assessment every year in order to assess who needs to pay it. The one reasonable fixed point of time that we all inevitable face is death, its also the point that we are at the least need for our assets or wealth, and therefore the single most suitable time to levy a wealth tax.