Labour MP farming family tax avoidance

[Pouhon]

Couldn't see a post about this....

https://www.westerntelegraph.co.uk/news/24766306.m...

I don't have any particular axe to grind. I think people should be able to avoid (not evade) tax, but that is not the message that has been forced on us all of late.

Whether there was any inside knowledge or not, just the very process of circumventing a HMRC tax revenue of such significance certainly seems at odds with the overall message labour are trying to promote.

[Terminator X]

Within the rules? Can't really complain.

TX.

[pheonix478]

Even if they were forewarned, what possible advantage could that be to them? In any event, if you're wealthy and in any kind of tax position that can possibly be spun, by this rabble of pound shop socialists, into any kind of 'tax break for the rich' then you have to assume you're in the firing line.

[oyster]

Pouhon said:

Couldn't see a post about this....

https://www.westerntelegraph.co.uk/news/24766306.m...

I don't have any particular axe to grind. I think people should be able to avoid (not evade) tax, but that is not the message that has been forced on us all of late.

Whether there was any inside knowledge or not, just the very process of circumventing a HMRC tax revenue of such significance certainly seems at odds with the overall message labour are trying to promote.

You do though.




And nowhere have I seen the Labour government suggest legal tax avoidance goes against some message.

[NuckyThompson]

It’s a weird one, if they knew beforehand because they had insider information it’s stupid to do it before the budget as they didn’t need to do it then anyway. Ok if they do it after they also look to be making a mockery of labours law anyway as it shows that the rich can avoid it easily and it looks like labour on,y really want to target actual farmers.

Interesting to note that the MPs father is a trained chartered accountant

[119]

Terminator X said:

Within the rules? Can't really complain.

TX.

"MP denies he tipped off family to avoid farm tax changes"


Hmmmm.

[jesusbuiltmycar]

119 said:

Terminator X said:

Within the rules? Can't really complain.

TX.

"MP denies he tipped off family to avoid farm tax changes"


Hmmmm.

Smells fishy … if this were the stock market wouldn’t it be insider trading?

Out of interest are Cabinet Minister allowed to ‘benefit from the free market’ like say Nancy Pelosi?

[rscott]

119 said:

Terminator X said:

Within the rules? Can't really complain.

TX.

"MP denies he tipped off family to avoid farm tax changes"


Hmmmm.

Farm tax changes which don't happen until April 2026?

[119]

rscott said:

119 said:

Terminator X said:

Within the rules? Can't really complain.

TX.

"MP denies he tipped off family to avoid farm tax changes"


Hmmmm.

Farm tax changes which don't happen until April 2026?

It’s alleged that he gave his folks the heads up before any announcement was made.

[rscott]

119 said:

rscott said:

119 said:

Terminator X said:

Within the rules? Can't really complain.

TX.

"MP denies he tipped off family to avoid farm tax changes"


Hmmmm.

Farm tax changes which don't happen until April 2026?

It’s alleged that he gave his folks the heads up before any announcement was made.

Odd that a back bench MP would know about these planned changes when the SoS for DEFRA didn't know.

Far more likely this was something which had been underway for months as part of normal, sensible tax planning by a farming family, same as many others out there.

[oyster]

rscott said:

119 said:

rscott said:

119 said:

Terminator X said:

Within the rules? Can't really complain.

TX.

"MP denies he tipped off family to avoid farm tax changes"


Hmmmm.

Farm tax changes which don't happen until April 2026?

It’s alleged that he gave his folks the heads up before any announcement was made.

Odd that a back bench MP would know about these planned changes when the SoS for DEFRA didn't know.

Far more likely this was something which had been underway for months as part of normal, sensible tax planning by a farming family, same as many others out there.

It was being rumoured in the media for several weeks ahead of the Budget.

The Budget decisions themselves wouldn't have been finalised until a week or two before the day itself.

As above, an implementation date 18 months in the future.

This is a non-issue (and there are far more bad things this Government have done).

[pavarotti1980]

119 said:

It’s alleged that he gave his folks the heads up before any announcement was made.

And everyone has the opportunity to do it after the announcement was made and before implementation date.

[valiant]

119 said:

It’s alleged that he gave his folks the heads up before any announcement was made.

To what benefit?

[119]

valiant said:

119 said:

It’s alleged that he gave his folks the heads up before any announcement was made.

To what benefit?

Ask him not me.

[bitchstewie]

Doesn't seem a million miles away from when we had Conservative MPs betting on the date of the General Election.

The article says "inferences it led to his wealthy landowner parents shielding their estate" which doesn't sound good.

How the hell do you prove that link though?

[pheonix478]

119 said:

It’s alleged that he gave his folks the heads up before any announcement was made.

To what advantage though? I guess they could have had a few weeks head start to give away their farm assets under the 7 year rule?

[sugerbear]

119 said:

valiant said:

119 said:

It’s alleged that he gave his folks the heads up before any announcement was made.

To what benefit?

Ask him not me.

If the parents die within the next seven years then the brother will have to pay inheritance tax on a sliding scale (if they die before April 2026 they pay nothing anyway)

There would have to be a really special set of circumstances for there to be any benefit to handing the farm over a month ago rather than now unless they happen to die within the next seven years instead of seven years and seven months and then it will be a marginal rate of IHT to pay anyway.

Daily Flail readers will love the story because it feeds into their labour bad, conservatives/reform good trope.