Diversification in farming has taken many forms over the years but none has been as successful in West Wales as the move by farmers into commercial dog breeding. Polarising opinion in the media but providing a large sustainable source of revenue, they have also given work in rural communities and provided additional work in other sectors such as foods, veterinary care.
In times gone by the killing of the farmers own stock for his family was one of the great things of living directly off the land. The memories of a farmer drinking his own herds milk or killing an animal in an outhouse for his family is something which may be remembered with some fondness. The fact that fewer do this is certainly not down to the fact that these are prohibited by law, in fact it is quite the reverse with the European regulations giving a clear exemption for homekill and the food standards agency providing limited guidance on the issue.
Wednesday 19th March saw George Osborne announce his 5th Budget as Chancellor. There was little news regarding Inheritance Tax. It was announced in the 2013 Budget the threshold for inheritance tax is to be frozen at £325,000 until the tax year 2017-2018 and this budget confirmed this.
Mum, Dad and son are all partners in a farm where the farmland is owned 50% by Mum and 50% by Dad. Mum and Dad make Wills under which they pass their respective partnership shares to their son on first death but the remainder of the estate is to pass to the surviving spouse. Dad passes away first and Mum believes that the farmland (including her house) has passed to her. However, the farmland was actually held as a partnership asset within Mum and Dad’s capital account of the balance sheet. Therefore when dad left his share of the partnership to the son this included Dad’s 50% of the farmland. This may not have been what was intended and could cause problems and in a worst case scenario expensive litigation.
Believe it or not, it is twelve months since the horsemeat allegations or the “horsemeat scandal” as the press called it. How much of a scandal it was is still to be ascertained, but now twelve months since the start of the investigation the hygiene regulatory type of offences will be now time barred. What is left in terms of any possible prosecution is to be considered over the next few weeks but there are signs that the European Union is reacting.
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