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🎪 Glastonbury’s £80 Million Question: Is Eavis Avoiding Tax or Protecting a Legacy?

& Three Things We Can Learn from Michael Eavis's Tax Planning Strategy

The 99 TL;DR Michael Eavis transferred shares in Glastonbury Festival to his daughter and a family trust ahead of upcoming inheritance tax changes. Press reports claim this could save the family up to £80 million.

We’ve looked into what’s actually happened, whether it’s legal, and where that £80 million figure comes from.

About Michael Eavis

Michael Eavis, 89, is the Somerset dairy farmer who created Glastonbury Festival in 1970. He still runs Worthy Farm and co-hosts the festival with his daughter Emily. He was knighted in 2024 for services to music and charity.

About Worthy Farm

Worthy Farm is a 1,500 acre working dairy farm and the permanent home of Glastonbury Festival. It’s estimated to be worth around £13.5 million.

What’s the story?

In October 2024 (just before the government’s Autumn Budget announcement), Michael Eavis did two things:

1️⃣ He gave his daughter Emily his shares in Glastonbury Festival Events Limited, the company that runs the event and sells tickets

2️⃣ He transferred three-quarters of his shares in Glastonbury Festivals Limited, which owns the festival’s intellectual property and trademarks, into a family trust

The holding company distributes most of its profits to charities like Oxfam, Greenpeace and WaterAid, giving away around £5.9 million last year.

Meanwhile, the festival operation sold 210,000 tickets at about £300 each, generating £68 million in revenue and almost £6 million in pre-tax profit, nearly double the previous year.

Is this legal?

Yes. These are standard estate planning tools:

• Gifts of shares can be inheritance tax free if the person making the gift survives seven years
  

• Trusts can keep assets out of your taxable estate if structured properly. They are also not tax free. They come with their own set of inheritance tax, income tax, and capital gains tax rules. Anyone using a trust should get professional advice to avoid unintended tax bills.
  

Why did he do this?

Saving Money 

Some outlets, including The Times, reported the move could save up to £80 million in inheritance tax, particularly as it was timed ahead of new rules that cap tax relief on business and agricultural property. He made the gift to transfer ownership of his business and farmland into the family while qualifying for 100% Inheritance Tax (IHT) relief. Under current rules, such assets pass tax-free if held for at least two years before a gift or death, and the donor survives seven years afterward.

Control & Independence

There’s the financial upside but there is also control. By avoiding inheritance tax you reduce the need for your heirs to sell your assets. For a business like Glastonbury to continue, and remain independent, this is important.

Why he gets an A* for timing

Gifting his business and farmland now lets him lock in full 100% Inheritance Tax relief but doing it before the October Budget announcement added an extra layer of protection. Here’s why:

The trust gets its own full £1 million business relief allowance. If he’d done this after the announcement, any new trusts he sets up would be forced to share that single allowance.

On top of that, by gifting before the Budget, the gift is completely unaffected by what are called ‘transitional rules’ so even if he dies after 6 April 2026, whether within seven years or not, the full uncapped relief still applies. In other words, the gift is fully protected, full stop. If you’re interested, you can read more about that here.

Where has the £80 million figure come from?

This estimate came from The Times, which suggested Glastonbury Festival might be worth as much as £400 million.

But Glastonbury responded that this figure was "wildly speculative" and stressed the festival "will never be sold." A spokesperson said both the organisation and Michael Eavis "have always been, and will always be, happy to pay their due tax."

What are the current IHT rules in the UK?

• Inheritance tax is charged at 40 percent on estates worth over £325,000
  

• There’s an extra £175,000 allowance if you pass on a home to direct descendants
  

• Gifts made more than seven years before death are usually exempt
  

• Leaving 10 percent or more to charity lowers the IHT rate to 36 percent

What’s changing:

• Right now: BPR and APR can reduce IHT by up to 100 percent on qualifying business or farm assets with no upper limit (as explained above)
  

• But from April 2026:
  

  • Only the first £1 million of qualifying assets per person will continue to receive 100 percent relief
    

  • Any value above £1 million will only get 50 percent relief, meaning the rest is taxed at 20 percent (half of the standard 40 percent IHT rate)
    

  • Unused allowances cannot be passed to a spouse
    

This means that family businesses, farms, AIM shares and trusts may face inheritance tax bills for the first time, especially where assets exceed the £1 million threshold.

What about IHT rules on farmers?

Worthy Farm could face a separate inheritance tax bill of around £2.5 million.

Under the new rules:

• Farmers can pass on £1 million of agricultural assets tax free
  

• Plus the usual £325,000 nil rate band and £175,000 residence allowance
  

• Couples can combine allowances to pass on £3 million tax free

Three Things We Can Learn from Michael Eavis's Genius Tax Planning Strategy

✅ The seven-year rule matters
If you give away assets and survive for at least seven years, those gifts are usually free from inheritance tax. This is why early planning is so powerful, waiting too long could leave your estate with a 40 percent tax bill on anything above the £325,000 threshold.

✅ Trusts can reduce your taxable estate but they are not tax-free
Placing assets into a trust can remove them from your estate for inheritance tax purposes. But trusts come with their own tax rules. They can be useful, but they are not a loophole.

✅ Big changes are coming in April 2026
From April 2026, the government will introduce a £1 million cap per person on Agricultural Property Relief and Business Property Relief (See more above) These changes could affect farmers, business owners and families using trusts.

What do you think?

Some say this is smart estate planning. Others say it’s at odds with the values Michael Eavis has championed for decades.

The media has emphasised the latter but what do you think?

Is this hypocrisy or just common sense when it comes to passing on a family legacy?

Lifetime ISAs Need to Change. But Will They?

The 99 TL;DR
Lifetime ISAs were designed to help people under 40 save for a home or retirement with a 25 % government bonus. But… they can be confusing, unfair, and could leave some savers worse off than when they started. We’ve talked about reform for ages but will it ever actually happen?

What’s a Lifetime ISA again?

• For UK residents aged 18 to 39
  

• Save up to £4,000 per year
  
  

• Get a 25 % bonus from the government (up to £1,000 annually)
  

• Use it for your first home (under £450,000) or for retirement from age 60
  
  

• Withdraw early for other reasons? You’ll pay a 25 % penalty
  
  

• You can hold cash, stocks and shares, or a mix of both
  

What’s the problem?

🔴 People are losing money
Unauthorised withdrawals mean losing the bonus plus 6.25 % of your own contributions. 

🔴 It’s not working as intended
In 2023–24, nearly 100,000 early withdrawals happened compared to 57,000 used for home purchases.

🔴 Risk of unsuitable choices
MPs say the LISA’s dual goal often leads people into the wrong investment mix, potentially steering them away from better options.

🔴 Benefit claimants are penalised
Savings count towards Universal Credit and housing benefit eligibility, unlike other retirement savings.

🔴 The £450k cap is out‑of‑date
Freeze on property cap since 2017 means many first‑time buyers now get penalised for homes just over the limit.

How many people use them?

• Around 1.3 million active accounts
  
  

• Only 6 % of eligible adults have opened one
  

What we think should change

• Raise the £450k house price cap to match current market
  

• Fix the unfair benefits rule that penalises people on low incomes (Currently, savings in a LISA are included in the eligibility assessment for Universal Credit)

• Add clear warnings or simplify the product, especially for vulnerable consumers
  

• Question the value of spending an estimated £3 billion in bonuses over five years

  Have a Lifetime ISA’s and Agree? Consider writing to your MP here.
  

Three Things You Should Know About LISAs

✅ Use it right and get a 25 % bonus
⚠️ Use it wrong and lose part of your own savings
🧾 It could reduce your benefits if you’re on Universal Credit

The 99 TL;DR
In 2025 so far, children have earned the most money for one simple task: being good. Good behaviour now pays more than feeding pets or doing homework. GoHenry’s data shows what kids are earning, what they’re saving for, and where the most generous regions are.

What’s going on
GoHenry, a digital pocket money app, tracked the earnings of six to 18 year olds from January to mid April. The top paying task? Being good, with kids earning an average of £1.48 per go.

Top five highest-paid tasks

1. Being good £1.48
   

2. Practising music £1.33
   

3. Caring for pets £1.31
   

4. Doing homework £1.28
   

5. Brushing teeth £1.20
   

Most common jobs for cash

1. Tidying bedroom £1.10
   

2. Doing homework £1.28
   

3. Helping around the house £1.14
   

4. Brushing teeth £1.20
   

5. Caring for pets £1.31
   

Who gets the most
Kids in the South East receive the highest average weekly pocket money at £12.80. In Scotland it’s £10.73. The East of England comes in lowest at £8.46.

Are boys still getting more?
Yes, just. Boys earn £1.53 per task, while girls earn £1.50. But girls edge ahead overall on pocket money with £9.94 a week compared to £9.87 for boys. It’s not clear from the data as to whether this is a statistically significant gap.

What are they saving for?
Top savings pots include holidays, birthdays, electronics and clothes.

Why it matters
GoHenry says these habits show kids are learning to plan and save. It’s also a revealing glimpse into how families are using cash as motivation whether it’s to get the violin practised or the homework done.

📚 Sources

Glastonbury’s £80 Million Question: Is Eavis Avoiding Tax or Protecting a Legacy?

• The Times – Glastonbury owner hands over reins to save £80m inheritance tax

• The Times – Even socialists don’t like paying inheritance tax (editorial)

• Lords Library – Budget 2024 and changes to agricultural and business property relief

• Albert Goodman – IHT planning for April 2026

• BK Plus – Inheritance tax is changing from April 2026

Lifetime ISAs Need to Change. But Will They?

• BBC News – Lifetime ISAs leave some with less money than they put in

• The Times – LISA complexity and mis‑selling warnings

• Evening Standard – LISAs should carry warnings for some savers

• Financial Times Adviser – LISA risks unsuited investments

• The Guardian – LISAs risk poor investment choices

• MoneyWeek – Is a Lifetime ISA worth it?

Pocket Money Politics: Top regions, pay gaps and most lucrative chores in 2025

• Independent – Children ‘earning biggest cash payments for behaving well’