More Than 200 Family Businesses Warn Reeves to Rethink ‘Harmful’ Tax Raid
More than 200 family firms have written to Rachel Reeves demanding she rethink her “discriminatory” and “harmful” changes to Business Property Relief (BPR). From next April, firms with assets worth more than £1 million will have to pay 20% IHT…
The open letter is backed by the bosses of shortbread giant Walkers, teacake titan Tunnock’s, ready meal outfit Charlie Bigham’s and construction firm Malcolm Brothers. It’s gathered 227 signatories so far…
CBI Economics warns Reeves’ raid on BPR will cost 125,000 jobs and wipe £9.4 billion off UK output. The letter says the cut is “effectively levying a state penalty on our business model and putting us at a disadvantage against our competitors who are not family owned” and that “the consequences are stark.” With 85% of UK businesses family-owned, the impact is hard to overstate…
The warning, spearheaded by the UK’s biggest independent hire business GAP is expected to land on the Chancellor’s desk after recess. Read the full letter and list of signatures below:
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