Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Family firms accuse Labour of dishonesty over tax plans, warn of threat to British business

by September 25, 2024
September 25, 2024
Family firms accuse Labour of dishonesty over tax plans, warn of threat to British business

Four out of five family-owned businesses have accused the Labour Party of misleading voters about its tax plans, according to a survey by Family Business UK.

The trade association has expressed serious concerns over potential changes to longstanding tax reliefs, particularly business property relief, which allows families to pass on business assets with reduced or no inheritance tax.

Neil Davy, chief executive of Family Business UK, warned that Labour’s tax policies could endanger the future of family-owned enterprises, which employ 13.9 million people and contribute over £200 billion annually in taxes. Research by the organisation suggests that many family businesses could face severe consequences if tax reliefs are cut, with some being forced to freeze recruitment or sell off assets to manage the increased financial burden.

The most alarming finding is that one-fifth of family businesses may be forced to close or liquidate to pay the inheritance tax charges if business property relief is reduced or abolished. This relief, which has been in place for decades, allows businesses to be transferred across generations with either a full or partial reduction in the standard 40% inheritance tax rate.

Davy also criticised the government for creating uncertainty, stating that many family businesses are delaying crucial investment decisions as they await confirmation on the future of these tax policies in the upcoming budget on October 30.

The survey, conducted by Censuswide, found that over a third of family businesses expect significant tax hikes in the budget, with 27% planning to freeze recruitment and 12% considering redundancies to cover rising costs. A quarter of respondents indicated that they would pause key investments.

The association, which represents 200 of the UK’s largest family firms, including Wates, NG Bailey, Bettys and Taylors of Harrogate, and Rigby Group, has urged the government to maintain the current tax reliefs to protect family-owned businesses and their contribution to the UK economy.

Read more:
Family firms accuse Labour of dishonesty over tax plans, warn of threat to British business

0
FacebookTwitterGoogle +Pinterest
previous post
Raspberry Pi shares surge after strong first update since flotation
next post
Drakeford plans new tax hit on private schools in Wales

You may also like

Non-bank lender White Oak pledges to lend £500M...

January 18, 2023

‘Greenwashing’ firms face steep new UK fines for...

February 20, 2023

5 Top Steps to Protect Your Business from...

February 8, 2024

Iceland boss warns Labour of potential bankruptcy from...

August 27, 2024

GrowUp Secures £38M Investment from Generate Capital to...

July 17, 2024

Half of women in tech drop out by...

June 12, 2023

Banks launch £5M mortgage support campaign following deal...

July 31, 2023

How does the heavy machinery removal process work?

March 26, 2025

Cash House Buyers: The Best Solution for Distressed...

June 19, 2024

Hospitality businesses urged to act on new tipping...

September 23, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved