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

Future Retirement Success

Business

James Dyson condemns ‘spiteful’ inheritance tax in budget, warns of impact on family businesses

by November 4, 2024
November 4, 2024
James Dyson condemns ‘spiteful’ inheritance tax in budget, warns of impact on family businesses

Sir James Dyson has strongly criticised Chancellor Rachel Reeves’ latest Budget, describing the new inheritance tax policy as a “spiteful” move that threatens the future of family businesses in the UK.

Under the changes, family-owned businesses and farms worth over £1 million will face a 20 per cent inheritance tax starting in April 2026, a measure Dyson argues could lead to the “death of entrepreneurship” and dismantle the foundation of the British economy.

Writing in The Times, Dyson accused Reeves of “killing off established family businesses” with the so-called “Family Death Tax,” cautioning that this policy undermines long-term business continuity and discourages new ventures. “No business can survive Reeves’s 20 per cent tax grab,” he argued, highlighting the risk of job losses in a sector that, he says, traditionally values stability and generational commitment.

In defence of the Budget, Home Secretary Yvette Cooper rejected Dyson’s remarks, asserting that the measures were necessary to address “the shocking state of public finances.” Cooper stated that the tax changes were part of a strategy to “fix the foundations” of the economy and fund critical public services, including the NHS. She emphasised that, while the policy involved difficult decisions, it was essential for building a stronger financial foundation.

The inheritance tax changes come amid a broader £40 billion tax increase aimed at supporting the NHS and other public services. However, critics argue that the tax on family farms, expected to raise £520 million annually, would cover less than a day’s NHS spending. National Farmers Union president Tom Bradshaw warned of a mental health crisis among farmers, with many expressing concern that the tax could force them to sell or significantly alter their businesses.

Rachel Reeves defended the inheritance tax changes on Sunday with Laura Kuenssberg, stating that agricultural property relief primarily benefited “the wealthiest landowners” and was no longer sustainable given current fiscal pressures. She argued that redirecting funds from these reliefs into public services would ultimately benefit all, including rural communities.

As rural voters and family businesses react to the policy, Labour faces pressure to balance tax reform with the unique needs of these sectors, particularly ahead of local elections in May.

Read more:
James Dyson condemns ‘spiteful’ inheritance tax in budget, warns of impact on family businesses

0
FacebookTwitterGoogle +Pinterest
previous post
Ahead of election, what do Latin Americans, Europeans think about Donald Trump, Kamala Harris?
next post
Equities Hang on to Weaker “Go” Trend as Communications Offers a Helping Hand

You may also like

UK spent over £46m on Australia and New...

August 22, 2023

Should you drop your diversity, equity and inclusion...

March 5, 2025

Paris bans e-scooters after mini referendum, could London...

April 3, 2023

Appeal decision finds Haribo’s gummy bear figurative trade...

November 27, 2023

Calls grow for Rachel Reeves to reform inheritance...

October 14, 2024

Mike Ashley to step down at Frasers Group

September 20, 2022

Ryanair signs $40bn deal for 300 Boeing aircraft

May 10, 2023

Trump announces UK-US trade deal on VE Day...

May 8, 2025

Canary Wharf Group announces 15 year private windfarm...

May 9, 2023

Sunseeker insists it ‘deeply values’ workforce despite temporary...

December 30, 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