UK Family Businesses Face Crisis Due to Tax Changes

Family businesses in the UK, particularly in agriculture, face potential collapse due to changes in Business Property Relief. This relief, set to end in April, helps reduce inheritance tax for business owners. Gavin Lane, president of the Country Land and Business Association, warns that these changes could lead to huge tax bills for heirs, potentially causing the demise of many long-standing family firms. This could result in significant job losses, impact on local supply chains, and overall productivity, contradicting the governments aim of fostering economic growth. Critics argue that the governments expected revenue of five hundred million pounds doesnt account for the broader economic damage, which could potentially lead to a loss of one point nine billion pounds. This situation raises concerns among family business owners about the governments economic strategy and its potential long-term consequences for the rural economy.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.