Back British Family Businesses
Family Business Matters – Overturn the Family Business tax
By now you will have seen and heard the response from the family business community following the announcements in the Autumn Budget which announced changes to Business Property Relief (BPR) and Agricultural Property Relief (APR). These changes significantly affect family businesses on the transfer of shares from generation to generation which have until now occurred exempt from Inheritance Tax but will now, subject to a £1 million relief be subject to the tax.
Family business owners are major employers and make a significant contribution to the national economy in terms of jobs provided, wealth created, taxes paid and income generated, not to mention the impact they have on the communities in which they operate. They see themselves as stewards and custodians of the these businesses for generations to come, taking the long term view and creating sustainable businesses, investing in their people and the way they do business to ensure they continue to do what they do.
The announcement in the Budget puts all of that in jeopardy with business owners now having to face the reality that some, or all, of the business may need to be sold to meet future Inheritance Tax liabilities. This could change the very landscape of business in the UK going forward. Family firms are the engine room of the UK economy and need to be preserved to continue to make a significant contribution to the UK economy.
We are calling on the Government to consider the real impact of these changes in order to protect the family businesses that are at the very heart of the economy in order that they can continue to operate as sustainable businesses for generations to come.
The Chancellor says the £1 million cap will protect family businesses. It won’t.
Sign the petition to ask the Government to reverse this Family Business Tax because Family Business Matters.
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Family Business
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"The proposals with regards to Business Relief are not sustainable and whilst the Government may see it as a way to raise further funds there will undoubtedly be some serious unintended consequences as a result."
"We are calling upon the Chancellor to do the right thing and reverse this 'family business tax.'"
Paul Andrews, CEO, Family Business United
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FBU continues to expand and has a growing membership base around the world. Recognised as THE family business champions we have also gained recognition in both of the Top 100 Global Family Business Influencers list compiled by Family Capital. We are also the VOICE of the family business community, celebrating their contribution throughout the UK and beyond.
Family Business United (‘FBU’) is an unparalleled rallying point and voice for the global family business community and an invaluable source of insight into the sector. FBU is a resource for all, family businesses of all sizes and sectors, and their advisers, helping to raise the profile of the family business sector and to encourage greater awareness of the contribution that family firms make to the global economy through employment, income generation, wealth creation and charitable endeavours.
At FBU, everything we do is about the family business, creating the best resource available to help families in business get access to the resources and support they need to continue their family business journey, wherever it will take them.