Family Business United is delighted to be working with our friends and partners at Western Pension Solutions who are investigating the future of pensions for family businesses. Have your say on the matter by taking part in our survey that will help shape the future of the family business pension arena. The team at WPS have compiled a very short questionnaire to gain insights from the community as to their thoughts as part of the evaluation process. The attached survey includes ten simple to answer questions, seven on your thoughts about pensions generally and the fit with your family business and the final couple around a new opportunity, Collective Defined Contribution (CDC) schemes.  The survey should take no more than a couple of minutes to complete and will help inform and shape future discussions. We would really appreciate you taking the time to share your thoughts. In the meantime, if you have any questions, or the team at WPS can help in any way, you can get in touch with them here For those of you that are interested, the attached PDF explains more about this new type of scheme:

In collaboration with AXIOM Sustainability Family Business United is delighted to launch a free carbon emissions calculator for the family business community with the aim to help family businesses continue to lead the way in sustainability. Supporting family businesses in their sustainability efforts is important and this tool will help many family businesses as part of their process to understanding their carbon footprint and going forward minimise their impact on the planet as a result of the carbon they produce. ​Using the calculator will take a matter of minutes, but before you get started, you'll need the following. Annual Utility Usage including Electricity and Gas in kWh, and Water in m³ Annual Waste Information including General Waste and Recycling in tonnes. Annual Business Travel including Road, Rail and Air in miles. By the end, you'll have a clear picture of your carbon footprint and receive personalised tips on how to reduce it. Visit the Axiom website to find out more about the family business carbon emissions calculator:

Family businesses across the UK are now at a more pressing crossroads, with recent changes to Business Property Relief (BPR) and Agricultural Property Relief (APR) announced in the UK Government’s Autumn Budget. These adjustments are pushing many families to reconsider their options—whether passing the business to the next generation remains viable or if a sale may ultimately serve the best interests of the family, their employees, and the communities they support. The question of continuity versus change has never felt so relevant, as families weigh the value of preserving their legacy against the potential financial and operational benefits of new ownership in an evolving economic landscape. Each path presents distinct challenges and opportunities, and understanding these can help families make decisions that protect their history, uplift their people, and secure the future in a way that feels right for all involved. Continuing The Family Story vs. Embracing A New Chapter For many family businesses, the natural instinct is to pass on the business to the next generation, keeping the family name, values, and achievements alive. This approach is steeped in a sense of legacy and pride, preserving the principles and mission that have shaped the business over time. Preparing for succession is about ensuring continuity, passing down not just assets but also the family’s ethos and commitment to the community and employees who are part of that journey. However, recent tax changes have introduced a different perspective. Many families are considering an exit, recognising that the next generation might have different aspirations, or that the timing might be right to explore new opportunities. Selling the business doesn’t erase the family’s accomplishments; rather, it channels them into a fresh future, potentially with greater financial security. By putting the business in capable new hands, families can often provide a renewed sense of stability and growth for the company, ensuring that employees and the community continue to benefit. Building Skills and Readiness In a generational transition, the goal is often to prepare the next generation over years, investing time and resources to help family members develop the skills, confidence, and perspective needed for leadership. This process might involve mentorship, formal training, and roles outside the family business to broaden their understanding. These steps ensure that the next generation is ready not only to lead but also to uphold the family’s vision and values. In contrast, preparing for an exit demands a different focus. Instead of preparing a family successor, families work to ensure that the business is self-sufficient and able to operate smoothly without family oversight. Strengthening a non-family leadership team, documenting processes, and creating a robust operational structure are key actions that reassure potential buyers. By empowering an independent team to lead, families can ease the transition, offering a foundation that will allow the business to thrive under new ownership. Family Rules vs. Business Governance Long-term family ownership requires clear governance structures that ensure smooth decision-making and prevent conflicts. Family councils, shareholder agreements, or even a family constitution can outline roles and responsibilities, balancing family and business interests. These structures support continuity by providing a framework that keeps the business aligned with the family’s values. When preparing for an exit, however, governance serves a different purpose. Buyers look for a business that operates transparently and consistently, with clear reporting and established processes. Structuring the business in this way not only improves efficiency but also makes it more attractive to potential buyers. Strong governance is a vital part of presenting the business as a stable, well-run operation ready to grow under new leadership. Long-Term Stability vs. Maximum Value Families considering succession typically adopt a financial strategy geared towards sustainable growth rather than immediate profitability. Cash flow is carefully managed, and investments are often made with the business’s future in mind, focusing on steady performance rather than maximising short-term returns. Preparing for an exit, however, can mean rethinking financial priorities to make the business as appealing as possible. This might include reducing debt, improving profitability, and showcasing metrics that highlight the business’s potential for growth. By making these adjustments, families can increase the business’s valuation, positioning it as a strong investment opportunity that appeals to buyers seeking a high return on investment. Preserving Values vs. Preparing for Change Family culture is often the foundation of a family business, and preserving this culture is essential when planning for generational transition. A workplace that reflects family values not only supports continuity but also attracts employees who are aligned with these values. Engaging non-family employees in this vision can foster loyalty, helping them feel connected to the business’s long-term future. Preparing for an exit, however, can mean setting the business up for change. Ensuring that the business can function smoothly without family oversight may involve providing retention incentives to key employees and strengthening non-family leadership roles. Retaining essential people helps protect the business’s core while giving new owners confidence that they can rely on experienced talent to guide the company forward. Managing Emotions and Family Relationships One of the most challenging aspects of choosing between succession and exit is addressing the emotional side. Transitioning leadership within the family means handling complex relationships and managing expectations. Open communication and external guidance can help ensure that family members feel ready for the change, with a shared sense of purpose and alignment. For families preparing to sell, the emotions involved can be equally complex. Selling a business that has been part of the family for generations can feel like saying goodbye to a part of the family’s identity. Preparing family members for life beyond the business, supporting their transition to new pursuits, and helping them find a sense of purpose outside of ownership are all crucial steps. Though bittersweet, an exit can be the beginning of a new chapter, freeing the family to explore other ambitions. Finding the Right Path Deciding between generational transition and exit is not just a business choice; it’s a decision about family, history, and the future. The recent changes in the Autumn Budget have added new urgency to this choice, making it vital for families to consider both their immediate needs and their long-term aspirations. Taking the time to reflect on what truly matters—whether it’s preserving the family’s values, securing financial stability, or creating a lasting impact—can help guide families towards the path that feels right for them. Each family business has a unique story, and whether the next chapter involves passing the business to the next generation or selling to new owners, it’s essential to approach the decision with clarity, care, and a commitment to what will serve the family, employees, and community best in the years to come. At this crossroads, families have the opportunity to honour their past, respect the people who have been part of the journey, and shape a future that reflects their values and ambitions. About the Author: David Twiddle is Managing Partner at TWYD & Co , a private talent advisory firm partnering with founders, family businesses, and family offices. David and his team specialize in recruiting non-family executives and navigating the unique people challenges within family-owned and closely held enterprises.

Martin Lindsey, Head of Advice at FBU Partner Brooks Macdonald , details the plans that Chancellor Rachel Reeves could announce in the Autumn Budget on 30 October and stresses the need to act fast. The £22 Billion Budget Black Hole Is To Fall On The Broadest Shoulders Households have been warned to expect a disappointing budget, especially those perceived to have the broadest shoulders. Ahead of the government's plans to unveil its tax and spending decisions in the Autumn Budget, we have identified five main areas under threat from a tax grab or a stealth tax raid. This is being billed as one of the most significant budgets in a generation due to the potential tax hikes. The newly elected Labour Government has been very vocal about the state of the country's finances after an audit by the Treasury discovered a £22 billion forecast overspend this year. What is certain is that things could change rapidly, and the sensible option is to speak to your adviser as soon as possible. Revenue Raising Has Already Begun Prime Minister Sir Keir Starmer has been firm that national insurance (NI), VAT and income tax rates would not rise in the Autumn Budget – where the £22 billion hole in tax revenues will be plugged from is a lot less clear. There could be a stealth tax on these protected areas by means of ongoing frozen allowances given the current level of inflation. When thresholds and allowances are 'frozen', there is an overall increase in tax paid to the Treasury without an actual increase in tax rates. Chancellor Rachel Reeves has already announced immediate spending cuts worth billions of pounds, the scrapping of a series of infrastructure projects, ending VAT exemptions on private school fees, and announcing that the winter fuel allowance for pensioners would be means-tested. Pension Wealth To Be Targeted Many of the tax benefits currently enjoyed by pensioners are under the microscope as Reeves considers ways to boost the country’s finances. Labour has previously promised not to increase taxes on working people but may target pension wealth instead. In fact, the biggest opportunity for the government to save money is changing the tax relief on pensions, which would also be easy to implement, and any potential changes may take place sooner than the next tax year. It can in effect from midnight on the day of the budget, so, time may be of the essence. This could be a big blow for many retirees and those close to retiring who may expect more time to get their finances in order. Bracing For Tax Rises What is clear is that many households will face changes on the 30 October. Will it be a pensions grab? Or a hit to capital gains tax relief? No one is quite sure yet. In the tax year 2023/2024, the UK raised circa £1 trillion based on the latest ONS data. However, because the present government has ruled out changes to NI, VAT, and income tax, this only leaves just over £300 billion of taxes to focus on. Many of the taxes that could be raised, such as corporation tax, business rates and stamp duty, to name a few, are unlikely contenders for the budget. This leaves a much-reduced pool of tax raising opportunities. Where Will Taxes Rise To Meet The Deficit? The top five areas we see being included in the budget are centred around: Pension tax relief : £3-15 billion: The scrapping of some pension tax relief, potentially by introducing a flat rate of pension tax relief, would mean the system is less generous for higher earners. Limiting inheritance tax relief : £2 billion: Changes to inheritance tax (IHT) rules – including introducing a higher rate or potentially scrapping IHT relief altogether are possible. Pensions inheritance tax reform : £1 billion: If you inherit the pension of someone who died before age 75, it’s completely tax free. Equalising this so all pensions inherited are taxable could raise about £1 billion. Increase capital gains tax : £1-2 billion: One of the most widely discussed tax changes is capital gains tax (CGT), a levy on the profit made from selling an investment. An increase in rates or a change in the structure of capital gains tax could be on the cards. Stamp duty loophole for commercial properties : £1 billion+: Finally, eliminating the stamp duty loophole for commercial properties held in a company or trust could be targeted, potentially raising over £1 billion. Outside of these top five, we expect government plans to use other alternatives such as closing the carried interest tax loophole, closing ‘non-dom’ loopholes, closely monitoring tax avoidance schemes, and more to fill the funding deficit. Implementing a combination of these measures could come close to raising the £22 billion needed. Ahead of 30 October: Review your finances : Conduct a thorough assessment of your current financial situation, including income, expenses, assets, and liabilities. Understanding where you stand will help you make informed decisions. Seek advice : Take advantage of any available tax reliefs or allowances such as capital gains tax allowances. This might include contributions to tax-advantaged accounts such as ISAs or pensions which may provide tax benefits based on your current tax situation, or making charitable donations. Discuss with your adviser your overall investment portfolio to ensure it aligns with your risk tolerance and financial goals, especially if tax changes might impact capital gains or dividend taxes. Key Takeaway Being proactive and seeking advice to ensure you're well-prepared for any changes ahead of the Autumn Budget could provide peace of mind. As always, it’s important to understand your financial situation and to stay informed about any potential changes that could impact your financial future. If you have any questions or need further advice, don’t hesitate to get in touch. We're here to support you through these uncertain times and to provide the guidance you need to navigate the upcoming changes. Shape Of The UK Tax System, 2023/24 (all taxes raising £1bn or more): £150 Billion Of Possible Taxes Targets (using 2023/24 figures*): *Corporation tax, business rates, stamp duty, alcohol duty, oil & gas taxes, stamp duty as shares and customs duties are excluded as these are taxes, we believe to be less likely to be targeted. Source: Tax Policy Associates Potential changes: Pension tax relief – £3-15 bn   Introducing a flat rate of pension tax relief would mean the system is less generous for higher earners. Currently, pension contributions are tax-deductible. A lower limit placed on how much can be saved tax free, or the tax relief on contributions to pension funds could be limited to basic tax rate relief, whatever the marginal rate of the taxpayer. Limiting Inheritance tax reliefs – £2 bn   Changes to inheritance tax (IHT) rules – including introducing a higher rate, or potentially scrapping IHT relief altogether are possible. There’s potential for £2bn or more here, for a measure that could fairly be presented as closing loopholes. Pensions Inheritance tax reform – £1 bn   If you inherit the pension of someone who died before age 75, it’s completely tax free, while those who inherit a Personal Pension from someone who is 75 or older will pay Income Tax on the money they drawdown. Equalising this, so all pensions inherited are taxable, could raise about £1 billion. Increase capital gains tax – £1-2 bn   The most widely discussed tax change is CGT (Capital Gains Tax) and a modest increase in CGT could raise up to £2 billion. However, a more modest increase in the CGT rates from 20% to 25% may raise more revenue. It is also possible that, some of the exemptions and reliefs from capital gains tax could be curtailed or removed altogether. Eliminate stamp duty loophole for enveloped commercial property – £1 bn+ It's common for high value commercial property to be sold by selling the single-purpose company or trust in which it's held, or ‘enveloped’, rather than being held directly by an individual, thus avoiding Stamp Duty Land Tax of 5%. This practice is often used for various strategic and tax-related reasons scrapping this loophole could raise over £1 billion. Increase ATED – £200 m+   Increasing the rate of ATED (Annual Tax on Enveloped Dwellings) ATED could significantly boost revenue. Introduced to discourage individuals from using single-purpose companies to hold residential property to evade stamp duty, but currently raises only £111m. Increase Inheritance tax on trusts – £500m Currently, trusts pay a tax of 6% every 10 years on the value of the trust over the trust’s Nil Rate Band, which is often £325,000.  Raising the 10-year charge on trusts from 6% to 9% could bring in over £500 million. Reverse the fuel duty rise cancellation – £3 bn A 5p per litre cut in fuel duty was introduced by the Conservative government in March 2022 but the 5p discount is losing the Treasury £3 billion a year. However, reinstating the scheduled rise would affect median and lower-income individuals. Abolish business asset disposal relief – £1.5 bn This is a capital gains tax relief supposedly for the benefit of entrepreneurs. BAD Relief (BADR) allows for some taxpayers to benefit from a 10% capital gains tax (CGT) rate on the sale of certain business assets, up to a maximum of £1m of capital gains in their lifetime. Widely exploited BADR costs in the region of £1.5bn annually. Council tax increases for valuable property – £1-5 bn While Labour said before the election it would not change the banding of council tax, there may be other updates on the table. Uncapping council tax, so that it reflects property values more accurately, could raise several billion pounds. Increase vehicle excise duty – £200 m+ Car tax is the Vehicle Excise Duty (VED) levied on almost all vehicles by central government. The fee is set at a flat £190 per year for petrol and diesel owners regardless of how often they use the roads. A modest increase in VED could raise up to £1 billion, although it would impact median and lower-income individuals. End the pension tax-free lump sum – £5.5 bn On retirement, we can withdraw 25% of our pension pot, up to £268k, as a tax-free lump sum. Limiting the tax-free lump sum benefit to £100,000 could raise £5.5 billion, but Labour seems to have ruled this out. Tax-free cash on pensions has already been limited to £268,275, so this is unlikely to be restricted further. Tax gambling winnings – £1-3 bn Taxing gambling winnings could raise £1-3 billion, but if winnings were taxed, would there be a need to account for gambling losses? It is unlikely a government will reintroduce betting taxes on winning, the amounts raised would be small compared to the national debt and deeply unpopular with many Labour supporters. Cap tax relief on ISAs – up to £5 bn Capping ISA tax relief for cash and shares/stocks in ISAs is exempt from income tax and capital gains tax could save up to £5 billion. This tax relief costs about £7 billion. However, many would regard this as unfair – they took advantage of a widely promoted Government saving scheme. Reduce the VAT registration threshold – £3 billion There is compelling evidence that the current £90k threshold acts as a brake on the growth of small businesses, as they manage their turnover to stay under the threshold. Lowering the current threshold of £90,000 could raise at least £3 billion and potentially boost economic growth, although it would be unpopular with small businesses. Raise the top rate of Income Tax – <£1 billion Increasing the top rate to 50% might raise some revenue but would be more symbolic than fiscally impactful. Former Labour Chancellor Gordon Brown introduced a 50% Income Tax rate in 2010. Any increase would be breaking the manifesto pledge, so it is deemed unlikely. Wealth tax – £1bn to £26bn A wealth tax targeted at the very wealthy – e.g. people with assets of more than £10m could be implemented but history has shown that previous wealth taxes have failed to be successful. Source: Tax Policy Associates Download the above article as a pdf here: Important information The information in this article does not constitute advice or a recommendation and investment decisions should not be made on the basis of it. This article is for the information of the recipient only and should not be reproduced, copied or made available to others. The price of investments and the income from them may go down as well as up and neither is guaranteed. Investors may not get back the capital they invested. Past performance is not a reliable indicator of future results. Brooks Macdonald does not provide tax advice and independent professional advice should be sought. Brooks Macdonald is a trading name of Brooks Macdonald Group plc used by various companies in the Brooks Macdonald group of companies. Brooks Macdonald Group plc is registered in England No 04402058. Registered office: 21 Lombard Street, London EC3V 9AH. Brooks Macdonald Asset Management Limited is authorised and regulated by the Financial Conduct Authority. Registered in England No 03417519. Registered office: 21 Lombard Street, London, EC3V 9AH. Brooks Macdonald International is a trading name of Brooks Macdonald Asset Management (International) Limited. Brooks Macdonald Asset Management (International) Limited is licensed and regulated by the Jersey Financial Services Commission. Its Guernsey branch is licensed and regulated by the Guernsey Financial Services Commission and its Isle of Man branch is licensed and regulated by the Isle of Man Financial Services Authority. In respect of services provided in the Republic of South Africa, Brooks Macdonald Asset Management (International) Limited is an authorised Financial Services Provider regulated by the South African Financial Sector Conduct Authority. Registered in Jersey No 143275. Registered office: Third Floor, No 1 Grenville Street, St Helier, Jersey JE2 4UF. More information about the Brooks Macdonald Group can be found at brooksmacdonald.com

Martin Lindsey, Head of Advice at FBU Partner Brooks Macdonald , provides his thoughts for people considering withdrawing their pension tax-free cash as a lump sum ahead of any potential changes in the forthcoming budget. With the UK government’s budget on 30 October approaching fast, many people are considering withdrawing their pension tax-free cash as a lump sum to get ahead of potential changes. Some might even be thinking about gifting this money to loved ones. However, it’s important to think carefully about the long-term implications. Reaching retirement age is an important milestone, and with it comes the option to withdraw up to 25% of your pension savings as tax-free cash (in tranches, as ‘income’ or via a lump sum). You can start withdrawing from the age of 55, which can be tempting many years before you actually reach pension age. It’s essential to consider the long-term effects regarding how and when you choose to access this tax-free cash. Important Considerations For Your Decision Making If you are thinking about withdrawing cash from your pension for your own personal needs, speak to your financial adviser and be aware of these potential pitfalls and risks to help inform the choices you make: Tax Consequences Although the lump sum is tax-free, how you use it can have tax implications. For instance, withdrawing and investing the money will likely subject future returns to income tax, capital gains tax and inheritance tax. Impact On Retirement Income Withdrawing a large lump sum reduces the amount of money left in your pension pot, which could affect your future retirement income. It’s important to ensure that you will still have enough to live comfortably in your later years. In many cases, tax-free cash can be taken regularly to provide an extremely tax-efficient income in retirement High-Risk Ventures Without proper advice, you might be tempted to invest the lump sum in high-risk or unregulated ventures that could result in significant losses. A financial adviser can help you make informed decisions that align with your risk tolerance and financial goals. The Benefits Of Keeping Your Lump Sum Invested: Keeping your lump-sum invested within your pension can offer several long-term benefits: Continued Growth Keeping your money invested allows it to continue growing, potentially providing a larger income in the future. Tax Efficiency Pension investments often benefit from tax advantages that can enhance your overall returns. Financial Security Maintaining a larger pension pot helps to ensure you have sufficient funds to support your lifestyle throughout retirement. "A financial adviser can help you make informed decisions that align with your risk tolerance and financial goals." The Risks Of Acting On Speculation Regarding Tax-Free Cash Limits You may have seen speculation in the press that the tax-free lump sum could be capped at £100,000. It is important to note that tax-free cash is already capped at £268,275 which already impacts doctors, senior nurses, civil servants, senior teachers, politicians and many private-sector individuals. As we covered previously , the government could raise between £3bn and £15bn from limiting tax relief on pension contributions, which could mean a cap on tax-free cash would be less likely. The current thinking is that the government will either change the taxation of pensions upon input or output, but not both. Tax-free cash limits already apply to many pensions. If a stricter cap were introduced, we believe it would be difficult for the government to apply limits retrospectively without protection, similar to when the lifetime allowance was introduced. We recommend not acting on speculation. For example, in 2023 there was rife speculation about abolishing inheritance tax, which in the end did not happen. There is now current talk of making the inheritance tax more restrictive meaning that planning based on the 2023 speculation could have caused irreversible financial damage. Seek Professional Advice A financial adviser can help you to ensure that your financial decisions reflect your needs, are sound and beneficial, including: Make The Most Of Your Pension They can help ensure your money works for you without jeopardising your financial security. Navigate Tax Laws They can help reduce your tax liability and enhance benefits. Choose Smart Investments They can help you achieve better returns with the decisions you make. Gain Peace Of Mind They can help you feel confident in your financial decisions. Know Your Options Before The Budget As the date of the UK government’s Budget on 30 October draws near, it’s more important than ever to seek the professional advice for your personal circumstances. By consulting with a financial adviser and taking advice ahead of any decisions or changes, you are empowered and can be confident that you are making the most of your money, safeguarding your retirement income and reducing tax liabilities. Download the above article as a pdf here: Important Information The information in this article does not constitute advice or a recommendation and investment decisions should not be made on the basis of it. This article is for the information of the recipient only and should not be reproduced, copied or made available to others. The price of investments and the income from them may go down as well as up and neither is guaranteed. Investors may not get back the capital they invested. Past performance is not a reliable indicator of future results. Brooks Macdonald does not provide tax advice and independent professional advice should be sought. Brooks Macdonald is a trading name of Brooks Macdonald Group plc used by various companies in the Brooks Macdonald group of companies. Brooks Macdonald Group plc is registered in England No 04402058. Registered office: 21 Lombard Street, London EC3V 9AH. Brooks Macdonald Asset Management Limited is authorised and regulated by the Financial Conduct Authority. Registered in England No 03417519. Registered office: 21 Lombard Street, London, EC3V 9AH. Brooks Macdonald International is a trading name of Brooks Macdonald Asset Management (International) Limited. Brooks Macdonald Asset Management (International) Limited is licensed and regulated by the Jersey Financial Services Commission. Its Guernsey branch is licensed and regulated by the Guernsey Financial Services Commission and its Isle of Man branch is licensed and regulated by the Isle of Man Financial Services Authority. In respect of services provided in the Republic of South Africa, Brooks Macdonald Asset Management (International) Limited is an authorised Financial Services Provider regulated by the South African Financial Sector Conduct Authority. Registered in Jersey No 143275. Registered office: Third Floor, No 1 Grenville Street, St Helier, Jersey JE2 4UF. More information about the Brooks Macdonald Group can be found at brooksmacdonald.com

Chancellor Rachel Reeves has unveiled the much-anticipated Autumn Budget, outlining the government’s plans to address the nation’s financial challenges. As expected, the budget includes several significant changes. Here, we break down the key announcements and what they may mean for your wealth. Major Budget Announcements That May Affect Your Wealth We have outlined four key changes with direct implications for your wealth: Capital Gains Tax Reforms Significant capital gains tax (CGT) reforms have been introduced. The lower rate of CGT will increase from 10% to 18%, and the higher rate from 20% to 24%, while the rate for residential property remains unchanged. The tax treatment of carried interest will increase to 32% from April 2025, up from 28%. The Business Asset Disposal Relief will remain at 10% this year, before rising to 14% in April 2025. What it means for you: Investors will face higher tax bills on their gains, while business owners will see a phased increase in the CGT rate on the sale of their businesses, losing the benefit of the current reduced rate over the next few years. Inheritance Tax Updates The inheritance tax threshold is frozen until 2030 remaining at £325,000, with an additional residence nil-rate band of £175,000 for those passing on their home to direct descendants. The government is also removing the opportunity for individuals to use pensions as a vehicle for inheritance tax planning by bringing unspent pots into the scope of inheritance tax from April 2027, which will affect around 8% of estates each year. What it means for you: If you are planning your estate, the unchanged thresholds provide some stability. However, the announcement that inherited pension pots will now be subject to inheritance tax will significantly impact estate planning strategies, especially for those with larger pension pots. Income Tax Changes The government has announced the freeze on income tax thresholds will not be extended beyond the 2028-2029 tax year and from this point, personal tax thresholds will be uprated in line with inflation. What it means for you: The removal of a freeze will prevent more people from being pushed into higher tax brackets due to wage increases. This has the effect of reducing the tax burden on working individuals and preserving more of their income. National Insurance Rises As expected there were big changes to employer National Insurance (NI) contributions, the UK’s second largest revenue stream after income tax. Effective immediately, the Employer’s National Insurance rate has increased by 1.2% to 15% raising £25 billion and the threshold at which companies pay the tax has been lowered. Employee and self-employed NI rates remain unchanged. What it means for you: Employers will face higher NI contributions, while employees and the self-employed have escaped any rises. This adjustment is expected to be the biggest revenue generator in the Budget. Surprises On The Day Outside of the more anticipated moves, there were a few more surprising measures: Windfall Tax On Energy Companies The latest budget includes significant changes to the taxation of energy companies. The Energy Profits Levy (EPL), initially introduced in May 2022, has been increased from 25% to 38% and will remain until March 2030. Green Investment Incentives New incentives for green investments have been introduced, including tax breaks for companies investing in renewable energy projects and electric vehicle infrastructure. This also includes a climate action mandate for the Bank of England, support for green technologies, and training programmes for green jobs. AIM Market Changes Under much scrutiny in the run up to the Budget, Reeves announced a 50% relief on Alternative Investment Market (AIM) shares for inheritance tax. This means the effective tax rate on AIM-traded shares is now 20%. Stamp Duty Adjustments The government has introduced new additional stamp duty rates, on top of the stamp duty paid for a first home, for second homes and buy-to-let properties by 2% to 5% from effect 31 October, to cool the housing market and make it easier for first-time buyers to enter the market. Fuel Duty Freeze Despite speculation, the government has decided to freeze fuel duty for another year, providing relief to motorists amid high fuel prices. What it means for you: These changes may impact your investments if you are an investor in The energy sector or investing in the AIM market. Prospective homebuyers may find it easier to purchase their first home due to the new stamp duty rates. Motorists will see no increase in fuel duty, maintaining current fuel prices. Investing Implications UK markets have shown a mixed response to the Budget, with investors carefully analysing the key announcements on tax policies, public spending, and economic growth measures. UK government bond markets initially appeared to react positively to the Budget announcement. Although, through the course of Wednesday, the day’s gains in gilt prices unwound. That fluidity in bond market price action underscores the sensitivity with which markets are judging government efforts to manage the public finances. The key takeaway is that there remains a degree of concern around the potential effects of government borrowing and its implications for inflation and interest rates going forwards. Meanwhile, in equity markets, perhaps the most notable moves today have been centered around smaller companies. Specifically, the UK’s Alternative Investment Market (AIM) equity index saw strong gains following the Budget, as the Chancellor’s move to apply a 50% relief from inheritance tax for AIM shares is better than some expectations had feared. Businesses To Shoulder The Majority Of The £40 Billion Tax Rises The sweeping tax reforms, aimed at supporting wealth creation for working people and fostering economic growth, mark the largest tax increases in decades at £40 billion of tax rises. Key measures affecting businesses include a 6.7% rise in the minimum wage and raising an expected £25 billion from an increase in employers’ National Insurance contributions. The increased National Insurance rates are expected to hit small businesses hard, potentially leading to reduced staff, shorter operating hours, or even closures due to their limited ability to absorb increased costs. However, in a measure to help small businesses Reeves unveiled an increase to the Employment Allowance from £5,000 to £10,500, which allows eligible employers to reduce their national insurance liability. This means 865,000 employers won’t pay any national insurance at all next year, and over one million will pay the same or less as they did previously. Preparing For The Future The Autumn Budget 2024 introduces several changes that could significantly impact your wealth. Our analysis is only the tip of the iceberg, what will follow is a deep-dive into the announced legislative changes and how this could affect your future wealth. Staying informed and being proactive is crucial to navigating these changes effectively. This might include reassessing your investment portfolio, exploring tax-efficient savings options, or adjusting your retirement plans to maximise benefits under the new rules. By seeking professional advice, you can better manage these changes and work towards securing a stable and flourishing financial future. Understanding the full implications and planning accordingly will help you find opportunities within the new economic landscape. Download the above article as a PDF: Important Information The information in this article does not constitute advice or a recommendation and investment decisions should not be made on the basis of it. This article is for the information of the recipient only and should not be reproduced, copied or made available to others. The price of investments and the income from them may go down as well as up and neither is guaranteed. Investors may not get back the capital they invested. Past performance is not a reliable indicator of future results. Brooks Macdonald does not provide tax advice and independent professional advice should be sought. Brooks Macdonald is a trading name of Brooks Macdonald Group plc used by various companies in the Brooks Macdonald group of companies. Brooks Macdonald Group plc is registered in England No 04402058. Registered office: 21 Lombard Street, London EC3V 9AH. Brooks Macdonald Asset Management Limited is authorised and regulated by the Financial Conduct Authority. Registered in England No 03417519. Registered office: 21 Lombard Street, London, EC3V 9AH. Brooks Macdonald International is a trading name of Brooks Macdonald Asset Management (International) Limited. Brooks Macdonald Asset Management (International) Limited is licensed and regulated by the Jersey Financial Services Commission. Its Guernsey branch is licensed and regulated by the Guernsey Financial Services Commission and its Isle of Man branch is licensed and regulated by the Isle of Man Financial Services Authority. In respect of services provided in the Republic of South Africa, Brooks Macdonald Asset Management (International) Limited is an authorised Financial Services Provider regulated by the South African Financial Sector Conduct Authority. Registered in Jersey No 143275. Registered office: Third Floor, No 1 Grenville Street, St Helier, Jersey JE2 4UF. More information about the Brooks Macdonald Group can be found at brooksmacdonald.com

Are you worried about your family’s financial future? Recent UK Autumn Budget changes have raised concerns for business owners, particularly regarding inheritance tax (IHT). As a business owner, safeguarding your legacy is crucial, and life insurance can be a powerful tool to mitigate IHT. Martin Lindsey, Head of Advice at FBU Partner Brooks Macdonald shares his thoughts. Key Changes In The Autumn Budget Inclusion Of Pensions In Inheritance Tax Calculations Significant changes are coming to how pensions are treated for IHT. Starting in April 2027, most unused pension funds and death benefits will be included in the value of a person’s estate for IHT. Previously, pensions were generally excluded from IHT calculations. Currently, if someone passes away under the age of 75, their pensions are usually passed on tax-free. If they’re over 75, the beneficiaries pay tax at their marginal rate of income tax. For business owners, this change means that pension savings, which were often used as a tax-efficient way to pass on wealth, will now be subject to IHT. This could significantly impact financial planning strategies, as business owners will need to consider the potential tax liabilities on their pension funds. One effective strategy to mitigate this impact is through life insurance. By setting up a life insurance policy in trust, business owners can ensure that the payout is used to cover the IHT liability, thereby preserving the value of their estate for their beneficiaries. Business And Agricultural Property Relief Adjustments The Autumn Budget 2024 introduced changes to Business Property Relief (BPR) and Agricultural Property Relief (APR). Starting from April 2026, the first £1 million of combined business and agricultural assets will not be subject to IHT, with a 50% relief on assets over £1 million. This cap on business relief means that fewer business assets can be passed on tax-free, necessitating a re-evaluation of estate planning strategies. Life insurance can play a crucial role here. A policy covering potential IHT liability ensures heirs aren’t burdened with significant tax bills. This approach allows the business to continue operating smoothly without the need to sell off assets to pay taxes. Planning For Death Taxes And Estates In Probate Managing estate and tax matters after a loved one’s death can be particularly challenging. Families must pay the tax within six months to avoid a 7.25% late payment charge by HMRC. Probate, the legal right to deal with someone’s property, money, and possessions (their ‘estate’) when they die, typically takes anywhere from half a year to eighteen months. For large estates with property and businesses, this process can take even longer. Why Life Insurance Is A Smart Move For Your Legacy Insurance can make things easier for your loved ones and prevent assets from being sold to pay any bills. It’s very important to follow certain steps to ensure you don’t end up with a higher tax bill. Essentially, this comes down to using trusts for your life insurance policies. It can be a strategic way to manage your estate with the aim that your beneficiaries receive the full benefit of the policy without incurring IHT. How Life Insurance Can Help With IHT Planning Life insurance can be a valuable tool in IHT planning, providing a means to cover the tax liability without depleting the estate. Here’s how it works: Policy setup : A life insurance policy is taken out, with the sum assured designed to cover the estimated IHT liability. Trust arrangement : The policy is written in trust, ensuring that the payout does not form part of the estate and is therefore not subject to IHT. Payout utilisation : Upon death, the policy pays out to the trust, which then uses the funds to settle the IHT bill. What Is A Trust? A trust is a way of managing assets (money, investments, land, or buildings) for people. There are different types of trusts, and they are taxed differently. In the case of a life insurance policy, a trust is a legal arrangement where ownership of an asset is transferred to trustees following the death of the person taking out the life policy. The trustees manage it for the benefit of your chosen beneficiaries, and many insurance providers will do this free of charge. Benefits Of Using Trusts For Life Insurance Tax efficiency : The payout from a life insurance policy placed in trust is generally not considered part of your estate, which means it can avoid IHT. Quicker payouts : Since the policy is not part of the estate, the payout can be made without waiting for probate, providing quicker financial support to your beneficiaries. Control over distribution : You can specify how and when the beneficiaries receive the payout, which can be particularly useful if the beneficiaries are minors or if you want to stagger the payments. Types Of Life Insurance Policies When choosing a whole-of-life policy, care needs to be taken regarding which whole-of-life policy to use, as not all policies are created equal. Opting for a lower premium policy can be a costly mistake. The three main types of life insurance policies used for IHT planning are: Guaranteed whole-of-life policy : These policies have fixed premiums that do not change over time. They provide certainty as the premiums remain the same throughout the life of the policyholder. This type of policy is ideal for those who prefer predictability in their financial planning. Although these policies are more expensive initially, their premiums are guaranteed to stay the same, even if you live much longer than expected. Joint life, second death whole-of-life policy : This type of policy is cheaper than a first death policy and is more tax-efficient, as inheritance tax is usually only due on the second death. Spouses can transfer assets between themselves tax-free. However, be aware that some whole-of-life policies only pay out on the second death within a set term, typically up to age 90. Despite being marketed as a way to cover inheritance tax, there’s a high chance that one spouse could live beyond 90, making those premiums potentially wasted. Reviewable whole-of-life policy : These policies have premiums that are reviewed periodically, typically every 10 years. The premiums may increase based on various factors, including the policyholder’s age and health at the time of review. While these policies often start with lower premiums, they can become more expensive over time, potentially causing the policy to lapse or the sum assured to be reduced. Example costs for guaranteed whole-of-life policy: To illustrate the potential costs, here are some example premiums for a whole-of-life insurance policy for a male or female non-smoker business owner: Total Cover Age Single Life Cover: Monthly Premium Joint Life, Second Death Cover: Monthly Premium £1 million 50 years of age £891 £708 £1 million 60 years of age £1,257 £959 Medical Underwriting When applying for a life insurance policy, medical underwriting is usually required. This process involves a detailed assessment of the applicant’s health to determine the premium rates. The cost of the policy will depend on the individual’s health status, age, and other risk factors. It is important to note that the initial quotes provided are based on the assumption of good health, and the final premium may vary after the medical assessment. Benefits And Considerations Benefits: Liquidity : Provides immediate funds to pay IHT, preventing the need to sell assets. Sense of security : Aims to prevent loved ones from being burdened with a hefty tax bill. Tax efficiency : The payout from a trust-held policy is outside the estate, reducing the overall IHT liability. Considerations: Cost : Premiums can be high, especially for older individuals or those with health issues. Complexity : Setting up a trust and ensuring compliance with tax laws requires professional advice. Key Takeaway Given the recent Autumn Budget changes, it is more important than ever for business owners to consider life insurance in their IHT planning. By doing so, they can help ensure that their legacy is preserved and their loved ones are protected from significant financial burdens. These changes highlight the importance of proactive estate planning, particularly around inheritance tax planning. For those impacted, thoughtful planning and timing will be essential. Next steps Ready to help protect your legacy? To explore how life insurance can fit into your inheritance tax planning strategy, it is advisable to consult with a financial adviser. They can provide personalised advice tailored to your specific circumstances and help you navigate the complexities of estate planning. Contact the team at Brooks Macdonald for more information by email t pc@brooksmacdonald.com or visit their website here Important information The information in this document does not constitute advice or a recommendation and you should not make any investment decisions on the basis of it. Investors should be aware that the price of investments and the income from them can go down as well as up and that neither is guaranteed. Investors may not get back the amount invested. Past performance is not a reliable indicator of future results. Changes in rates of exchange may have an adverse effect on the value, price or income of an investment. Brooks Macdonald does not provide tax advice and independent professional advice should be sought. Tax treatment depends on individual circumstances and may be subject to change in the future, so you should seek independent tax advice, as to your own position. Brooks Macdonald is a trading name of Brooks Macdonald Group plc used by various companies in the Brooks Macdonald group of companies. Brooks Macdonald Group plc is registered in England No 04402058. Registered office: 21 Lombard Street, London EC3V 9AH. Brooks Macdonald Asset Management Limited is authorised and regulated by the Financial Conduct Authority. Registered in England No 03417519. Registered office: 21 Lombard Street, London EC3V 9AH. Brooks Macdonald International is a trading name of Brooks Macdonald Asset Management (International) Limited. Brooks Macdonald Asset Management (International) Limited is licensed and regulated by the Jersey Financial Services Commission. Its Guernsey branch is licensed and regulated by the Guernsey Financial Services Commission and its Isle of Man branch is licensed and regulated by the Isle of Man Financial Services Authority. In respect of services provided in the Republic of South Africa, Brooks Macdonald Asset Management (International) Limited is an authorised Financial Services Provider regulated by the South African Financial Sector Conduct Authority. Registered in Jersey No 143275. Registered office: Third Floor, No 1 Grenville Street, St Helier, Jersey JE2 4UF. More information about the Brooks Macdonald Group can be found at: www.brooksmacdonald.com

Birth order remains one of the most powerful lenses for understanding sibling dynamics in family enterprises. A sibling’s place within the family system often influences behaviour, leadership style, relationship patterns—including relationships with in-laws—and the values later passed on to the next generation. Although birth order has been widely discussed in the behavioural sciences for decades, profound social and structural changes—such as shifting gender roles, evolving family forms, and new legal and cultural frameworks—require us to continuously revisit how these dynamics play out in today’s enterprising families. This article offers practical observations that apply to many families, while acknowledging a fundamental truth: no two family systems are the same, and each sibling’s experience is shaped by a unique combination of context and timing. Two Factors That Shape Sibling Relationships Across generations and cultures, two variables consistently stand out: The amount of time siblings spend together during childhood The age gap between siblings Siblings who are closer in age typically form deeper emotional bonds. In larger families, it is common to see informal alliances emerge among siblings born closer together. Another, often overlooked, factor is the stage of the business when each child is born. In enterprising families, birth order intersects with the life cycle of the business itself. Older siblings may grow up during the uncertainty and resource constraints of the startup phase, while younger siblings are raised during periods of growth or maturity. These different contexts shape perceptions of effort, entitlement, risk, and emotional ownership—often long before siblings enter the business. Life-cycle alignment also matters. When siblings share similar life stages—particularly during midlife—relationships often stabilize. By then, roles in the enterprise tend to be clearer, personal identities are more settled, and many earlier conflicts lose their intensity. Oldest Siblings: Natural Leaders Firstborns frequently assume leadership roles, both formally and informally. They are often described as responsible, loyal, structured, and authority-oriented. Research across family firms suggests that firstborn siblings are disproportionately represented in top leadership positions. Older siblings tend to prefer clear decisions and defined hierarchies. While this can bring stability and focus to a family enterprise, it may also limit openness to dissent or alternative perspectives. Gender remains a critical factor. In many cultural contexts, older sisters demonstrate the same sense of responsibility and commitment as older brothers, yet are less likely to be recognized as legitimate authority figures. In some families, leadership opportunities bypass older daughters in favoir of younger sons, reinforcing unspoken hierarchies that can resurface later as conflict. The leadership advantage of firstborns often works well when the business is performing strongly. However, when results falter, unresolved tensions may surface. Authority that once felt natural can quickly be challenged, particularly if siblings feel excluded or unheard. Younger Siblings: Agents of Innovation Younger siblings often enjoy greater freedom, fewer expectations, and more access to family resources. As a result, they tend to develop creativity, independence, and a willingness to challenge established norms. In larger families, younger siblings frequently become the drivers of change—questioning rules, proposing new ideas, and pushing the system to evolve. These traits can be invaluable in periods of transformation, innovation, or generational renewal. At the same time, their perceived privileges can generate resentment if not openly acknowledged and managed within the family system. Middle Siblings: Skilled Negotiators Middle siblings are often natural negotiators. Positioned between authority and freedom, they tend to be adaptable, socially skilled, and capable of seeing multiple perspectives. Yet this flexibility comes at a cost. Because their role is less clearly defined, middle siblings may feel overlooked or undervalued—particularly in same-gender sibling groups. This sense of invisibility can persist well into adulthood and influence how they engage with governance, leadership, and ownership discussions. As family sizes shrink globally, middle siblings are becoming increasingly rare, making this balancing role less visible—but no less important. Final Reflections Birth order continues to shape family enterprise dynamics in meaningful ways. Despite evolving social norms, the timing of births, shared childhood experiences, and the stage of the business remain powerful forces in how siblings relate to one another. While no framework can capture the full complexity of family systems, understanding birth-order patterns provides families and advisors with a valuable lens. Used thoughtfully, it can foster empathy, improve communication, and support more effective governance across generations." About the Author ; Guillermo Salazar is a senior advisor and founder of Exaudi Family Business Consulting. He is an educator, author, and expert on family governance, strategic succession planning, generational transition, and conflict resolution. He is a former FFI board member and a former member of the GEN (Global Education Network) faculty. Guillermo is the recipient of the 2015 FFI International Achievement Award and mentor of the Iberoamerica Virtual Study Group. In 2023 was inducted into the Family Business Hall Of Fame. He can be reached at guillermo.salazar@exaudionline.com.

Regal Food Products Group has officially opened a new multi-faith room at Leeds Bradford Airport, reinforcing its ongoing commitment to creating inclusive and welcoming spaces within community and public environments. Guests joined representatives from Regal Foods, ISSE (Inspire Support Sports Empower) and Leeds Bradford Airport on Friday 6 February to mark the official opening of the new facility. The landside multi-faith room has been thoughtfully designed to provide a calm and quiet space for prayer and reflection. It is available to passengers arriving at or departing from Leeds Bradford Airport, as well as airport staff and business partners working on site. The space features newly installed flooring and furnishings, including seating and dedicated footwear storage. Prayer mats and a qibla compass have also been provided to support faith practices. Regal Food Products Group Plc has a strong track record of delivering multi-faith facilities in public venues. Previous projects include Valley Parade, home of Bradford City Football Club (February 2023), and Headingley Cricket Ground, home of Yorkshire County Cricket Club (August 2016). Faz Ali, Sales & Marketing Director at Regal Food Products Group Plc, commented: “We are proud to continue our work in creating safe, inclusive spaces for people of all faiths in places where communities come together.” “The new multi-faith room at Leeds Bradford Airport provides a welcoming environment not only for prayer, but also for quiet reflection, offering passengers and staff a calm space. We look forward to developing our partnership with Leeds Bradford Airport as we work together to support wellbeing, inclusion and community needs.” Humayun Islam, Chief Executive of charity ISSE (Inspire Support Sports Empower) Ltd, commented: "Access to calm, respectful spaces for prayer and reflection in public settings is an important part of creating genuinely inclusive environments. The opening of the multi-faith room at Leeds Bradford Airport is a positive step that recognises the diverse needs of passengers and staff alike.” “Initiatives like this help people feel seen, respected and supported, particularly in high pressure environments such as airports, and demonstrates how practical design choices can make a meaningful difference to wellbeing and dignity." Kunaal Wharfe, General Counsel and Company Secretary and DEI Executive Sponsor at Leeds Bradford Airport, commented: “This new multi-faith room is an important step in ensuring people of all faiths and beliefs feel supported when travelling through Leeds Bradford Airport. We’re grateful to Regal Food Products Group for their support in delivering a calm, welcoming space for passengers, colleagues and business partners.” “This comes ahead of the delivery of a purpose-built airside multi-faith room, due to open in early 2027 as part of LBA:REGEN, which will also include dedicated ablution facilities. “These investments reflect our ongoing commitment to inclusion, wellbeing and improving the experience for everyone who travels through and works at LBA.”

New findings from global payroll provider, CloudPay , have revealed a sharp disconnect between confidence in and the practical ability to modernise payroll operations among larger organisations. While most of these enterprise firms believe they are prepared to adopt automation, API, AI, and stronger cybersecurity frameworks, CloudPay’s Future Readiness data shows that execution is not keeping pace with ambition. Despite strong self-reported confidence levels, CloudPay’s findings highlight several barriers preventing larger companies from moving from aspiration to action. While 60% indicated their business is ready to adopt automation, implementation is still hampered by budget constraints (cited by 38%) that delay investment in standardisation, exception handling, and global process improvements. AI confidence tells a similar story. Although 56% of enterprises consider themselves ready, actual deployment remains slow due to governance hurdles, risk aversion, and uncertainty around the role of human oversight. Meanwhile, API readiness remains the lowest, with just 36% confident in their ability to implement these, underscoring deep integration challenges rooted in complex, often decades-old technology stacks. Perhaps more concerningly, the research indicated that more agile mid-market organisations are increasingly gaining an advantage in API readiness over larger firms, putting enterprise competitiveness at risk. CloudPay warns that without decisive action, enterprises risk losing operational efficiency, delaying transformation timelines and incurring higher long-term costs as manual interventions persist. Timo Weber, Chief Strategy Officer at CloudPay, comments: “Enterprises aren’t suffering from a lack of ambition; they’re battling a misalignment between aspiration and execution." "Many large organisations genuinely believe they’re ready for automation, AI, or deeper integration, but the reality within their payroll operations tells a very different story." "When 60% of enterprises claim to be ‘very ready’ for automation, yet more than a third cannot secure the budget to implement it, it’s clear the disconnect isn’t about capability, it’s about prioritisation." “What we’re seeing is that enterprise payroll teams are caught between strong strategic intent and the day-to-day constraints of legacy systems, risk-averse governance and competing transformation agendas." "AI is a perfect example: leaders recognise its value, but deployment stalls because existing structures aren’t designed to support it." "When only 36% of enterprises feel prepared for APIs, which are the backbone of modern payroll connectivity, it becomes impossible to realise the real-time, data-driven operations that executives say they want." “Future-ready payroll isn’t achieved through confidence alone. It requires coordinated action across technology, people, and processes. That means tackling integration debt head-on, simplifying workflows before automating them and ensuring payroll has a seat at the transformation table." "Enterprises that make this shift will unlock huge gains in accuracy, resilience and efficiency. Those that don’t will continue to rely on manual workarounds and outdated systems that simply can’t keep pace with today’s operational demands.”

St Austell Brewery is proud to announce Children’s Hospice South West as its Charity of the Year. The company - which is marking its 175th anniversary this year - has committed to raising vital funds over the next two years for the only children’s hospice charity in its region. For more than 30 years, Children’s Hospice South West (CHSW) has supported babies, children and young people with life-limiting conditions, providing specialist care and compassionate, professional support for the whole family. Across its three hospices in Cornwall, Devon and North Somerset, CHSW offers far more than medical and nursing care. Every stay is designed to enrich lives, creating precious moments, easing emotional and practical pressures, and helping families make the very most of their time together. One of St Austell Brewery’s key fundraising initiatives will be donating 25p from every portion of fish and chips sold across its 45 managed pubs, expected to generate a significant contribution to the charity. Alongside this, teams across the company’s head offices, breweries, pubs and depots will be taking part in events and fundraising activities throughout the year. Kevin Georgel, Chief Executive of St Austell Brewery said: “We’re incredibly proud to announce Children’s Hospice South West as our Charity of the Year. It was chosen by people from every part of our business, which shows just how close this cause is to all our hearts." “It costs more than £14 million each year for the charity to run its three hospices and provide vital care for children and families during unimaginably difficult times. The fact that these hospices span the South West - near our pubs, breweries and depots across the region - gives us a real opportunity to raise as much as we can for the communities we operate in and make a meaningful difference.” Phil Morris, Chief Executive of Children’s Hospice South West, added: “We are absolutely delighted that St Austell Brewery has chosen Children’s Hospice South West as their charity partner for the next two years. Their commitment and support will help us provide vital services to children with life-limiting conditions and their families who are travelling the most unimaginable journeys.” St Austell Brewery and Children’s Hospice South West are united in their commitment to supporting communities and creating a positive impact across the region, making the new partnership a natural fit. Alongside its Charity of the Year, St Austell Brewery also raises funds for its Charitable Trust, which has donated more than £1 million to local causes - in the places it operates pubs and breweries - since 2003. For more information about Children’s Hospice South West visit here .

The House of Lords Economic Affairs Committee has published its findings into 'Inheritance Tax Measures: Unused Pension Funds And Agricultural And Business Property Reliefs' and the report criticises the lack of consultation undertaken prior to the initial announcements on APR and BPR in the Autumn 2024 Budget. The Government has faced strong lobbying and campaigning on the topic and in December 2025 announced a revision to the rules with limits increasing from £1 million to £2.5 million per individual but family businesses are still at risk and we will continue to campaign on their behalf for a detailed consultation and reversal of the policy. The report from the sub committee criticises the lack of consultation and the full report can be read here In particular the report comments on the specific areas as outlined below: APR and BPR reforms It is disappointing that the Government announced these reforms in the 2024 Budget without undertaking a prior consultation on how to reform APR and BPR, setting out its policy objectives clearly. This is particularly the case given that the reforms are to an area of taxation that has existed in its current form for over 30 years, and in relation to which many taxpayers will have made long-term decisions . (Paragraph 376) Engagement with relevant stakeholder organisations should have begun much earlier to enable a more effective policy-making process. It may have also helped to reduce the level of uncertainty, confusion and worry felt by those who will be impacted by the changes, and avoid the need for significant changes to the original proposal only months before the reforms came into effect. (Paragraph 377) Although the APR/BPR Consultation provided an opportunity for stakeholder engagement, it was too narrowly focused on technical details to give stakeholders a meaningful opportunity to comment on broader issues. (Paragraph 378) Although we welcome the fact that HMRC has subsequently engaged with key sector stakeholders, we are concerned that those stakeholders feel their concerns have not been listened to. (Paragraph 379) Given that the reforms are now less than three months away, HMRC should, as a priority, establish a working group with relevant professional and business bodies to address their concerns and clarify how the policy will operate in practice, so as to minimise practical uncertainties for those affected and reduce the risk of unintended consequences. (Paragraph 380) The Tax Policy Making Principles: We are disappointed by reports that there was a lack of meaningful consultation with relevant stakeholders in the development of the Principles . As a result, we are concerned about the lack of clarity as to why the Government considered it necessary to withdraw the Framework, rather than simply update it. (Paragraph 390) The Government should set out the steps it will take to keep the Principles under review. Such steps must include actively engaging with relevant stakeholders to ensure their views on the operation and the appropriateness of the Principles are properly taken into account. (Paragraph 391) We appreciate the need in certain circumstances for speed in policy development. However, we are concerned that under the Principles, the Government may pursue speed to the detriment of effective policy that has been subject to meaningful consultation. (Paragraph 398) The Government must not move away from the principle that open and public consultation serves a useful and important purpose in developing effective tax policy. (Paragraph 399) Our findings in previous chapters about the Government’s approach to consultation on measures examined in this report appear to bear out the issues raised by witnesses about what the Principles will mean for consultation on tax policy in the future. (Paragraph 400) The Government should adopt the presumption that there should be a formal public consultation, generally at an early stage, on tax policy, unless there are specific reasons against this. Where the Government decides against a formal public consultation, it should publish this decision and explain why. (Paragraph 401) Agile consultation, including where it involves private meetings with stakeholders, need not lack transparency. The Government should publish information about who they have consulted for specific measures. (Paragraph 402) Effective engagement with academics on tax policy can bring valuable insight into the policy making process. (Paragraph 404) Given the statement of intent in the Principles, the Government should set out what steps they are taking to engage with academics on tax policy development. (Paragraph 405) Providing details about the data sources used to develop a particular policy, and publishing the data itself, can help ensure stakeholders can contribute to good policy development. (Paragraph 408) In order to model the impact of proposed tax reforms effectively, it is important that the Government has access to good data. It is concerning to hear that this may not always be the case. (Paragraph 409) The Government should be proactive in sharing the data it is using to make policy decisions in a timely manner, at an early stage of policy development. (Paragraph 410) The Government should carry out a review of the data sources it uses in evaluating and measuring tax policy changes and take appropriate steps to ensure that the data it uses is not only reliable, but the best data available. (Paragraph 411) The Government should set out how it intends to assess whether the principles have been complied with when developing new policies. (Paragraph 415) The Government should carry out a review of the operation of the Principles following the 2026 Budget. The review should engage with tax professional bodies and other relevant organisations to obtain their input into the operation of the Principles in practice. (Paragraph 416) As Paul Andrews, Founder and CEO of Family Business United explains, "We welcome the findings of this report and the fact that it highlights some of the areas of concern that the family business community have been campaigning to address." "We also welcome the revisions to the policy announced in December but for Britain's larger family firms, many of them multigenerational that have been investing in growing their businesses for generations, the changes reduce the impact to a degree but will not remove what will remain as a large inheritance tax liability going forward." "We will continue to support a full review of the policy and campaign for it to be fully reversed so that family farms and businesses can focus on growing their businesses and continuing to make a significant economic contribution to the UK economy."