Family businesses face new inheritance tax burden as relief cut to 50%

Neil Davy, CEO of Family Business UK, criticized the BPR reduction as a "betrayal of Britain's hard-working family business owners," emphasizing its crucial role in enabling competition against corporate models.

Steve Rigby, co-CEO of Rigby Group, described the tax shift as "poorly conceived," warning that families might have to sell businesses to settle tax liabilities amid high effective dividend tax rates.

Rachel Nutt, from MHA, cautioned families of private company shares to reconsider estate plans, highlighting the potential for a severe tax burden under the new BPR rules.

Read at Business Matters