Toby Tallon, Tax Partner at Evelyn Partners, highlighted that business owners are particularly anxious about the Budget due to potential seismic tax changes affecting their firms and financial security.
He further noted that the expected substantial increase in employer National Insurance could lead to businesses making difficult staffing decisions, impacting economic growth.
Tallon emphasized that removing or restricting business inheritance tax reliefs could pressurize entrepreneurs, thus jeopardizing job creation in the UK.
The proposed tax reforms, specifically around CGT and IHT, may deter investment and harm the ability to transfer family businesses to the next generation.
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