Emma Fox, CEO of Berry Bros & Rudd, described the proposed inheritance tax reform as a 'body blow' to their family-run institution that could threaten future operations.
CFO Emily Rae emphasized the critical role of business property relief in keeping the family business intact, stating, 'It's something the families have relied upon to keep the business within the family.'
Fox warned that changes in inheritance tax could impair long-term investments, saying, 'This budget forces us to operate differently,' jeopardizing their patient capital focus.
Industry voices like Sir James Dyson criticized the policy as a 'family death tax', echoing concerns from Berry Bros & Rudd about its deleterious impacts on family-owned businesses.
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