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.