Death Tax Transformation can threaten 200,000 jobs in family businesses and farms, survey warns
More than 200,000 jobs in business and family farms can be lost due to future tax reforms, according to new warning increase in investment, long-term economic activity.
The survey across the country of 4,200 Family and Agricultural Business – sent by the Brien Group Family Business Business Business Business and agricultural equipment.
From April the following year, the influence of the feathers in qualified businesses and agricultural goods will be considered in a compiled area of ​​£ 1 million. Without this limit, the relief will fall from 100 percent to 50 percent. While certain people are still able to pass for £ 325,000 who do not have taxes (£ 1.5 million for circles by direct interest), the change is expected to affect other major domain businesses in the UK – especially agricultural.
According to the study, over half (55 percent) family businesses have been canceled or temporarily made when the changes are announced in October 2023, and nearly a quarter. If these qualities continue, this field may lose 208,000 works between 2026 and 2029, including 28,000 farm.
The report warns this can erase £ 14.4 billion from the economy on the current parliament, for investing in 19 percent and headcount. A limited governmental limitations of millions of
“This study indicates that family businesses will answer to cutting functions and investment, a major tax deduction,” said Neil Davy, the Chief Executive Officer of the family business of the UK. “The OBR must also evaluate the cost of its policy and the government should consider reorganizing these injurious changes.”
The budget burden has already approved that estimates depends on the ‘high uncertainty’, warning that moral principles such as business sales can reduce policy. The survey supports this: One of the ten businesses said they planned to fulfill tax responsibilities, and 9 percent have done that. Two thirds have sought legal advice to reduce financial impact.
In 2021-22, 1,800 million killed $ 2050 million, large accommodation charges of $ 220.
However, Davy looks at the impact will be heard across the country. “It is not too late for government to return to this policy.
The Family Business UK wants full consultation with ministers before working to evaluate more targeted changes and estimate the need for income and regional growth. Without modeling, Davy warns, taxes and causes serious damage to Britain “for local employment and economic stability.”
