‘Hammer blow’: Family firms call for inheritance tax consultation December 16, 2024 Family businesses are urging the government to consult on changes to inheritance tax (IHT), warning the move represents a “hammer blow” to the UK economy. Some 160,000 family-owned firms – represented by 32 trade associations – have written to Chancellor Rachel Reeves to request a formal consultation on IHT changes in the Budget. The letter, [...]
Hedge fund managers could buy land, MPs told, as Tories fail to scrap ‘farm tax’ December 4, 2024 Hedge fund managers could buy up farmland if UK farmers sell up to avoid the inheritance levy, MPs were told, as the Tories brought a vote on the so-called ‘family farms tax’. Conservative MPs used an opposition day debate on Wednesday to bring a Commons vote on Labour’s Budget measure which would see farmers pay [...]
Budget could wipe out 125,000 jobs in family businesses December 2, 2024 The government’s move to limit inheritance tax relief for family-owned businesses could cost Britain roughly 125,000 jobs and significantly reduce economic activity, new research has found. The change unveiled in Labour’s first Budget could reduce the value of goods and services produced across the UK economy by £9.4bn and incur a £1.3bn net loss for [...]
Sea of tax changes? Why getting your ducks in a row on pensions is vital December 2, 2024 Inheritance tax changes may feel a long way away, but sooner is better when it comes to structuring your assets to pass on as much wealth as possible to your loved ones, says Duncan Bailey The Budget has given businesses and individuals much to consider with announcements made around spending, national insurance contributions for employers [...]
Labour urged to scrap ‘vindictive’ farm tax as Tories set to force vote December 1, 2024 Labour MPs are being urged to back scrapping the “vindictive” changes to inheritance tax (IHT) on farms, as the Conservative Party prepares to bring a vote on the issue. Tory MPs are set to use their opposition day debate on Wednesday, December 4, to insist Parliament hold a vote on Labour’s controversial move for farmers [...]
The truth about wealth inequality November 28, 2024 The distribution of wealth in the economy has attracted more and more attention among economists following a wealth boom that lasted for four decades. Between 1980 and 2019, British household wealth increased from three to seven-times national income, as cheap credit helped to fuel consistent rises in house prices. “For much of the past four [...]
Inheritance tax grab on London’s junior AIM could cost Reeves £1bn November 26, 2024 Rachel Reeves’ inheritance tax hike on London’s junior market AIM in the Budget is likely to cost more than a billion in revenue for the Treasury, investment bank Peel Hunt has warned. The government had estimated that it would raise £92.5m from its 50 per cent inheritance levy on AIM stocks, based on calculations from [...]
Inheritance changes for farmers ‘risks missing the target’ on tax avoidance November 25, 2024 "The Budget proposal doesn’t go far enough to stop avoidance, but goes too far in how it applies to actual farms," Dan Niedle, founder of the think tank said
AJ Bell: Inheritance tax changes risk ‘fundamentally undermining’ pensions system November 24, 2024 AJ Bell's boss said the changes were “arguably the most complex and costly way of raising tax from unused pensions on death”.
Jeremy Clarkson backpedals on previous claim he bought farm for tax reasons November 23, 2024 Jeremy Clarkson has backpedalled on his previous comments about why he bought his farm, saying he thought it would be a “better PR story if I said I bought it to avoid paying tax”. The TV presenter and journalist defied doctors’ orders by joining thousands of farmers in London on Tuesday to protest against agricultural [...]