Family Businesses Face Inheritance Tax Burden

Chancellors Inheritance Tax Adjustment: A Minor Concession for Family BusinessesThe Chancellors recent adjustment to the inheritance tax plan, allowing a one million pound tax-free allowance to be transferable between spouses, has been met with criticism from business owners and farmers. Despite this minor concession, many still fear the significant tax burdens that will threaten family ownership of enterprises. The fixed one million pound figure and inflation will reduce the allowances effectiveness over time. Business leaders argue that the governments approach is short-sighted, potentially leading to businesses being forced to sell and undermining the economy.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.