"Family businesses are spending their time inwardly doing tax planning instead of growing their businesses. The timeframe has been far too short to adapt, leading to widespread concern among entrepreneurs and advisers."
"Research from Family Business UK suggests that 57 per cent of family business owners expect to be materially affected by the changes, while only around one in ten believe they will avoid any impact."
New inheritance tax reforms in the UK impose a £2.5 million cap on business property relief, affecting family businesses significantly. Assets exceeding this cap will incur a 20% tax. The changes have caused concern among entrepreneurs, leading to increased demand for tax planning services. Many family businesses are now focused on restructuring and succession planning rather than growth. A survey indicates that 57% of family business owners expect to be materially affected by these changes, which could impact the broader economy.
Read at Business Matters
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