Scrapping the Family Business Tax
In our very first budget, we will repeal the family business tax which punishes success and dis-incentivises growth. We will ensure that family businesses, often built through generations of hard work, sacrifice, and investment, can continue to serve their communities and countries. In technical terms this means repealing Labour’s changes to APR and BPR.
The current tax unfairly applies only to those businesses in family ownership and risks seeing countless enterprises broken up and sold, possibly abroad, with jobs and growth following. Like the family farm tax, it is a vindictive, economically illiterate tax which will harm the economy in the long run.
No ifs, no buts; the Family Business Tax and Family Farm tax have to go.
