CPA - Construction Plant-hire Association reposted this
We're calling on the Government to consult on Inheritance Tax changes for family businesses. Alongside 31 other trade and membership organisations, representing 160,000 family businesses and farms, we've written to the Chancellor of the Exchequer warning of the severe and long-lasting impact of the changes to BPR and APR announced in the Budget. BPR and APR are not "loopholes" exploited by wealthy individuals - as they've been characterised. They exist for a purpose - to protect family-owned enterprises from being broken up or sold off when the owner dies and the next generation steps in to keep the business or farm going. The Government says that fewer than 500 family farms and a little more than 500 family businesses will be affected by the change each year. But analysis by CBI-Economics of the change to BPR alone suggests that three times this many family businesses will be forced to adapt every year to mitigate the future tax liability. The research suggests that companies will most likely cut investment and jobs which, over the course of the Parliament, could lead to 126,000 job losses, reduce economic activity by £9.4 Billion and could result in a net fiscal loss to the Exchequer of £1.25 Billion. We believe a formal consultation will allow proposals to be considered that could achieve the Government's objectives whilst also protecting family-owned businesses and farms. Our members are well placed to support the Government's growth agenda. But, they need a stable policy landscape that supports them and encourages long-term investment. #BackFamilyBusinesses Associated Independent Stores Ltd | Association of Convenience Stores | British Allied Trades Federation | British Beer & Pub Association | British Coatings Federation | British Holiday & Home Parks Association | British Home Enhancement Trade Association (BHETA) | Bira - British Independent Retailers Association | British Marine | The British Sandwich & Food to Go Association | Builders Merchants Federation Ltd | Commercial Interiors UK | CPA - Construction Plant-hire Association | The CLA | Craft Bakers Association | ECA - Excellence in Electrotechnical and Engineering Services | Farm Retail Association | Guild of Fine Food | Historic Houses | Horticultural Trades Association | UKHospitality | Home Builders Federation | THE INDEPENDENT FAMILY BREWERS OF BRITAIN | National Association Of Funeral Directors | NBRA / VBRA | NFU (National Farmers' Union) | The Pizza, Pasta and Italian Food Association | Recruitment & Employment Confederation | UK Chamber of Shipping | Wine and Spirit Trade Association