More than a third of family businesses fear they will collapse under Labour as they are hammered by rising taxes.
A survey of 2,000 family firms by WSP Solicitors found 37 per cent believe they risk closure before the General Election in 2029 while nearly one in ten expect to shut in under 12 months.
Owners cited higher taxes, including plans to hit firms and farms worth more than £1million with a 20 per cent inheritance tax bill from April. It is feared many family businesses will be forced to sell up to pay the bill.
In the Daily Mail this week, William Lees-Jones, the seventh generation of his family to run JW Lees Brewery in Manchester, wrote: ‘We should be doing all we can to protect and encourage family businesses, not putting them in jeopardy.’
Nafeesa Hussain, at WSP Solicitors, said: ‘Family business owners are increasingly asking themselves: “What is the point of working tirelessly to build a business if there’s nothing left to pass on?”
These are businesses built over decades. The changes in inheritance tax are putting the future of thousands at risk.’
Tax blow: A survey of 2,000 family firms by law firm WSP Solicitors found 37% believe they risk closure before the next general election in 2029
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