For a government facing hard economic choices, reliefs like BPR and GHR may look like attractive tax breaks, to be clawed back and redistributed. Yet I would urge the Government to do so at its peril.
Successive governments, for decades, have maintained these reliefs because they understand the returns they generate for the wider economy: by incentivising businesses to grow, providing good jobs and succeeding for the long term. In the 23 years that Family Business UK has operated, the single most important issue to the family businesses we represent, has been the retention of BPR. This is essential for family businesses today as it protects their tomorrow. It drives our planning, family ownership structure and long-term thinking. This vital piece of legislation delivers stability in the family business sector at a time when we should be finding more solutions to promote long-term thinking and ownership, rather than fixing short-term fiscal pain. If growth is the new agenda for the country, with the right policy support our family business community is well placed to turbo charge it.
Steve Rigby, Co-CEO Rigby Group plc Director of Family Business UK
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