Taxing Futures

Figure 8: Sectoral breakdown of APR effects on investment, turnover and employment

Investment

Turnover

Employees

0%

-2%

-4%

-6%

-8%

-10%

-12%

-14%

-16%

-18%

Real Estate Acti viti es

Agri cul ture & Horticulture

Accommodation and Food Service Activities

Source: CBI Economics Survey (2025)

Anecdotal insights reveal risks to growth and investment from inheritance tax changes

To capture insights that may not have been reflected in the structured survey questions, respondents were invited to answer open-ended questions. Specifically, they were asked: “Are there any specific challenges or opportunities you foresee for your business or farm due to changes to BPR and/or APR?” The responses opposite provide a deeper, more nuanced understanding of how these reforms are affecting businesses and farms.

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