Westminister debates family businesses and BPR

October 18, 2024

FBUK-logo - FBUK Autumn Budget Submission - Retain BPR

Westminister debates family businesses and BPR

Family businesses have taken centre stage in Parliament ahead of the Budget, with MPs debating Business Property Relief (BPR) and its essential role supporting family-owned firms across the country.

A Westminster Hall debate led by Harriet Cross, Conservative MP for Gordon and Buchan heard from MPs about how BPR and APR (Agricultural Property Relief) is being used to support businesses and family-owned farms in their constituencies.

The debate, which took place less than two weeks ahead of the Labour’s first budget, gave MPs a chance to raise their serious concerns with Government.

Opening the debate, Harriet Cross MP underlined the important role played by BPR and APR incentivising family businesses up and down the country.

 

Will Forster, Liberal Democrat MP for Woking, told Members about the importance of family businesses to local economies like Woking.

 

Nigel Huddlestone, the Shadow Financial Secretary, said the Government must hear the concerns and fears MPs had expressed on behalf of their constituents about potential changes to inheritance tax relief, including BPR.

Huddleston reminded the House that prior to the election, family businesses believed they had received assurances on BPR from the Labour party and called for those assurances to be reiterated.

Responding for the Government, James Murry, the Exchequer Secretary to the Treasury acknowledge that many Members had raised their uncertainties ahead of the budget, including on BPR.

He acknowledged the ongoing debate and the work of Family Business UK in calling for BPR to be retained.

The Budget will take place on 30 October.

You will be able to read Family Business UK’s response after the Chancellor has delivered the Budget to Parliament.

You can read FBUK’s pre-budget submission here.

Visit our Back Family Businesses campaign page here.