“Scrapping BPR could be catastrophic” FBUK tells Forbes.
Family Business UK has warned of the potential unintended consequences of scrapping Business Property Relief (‘BPR’) on family businesses.
Speaking to Forbes magazine, FBUK CEO Neil Davy said: “capping or scrapping BPR without fully understanding the consequences would be catastrophic for these [family] businesses, the sector, and the wider UK economy.”
Ahead of the Autumn Budget (30 October), the article in Forbes explores possible tax changes that have been mooted for review by the Government, including BPR.
Family Business UK has repeatedly talked about the importance of retaining BPR as part of a supportive policy environment that incentives family businesses to plan and invest for the long term.
A campaign calling on policymakers, MPs and supporters to Back Family Businesses, which was launched by FBUK this summer, asks government to retain BPR and give family-owned firms the support they need to thrive.
Commenting in Forbes, Neil Davy continues: “Business Property Relief is crucial to the long-term outlook and prosperity of family businesses, and the family business sector overall. BPR enables family businesses to be passed to the next generation without the business incurring costs which would otherwise be used to invest in training, job creation, new products and services or expansion into new markets.”
As the Back Family Businesses campaign continues, Family Business UK will keep members up to date with our activity. For regular member updates, and to read our magazine, ensure you sign up, and contact the team with any questions or queries.