In the UK, we are sitting on an enormous resource of entrepreneurialism in the form of our family business sector. Family businesses make up 90 per cent of the UK’s total
private sector firms, employing 14 million people and contributing over £200 billion through tax receipts each year alone.
Now more than ever, the Prime Minister’s focus on long-term decisions is vital to support businesses in overcoming immediate challenges while delivering long-term
growth.
Family Business UK makes the following recommendations for inclusion in the Budget that can help support the family business sector in putting the UK
economy back on the road to recovery:
• Commit to maintain Business Property Relief (BPR) in full
• Bring Business Assets Holdover Relief (BAHR) eligibility into alignment with BPR, to enable a smooth transition in ownership between generations
• Replace the Apprenticeship Levy with a new, fit-for-purpose Future Skills Fund
To read the full Family Business UK submission for the Spring Budget 2024, please Click here to access the document.