US EditionRich List tycoons tell Rachel Reeves her tax will kill family firms
- Prominent UK business figures warned Chancellor Rachel Reeves in early 2025 that planned tax hikes could devastate family firms and prompt wealth migration abroad.
- These warnings come in response to plans such as introducing a 20% tax on transfers of family businesses valued over £1 million and ending the non-domiciled tax status, which have raised concerns about the UK’s ability to remain competitive.
- Critics including Tony Langley and Sir James Dyson condemned the plans as threats to the economy, while many wealthy individuals and entrepreneurs are relocating to jurisdictions like Monaco and Italy.
- HMRC data reveals a 10% decrease in capital gains tax revenue for 2024-25, suggesting these tax policies may already be harming government income and discouraging investment; Langley cautioned that such measures risk damaging the very businesses that generate substantial wealth.
- The business backlash suggests the tax changes risk causing job losses, family business sales to private equity, and long-term harm to UK enterprise unless the government reassesses its approach.
6 Articles
6 Articles
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Retailers urge Reeves to reinstate VAT-free shopping
Retailers are urging chancellor Rachel Reeves to reinstate tax-free shopping for tourists as US escalating tariffs continue to cause disrupture, The Times has revealed. In a joint letter to the chancellor, seen by The Times, four major trade bodies — the British Retail Consortium, the British Beauty Council, Walpole and the British Fashion Council — said the tariffs could inflict “long-term damage” on British competitiveness and urged the govern…
Rich List tycoons warn Reeves that tax plans threaten family firms and UK wealth creation
Prominent British entrepreneurs and Rich List members have issued a stark warning to Chancellor Rachel Reeves, claiming her proposed tax hikes on capital gains and inheritance will cripple family businesses, fuel an exodus of wealth creators, and trigger an “existential crisis” for UK enterprise. In the wake of the latest Sunday Times Rich List, which revealed a record drop in the number of British billionaires, industry leaders are urging the C…
Reeves' tax hikes are 'death blow to London,' Britain's richest warn
Chancellor Rachel Reeves is under renewed pressure as Britain’s top businessman blasted her economic agenda following The Sunday Times Rich List revealing a record drop in the country’s number of billionaires. Reeves’ crack down on “non-dom” status has accelerated an exodus of leading business bosses fleeing the UK to avoid the Chancellor’s tax changes. This year’s Rich List recorded 156 billionaires, a slump of 21 from its peak in 2022 and a de…
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