AIC Supports Industry Call for Review of Family Business Tax Changes
The Agricultural Industries Confederation (AIC) has joined a coalition of UK trade associations in calling on the Chancellor to reconsider changes to Business Property Relief (BPR) and Agricultural Property Relief (APR), which industry groups say are affecting investment confidence among family-owned businesses.
The call forms part of a wider campaign led by Family Business UK, with AIC support, which has submitted its pre-Budget recommendations to HM Treasury ahead of the Autumn Budget. The submission argues that family-owned businesses play a significant role in supporting economic growth, employment, regional economies and long-term investment across the UK.
AIC Chief Executive Robert Sheasby joined leaders from more than a dozen trade associations in signing an open letter to the Chancellor. The letter describes changes to BPR and APR as one of the most significant challenges facing family-owned businesses and warns that they have already led some firms to delay investment and recruitment decisions.
The Family Business UK submission highlights concern that changes to BPR and APR could have implications for business succession planning, long-term investment and continuity of ownership. It calls for the restoration of full reliefs and a review of the wider economic impacts of the reforms.
Alongside tax measures, the submission proposes a range of policies aimed at supporting growth, including incentives for youth employment, business rates reform, measures to reduce business energy costs, increased access to finance and support for businesses seeking to scale up.
For AIC Members, many of whom are family-owned businesses operating across the agricultural supply chain, the concerns around APR and BPR remains particularly relevant. The sector relies on long-term investment, succession planning and business continuity to continue supporting UK farmers and food production.
The coalition of trade associations has invited the Chancellor and Treasury officials to engage with industry representatives on policies that support growth while recognising the contribution family-owned businesses make to local economies and communities across the UK.
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