Inheritance Tax: Family-owned Businesses
Debate between Harriett Baldwin and Susan Murray(3 days, 13 hours ago)
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Susan Murray
I thank the hon. Gentleman for raising that issue; I completely agree.
The Centre for Economics and Business Research found that nine out of every 10 privately owned businesses in the UK are family owned, and that they provide employment for nearly 16 million people and contribute more than £200 billion in taxes annually.
Dame Harriett Baldwin (West Worcestershire) (Con)
The hon. Lady is making an excellent speech and I congratulate her on securing this important debate. Did she see the research published yesterday by Family Business UK, which points to the disastrous impact of the inheritance tax reforms on family-owned businesses? In my West Worcestershire constituency alone, the changes will lead to a reduction of £18 million of gross value added and of 286 full-time equivalent jobs.