Businesses will have to close due to the introduction of inheritance tax on family firms and farms, a North Yorkshire MP has warned.

Thursday, 31 October 2024 19:30

By Darren Greenwood

Kevin Hollinrake, who is also the Shadow Business Secretary, also said: “Labour has revealed that they were not truthful with the British public

presenting a Budget filled with broken promises and marked by significant tax increases and heavy borrowing.”

The MP for Thirsk and Malton continued: “Labour had pledged not to raise taxes on working people, yet they’ve imposed a £25 billion tax hike by raising National Insurance, pushing the tax burden to an unprecedented level in the nation’s history.

“The Office of Budget Responsibility say 76% of the NI hike will come out of workers' wages. So bad for business, bad for workers, bad for growth.”

“The application of 20% Inheritance Tax to family businesses and family farms for the first time will be devastating for local communities in Thirsk and Malton as it will see businesses closing to pay taxes rather than being passed from one generation to the next.”

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