Rachel Reeves’s inheritance tax raid on family businesses and farms will backfire by costing the Treasury over £1bn more than it makes, economists have said.

Most of the attention – and anger – since Rachel Reeves’ Budget announcement on inheritance tax (IHT) has focused on the impacts on farmers. But family business owners are facing identical changes to the IHT rules under the chancellor’s plans. It’s vital they start to plan accordingly.

Rachel Reeves’ inheritance tax changes will put 125,000 jobs at risk, chancellor warned - The Builders Merchants Federation has signed the Family Business UK open letter from 32 trade bodies representing 160,

Businesses are shedding jobs at the fastest pace in four years in the wake of Rachel Reeves’s record tax raid, as economists warned of the rising risk of recession. A closely-watched survey showed bosses are preparing for “worse to come” in the new year amid a “triple whammy of gloomy news” that has seen growth grind to a halt and price rises gather pace.