James Dyson criticizes Reeves' inheritance tax changes, impacts family businesses

Billionaire Sir James Dyson has condemned Chancellor Rachel Reeves for her planned inheritance tax changes, claiming they will devastate British family businesses, which employ 14 million people. Starting April 2024, businesses and farms will face a 20% inheritance tax on assets over £1 million, a shift Dyson argues will not only harm family firms but also cost the Treasury billions in lost revenue. He described the measures as 'vindictive' and stated they unfairly target family-owned businesses while exempting private equity and public companies. The Treasury estimates the tax changes could bring in £500 million annually by 2030, a figure Dyson argues is negligible compared to the broader economic contributions of family businesses. Dyson, who owns extensive farmland and has a net worth of £20.8 billion, emphasized that these businesses already make significant tax contributions. Critics, including Dyson, contend that the new tax policy will discourage entrepreneurship and wealth creation in the UK.