Susan Murray

Susan Murray

Liberal Democrat — Mid Dunbartonshire

Speaking in the House of Commons on 3 June 2025

Debate

Inheritance Tax: Family-owned Businesses

Contribution

I certainly agree that we need to protect our family-owned businesses and do everything we can to help them to thrive, rather than putting them in a position whereby the economy is at risk of losing both jobs and growth. I will finish the question that I was putting to the Minister. Will he consider amending the proposed legislation to ensure that the changes do not weaken genuine family businesses, and make the transfer of shares in a family business to the next generation exempt from inheritance tax for seven years, provided that the business is not sold in that period? If it is sold within that period, inheritance tax would become payable, along with the capital gains tax, both of which could be funded from the proceeds of the sale. This Government have stated that growing the UK economy is essential, but attacking the backbone of the economy—the family businesses that have proved they can adapt and change rapidly to meet changing market needs and conditions, and that support supply chains and local jobs—must not happen. Family businesses should be supported, not raided for a relatively de minimis gain to the Exchequer.

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