l{"id":1345322,"date":"2024-11-09T05:00:00","date_gmt":"2024-11-09T05:00:00","guid":{"rendered":"https:\/\/www.businesstelegraph.co.uk\/uk-landed-estates-warn-budget-tax-changes-will-kill-off-business\/"},"modified":"2024-11-09T05:00:00","modified_gmt":"2024-11-09T05:00:00","slug":"uk-landed-estates-warn-budget-tax-changes-will-kill-off-business","status":"publish","type":"post","link":"https:\/\/www.businesstelegraph.co.uk\/uk-landed-estates-warn-budget-tax-changes-will-kill-off-business\/","title":{"rendered":"UK landed estates warn Budget tax changes will \u2018kill off\u2019 business"},"content":{"rendered":"<p> <script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- newscabal uk text -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:inline-block;width:728px;height:90px\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"3688094655\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p>Stay informed with free updates<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Simply sign up to the <!-- -->UK tax<!-- --> myFT Digest &#8212; delivered directly to your inbox.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=f62a41f5-2668-4419-b7e9-6caf698786ef&amp;concept-id=9c56d86c-90e1-4273-9b47-480040261d37\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Owners of some of the UK\u2019s historic houses and landed estates have warned that tax changes in Rachel Reeves\u2019 Budget will \u201ckill off\u201d the farming and heritage businesses they run.<\/p>\n<p>In her first fiscal event last week, the chancellor increased the rate and cut the threshold of employers\u2019 national insurance contributions. <\/p>\n<p>She also reformed agricultural property relief (APR) and business property relief (BPR), which means estates, previously exempt, will pay inheritance tax at 20 per cent on assets above \u00a31mn from April 2026.<\/p>\n<p>Edward Stanley, 19th Earl of Derby, who lives in Knowsley Hall, a stately home near Liverpool in the north-west of England, said the measures announced by <a href=\"https:\/\/www.ft.com\/stream\/394970c3-b162-4c28-b1fb-01ef6e34ca5f\" data-trackable=\"link\">Reeves<\/a> would affect him both as an employer and an owner. <\/p>\n<p>\u201cTaking 20 per cent of a business away every generation is just a shockingly awful concept for a government that wants growth,\u201d he said.<\/p>\n<p>Knowsley Hall, which the Stanley family has owned since 1385, can be rented for holidays, weddings and filming; the ancestral home also has a 550-acre safari with rhinos and baboons and a stud for boarding racehorses. <\/p>\n<p>\u201cIt\u2019s going to kill off farming businesses and heritage businesses,\u201d said Stanley, adding that heirs would be faced with the choice of selling land, which would make farms less viable, or the house and its contents.<\/p>\n<figure class=\"n-content-image n-content-image--full\" data-component=\"image-set\"><picture><source media=\"(min-width: 700px)\"  width=\"2290\" height=\"1526\"\/><source media=\"(max-width: 490px)\"  width=\"1307\" height=\"1308\"\/><img decoding=\"async\" src=\"https:\/\/www.businesstelegraph.co.uk\/wp-content\/uploads\/2024\/11\/UK-landed-estates-warn-Budget-tax-changes-will-\u2018kill-off.jpg\" alt=\"The Earl and Countess of Derby at Knowsley Hall \" data-image-type=\"image\" width=\"2290\" height=\"1526\" loading=\"lazy\"\/><\/picture><figcaption class=\"n-content-picture__caption\"><span>The Earl and Countess of Derby at Knowsley Hall <\/span><span> <\/span><\/figcaption><\/figure>\n<p>Stanley cited Treasury figures showing the APR and BPR changes would bring in \u201cpeanuts\u201d \u2014 about \u00a3500mn each year from 2027-28 to 2029-30 \u2014 compared with the NI changes, which are forecast to raise \u00a324.2bn-\u00a325.7bn each year over the same period.<\/p>\n<p>England\u2019s heritage sector contributed \u00a344.9bn in gross value added to the UK economy in 2022 and supported the employment of more than 523,000 workers, according to analysis of data from the Office for National Statistics by consultancy Cebr.<\/p>\n<p>James Hervey-Bathurst, who inherited Eastnor Castle in Herefordshire, near the Welsh border, from his mother in 1988, said his family would \u201cbe having to allocate cash to pay tax which would otherwise go into the business\u201d in anticipation of inheritance tax.<\/p>\n<p>Hervey-Bathurst opens Eastnor, which was built in 1812, for weddings, filming and corporate hire.<\/p>\n<p>\u201cWhat the government should recognise is that we pay a lot of tax as we go along,\u201d such as NI and VAT, he added. \u201cThese are all things that 50 years ago houses were not producing because they had not gone down the business route but now they all have.\u201d<\/p>\n<p>Historic Houses, which represents more than 1,000 independently owned and operated houses, castles and gardens in the UK, said its members were in effect \u201crural small- and medium-sized enterprises\u201d that were \u201coften asset rich but cash poor\u201d. <\/p>\n<figure class=\"n-content-image n-content-image--full\" data-component=\"image-set\"><picture><source media=\"(min-width: 700px)\"  width=\"1731\" height=\"1154\"\/><source media=\"(max-width: 490px)\"  width=\"1536\" height=\"1536\"\/><img decoding=\"async\" src=\"https:\/\/www.businesstelegraph.co.uk\/wp-content\/uploads\/2024\/11\/1731170831_738_UK-landed-estates-warn-Budget-tax-changes-will-\u2018kill-off.jpg\" alt=\"Eastnor Castle in Herefordshire\" data-image-type=\"image\" width=\"1731\" height=\"1154\" loading=\"lazy\"\/><\/picture><figcaption class=\"n-content-picture__caption\"><span>Eastnor Castle in Herefordshire<\/span><span> <!-- -->\u00a9 Neil Bussey\/Dreamstime<\/span><\/figcaption><\/figure>\n<p>\u201cThe proposed changes to APR and BPR, introduced with relatively little notice, will play havoc with existing succession plans,\u201d it added.<\/p>\n<p>Lawyers have suggested there are ways to mitigate the inheritance tax, such as gifting the estate to the next generation or taking out a life insurance policy to cover the sum. <\/p>\n<p>Michael Parkinson, consultant at law firm Payne Hicks Beach, said: \u201cThere is a little bit of hysteria going round at the moment\u201d concerning APR. \u201cEven once the rules have changed there will be still be plenty of scope for lifetime planning.\u201d<\/p>\n<p>But Hervey-Bathurst said there was \u201cno way\u201d his life insurance would cover inheritance tax at 20 per cent, meaning his family would have to \u201cliquidate some of the assets\u201d.<\/p>\n<p>Richard King, partner at farming consultancy The Andersons Centre, said \u201cmega-estates will get caught\u201d by Reeves\u2019 tax changes. Unlike investor-landowners, who contract out the land to farmers or for environmental schemes such as tree-planting, large estate owners are not able to jump in and out the same way. \u201cThey are not going to divest their agricultural land, it\u2019s part of their inheritance,\u201d he said.<\/p>\n<p>The Treasury said farm-owning couples could pass on up to \u00a33mn without paying any inheritance tax and that 40 per cent of APR went to \u201cthe 7 per cent wealthiest claimants [so] we made a difficult decision to ensure the relief is fiscally sustainable\u201d.\u00a0<\/p>\n<p><em>Additional reporting by Madeleine Speed<\/em><\/p>\n<\/div>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block; text-align:center;\"\r\n     data-ad-layout=\"in-article\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"7859258044\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><a href=\"https:\/\/www.ft.com\/content\/f62a41f5-2668-4419-b7e9-6caf698786ef\">READ SOURCE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stay informed with free updates Simply sign up to the UK tax myFT Digest &#8212; delivered directly to your inbox. Owners of some of the UK\u2019s historic houses and landed estates have warned that tax changes in Rachel Reeves\u2019 Budget will \u201ckill off\u201d the farming and heritage businesses they run. In her first fiscal event [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1345323,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_oct_exclude_from_cache":false,"footnotes":""},"categories":[19],"tags":[],"class_list":["post-1345322","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UK landed estates warn Budget tax changes will \u2018kill off\u2019 business - Business Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.businesstelegraph.co.uk\/uk-landed-estates-warn-budget-tax-changes-will-kill-off-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK landed estates warn Budget tax changes will \u2018kill off\u2019 business - Business Telegraph\" \/>\n<meta property=\"og:description\" content=\"Stay informed with free updates Simply sign up to the UK tax myFT Digest &#8212; delivered directly to your inbox. Owners of some of the UK\u2019s historic houses and landed estates have warned that tax changes in Rachel Reeves\u2019 Budget will \u201ckill off\u201d the farming and heritage businesses they run. In her first fiscal event [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.businesstelegraph.co.uk\/uk-landed-estates-warn-budget-tax-changes-will-kill-off-business\/\" \/>\n<meta property=\"og:site_name\" content=\"Business Telegraph\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-09T05:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.businesstelegraph.co.uk\/wp-content\/uploads\/2024\/11\/1731170835_UK-landed-estates-warn-Budget-tax-changes-will-\u2018kill-off.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"393\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"businesstelegraph\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"businesstelegraph\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/uk-landed-estates-warn-budget-tax-changes-will-kill-off-business\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/uk-landed-estates-warn-budget-tax-changes-will-kill-off-business\/\"},\"author\":{\"name\":\"businesstelegraph\",\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/#\/schema\/person\/0a3a6a0f58402f1f2af94e02d0987b78\"},\"headline\":\"UK landed estates warn Budget tax changes will \u2018kill off\u2019 business\",\"datePublished\":\"2024-11-09T05:00:00+00:00\",\"dateModified\":\"2024-11-09T05:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/uk-landed-estates-warn-budget-tax-changes-will-kill-off-business\/\"},\"wordCount\":713,\"publisher\":{\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/uk-landed-estates-warn-budget-tax-changes-will-kill-off-business\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.businesstelegraph.co.uk\/wp-content\/uploads\/2024\/11\/1731170835_UK-landed-estates-warn-Budget-tax-changes-will-\u2018kill-off.jpg\",\"articleSection\":[\"personal finance\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/uk-landed-estates-warn-budget-tax-changes-will-kill-off-business\/\",\"url\":\"https:\/\/www.businesstelegraph.co.uk\/uk-landed-estates-warn-budget-tax-changes-will-kill-off-business\/\",\"name\":\"UK landed estates warn Budget tax changes will \u2018kill off\u2019 business - 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Owners of some of the UK\u2019s historic houses and landed estates have warned that tax changes in Rachel Reeves\u2019 Budget will \u201ckill off\u201d the farming and heritage businesses they run. 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