The impact will be “life-changing” for owners, said Andrew Evans, a tax partner at law firm Geldards.<\/p>\n
“I spoke to one client who had saved up \u00a315m to grow their business in a different direction,” he said.<\/p>\n
“They’ve decided as a result of these changes they can’t be bothered.”<\/p>\n
Mr Evans warned that many owners are unaware of the implications, describing an “ostrich mentality” among small and medium-sized firms. <\/p>\n
He urged business owners to seek advice and make a will.<\/p>\n
The Treasury has said the changes could raise \u00a3520m a year, but Mr Evans questioned whether that was worth the potential impact on growth, adding: “Rather than spend money growing the business, owners will save money to pay a tax bill. <\/p>\n
“Personally, I think that’s disappointing and doesn’t accord with the chancellor’s pronouncements she’s in favour of growth.”<\/p>\n
A spokesperson for HM Treasury said: “We are a pro-business government that has capped corporation tax at 25%, the lowest rate in the G7, we’re reforming business rates [in England], have secured trade deals with the US, EU and India, and have seen interest rates cut five times since the election, benefiting businesses in every part of Britain.<\/p>\n
“Right now, 53% of Business Property Relief \u2013 worth \u00a3533m \u2013 goes to just 158 estates. <\/p>\n
“Our reforms will channel that funding into vital public services.”<\/p>\n","protected":false},"excerpt":{"rendered":"The impact will be “life-changing” for owners, said Andrew Evans, a tax partner at law firm Geldards. “I…\n","protected":false},"author":2,"featured_media":292046,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[45,49,48,133,131,132],"class_list":{"0":"post-292045","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-ca","10":"tag-canada","11":"tag-finance","12":"tag-personal-finance","13":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/292045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=292045"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/292045\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/292046"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=292045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=292045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=292045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}