Most of the coverage of inheritance tax has focused on farmers but they make up a tiny proportion of the businesses that will be hit by this unfair levy, it’s time for family businesses to speak up, says Lucy Williams

While I have every sympathy for the farming community, many would be forgiven for thinking that the inheritance tax (IHT) changes announced in the October 2024 Budget will only affect them. That’s certainly the impression you’d get from the headlines.

But the truth is, these changes will impact thousands of businesses across the country, particularly family-run enterprises. Yet, the wider business community has been largely absent from the conversation, despite facing the same financial burden as farmers.

The bigger picture: Why aren’t small businesses being heard?

Most of the outrage over IHT reform has centred on the farming industry. Yet farming businesses make up only a small percentage of the UK’s family businesses. While their concerns have been widely covered, the vast majority of family businesses operating in other industries – manufacturers, retailers, logistics firms, care providers and more – are facing the same challenges with little to no attention.

Family businesses account for 93 per cent of all private-sector businesses, yet farming represents less than five per cent of that figure. The overwhelming majority of business owners will be just as affected by these changes, if not more so, yet their voices remain unheard.

If these tax changes will impact thousands of businesses........

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