The owner of a property-based family firm has warned that changes to inheritance tax rules have created an 'ageist lottery' for business owners, as he faces a potential tax bill of over £6 million if he dies before October 2032.
Robert Thomas, 83, chairman of Remarkable Pubs, said that under current plans he must survive another seven years to spare his descendants from the levy. Otherwise, he said, sites would need to be sold within six months, 'cruelly affecting investment, growth and employment'.
In a letter to The Guardian, Thomas described the situation as an 'ageist lottery' and wrote: 'At the moment plans are afoot to rig up a life-support unit at home with an instruction to pull the plug on the appointed day, seven years hence. Any suggestions for relief, Rachel?'
The remarks come amid concerns from family businesses over Labour's proposed changes to inheritance tax, which critics argue could force fire sales of long-held enterprises.
