Chancellor John Healey is facing criticism over reported plans to introduce a tax raid on family businesses ahead of the Budget, with presenters and the public voicing strong opposition.
Reported Plans for Business Handover Taxes
According to The Telegraph, Healey is considering a levy on income tax for business owners who wish to hand their enterprises down to relatives. The proposal could see entrepreneurs charged 24% on the transfer, plus an additional 45% income tax on handing the business over.
GB News presenter AJ Pritchard discussed the reports on the breakfast show, saying: "The front page of the Telegraph, John Healey wants to draw up plans for a tax raid on family businesses ahead of the Budget. The Chancellor is considering putting a levy on income tax for business owners."
Reaction from Presenter and Public
Pritchard expressed disbelief at the proposals, stating: "This just makes life so much harder. For me, I don't understand this. If somebody has worked within the businesses continuously, especially family-run, isn't that what you should be proud of, handing down businesses? Rather than selling them off to somebody else?"
A Treasury spokesperson told Reuters: "As has always been the case, decisions on tax are a matter for the Chancellor to set out at fiscal events, rather than routinely commenting on rumour, speculation or proposals."
Public Outrage on Social Media
Members of the public have reacted angrily to the alleged plans. One Reddit user commented: "How about he forces people into work rather than sit on benefits for life… oh no, we can't do that as too spineless to stand up to rebel backbenchers more concerned about losing their seat than the actual economy!"
Another user wrote: "This stuff is just evil," while a third added: "Take from the workers, give to the shirkers." A fourth remarked: "Labour will be Labour. What's new?"
