Inheritance Tax: Family-owned Businesses Debate
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Graeme Downie
Main Page: Graeme Downie (Labour - Dunfermline and Dollar)Department Debates - View all Graeme Downie's debates with the HM Treasury
Inheritance Tax: Family-owned Businesses
Graeme Downie Excerpts(4 days, 16 hours ago)
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Graeme Downie (Dunfermline and Dollar) (Lab)
I congratulate the hon. Lady on securing this debate on a very important issue. Like herself, I have spoken to GAP, as well as other family businesses in my constituency. Does she agree that although the Government are absolutely right to ensure that we have enough funding to pay for public services through tax changes, one option might be to allow businesses to pay inheritance tax in the way proposed if that business is passed on to another family member, so that the tax liability is still met, but in a way that does not impact on future generations and allows the businesses to succeed and thrive?
Susan Murray
It is important to look at all ways to make sure we have a system that does not cause the demise of family-owned businesses.