Monthly Archives: November 2019

Hot Business News Today

Sajid Javid warns Labour will extend inheritance tax to family businesses

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Originally written by Timothy Adler on Small Business
Chancellor Sajid Javid has warned that Labour plans to stop sons and daughters from inheriting family businesses by charging them inheritance tax.
Currently, family businesses are exempt from 40 per cent inheritance tax when a business is handed down to a family member following the death of the owner.
Labour plans to increase personal inheritance tax; currently, parents can leave property worth up to £325,000 before inheritance tax kicks in.
Sajid Javid said: “Labour has said they’re against the principle of inheritance, that’s why they’re changing inheritance tax for individuals, that’s why they’ve cut the allowance. They have also said they’re going to review taxes – and when they use code words like review, that’s the tax that’s they’re most certainly going to hit.”
>See also: Labour pledges to scrap IR35 rollout to business … and then backtracks
Javid was speaking at a hustings organised by the Federation of Small Businesses (FSB) this week, alongside shadow chancellor John McDonnell and Liberal Democrats deputy leader Ed Davey.
McDonnell, putting his head in his hands, shook his head and repeated, “We’re not.”
However, McDonnell, giving his usual avuncular performance, was frank about Britain needing to pay for investment in infrastructure and society

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Hot Business News Today

Labour pledges to scrap IR35 rollout to business … and then backtracks

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Originally written by Timothy Adler on Small Business
Bill Esterson, the shadow small business minister, spoke out of turn this week when he pledged Labour would stop the rollout of IR35 tax changes to business.
Speaking on Monday night, Esterson pledged at a small business hustings in the City of London that Labour would scrap IR35 being extended to the private sector, despite there being nothing about it in Labour’s manifesto.
“We absolutely can’t see it rolled out into the private sector the way things are at the moment,” Esterson told the hustings.
“It should never have been implemented in one go.”
Asked later to confirm if it was Labour Party policy to review IR35 and not rollout changes out to the private sector in April 2020, he tweeted: “absolutely”.
>See also: Labour small business minister: ‘Boris just says whatever pops into his head’
However, that tweet was subsequently deleted:

Esterson told Small Business that Labour policy was now to review IR35 changes before they come into effect.
IR35 will draw sole traders and freelance contractors into the tractor beam of IR35, which HMRC sees at tax avoidance when freelance contractors are effectively permanent.
Liberal Democrat deputy leader Sir Ed Davey was the big winner at the City hustings, organised

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