Bosses set to dump corporations to offspring sooner on account of Labour tax raid

One in five business owners plans to hand their company over to their children within five years to avoid Labour’s inheritance tax raid on family firms.

Research by accountancy group Moore UK found 19 per cent of entrepreneurs are looking to pass on their firms before they die to reduce their tax bill. 

But Moore UK boss Mark Lance warned this could ‘backfire’ if businesses are passed on to children who are not yet ready to run them.

Money grab: Chancellor Rachel Reeves plans to hit family firms and farms with a 20 per cent inheritance tax charge for the first time from April

Chancellor Rachel Reeves plans to hit family firms and farms with a 20 per cent inheritance tax charge for the first time from April.