Tag: Family Business UK

FBUK meets Scottish policymakers

Posted on by Martin Greig

With elections on the horizon, one message is coming through loud and clear:

politicians want to hear from family businesses – and they are ready to listen.

Matt Jaffa, FBUK Policy Director

Following our visit to meet Welsh politicians at the Senedd in January, Family Business UK’s policy and public affairs team has continued engagement across the Nations & Regions with a productive trip to Edinburgh.

The Scottish Parliament elections on 7 May are expected to bring significant political shifts. With the economy ranking as the top concern for Scottish voters, the voice of business – and particularly family business – has never been more important.

Our visit to the Scottish Capital began with a roundtable hosted by the Business Growth Fund and led by the Scale Up Institute. Senior advisers from the Treasury joined us to discuss growth, investment, and the tax policies needed to support thriving businesses.

We were particularly pleased to have FBUK Member Ross McAlpine join us for this session to share his perspective on the impact of Business Property Relief (BPR) on investment, growth and tax receipts.

FBUK Member Ross McAlpine joins Matt Jaffa and Tom Ridgway meeting Sue Webber MSP and Dr Sandesh Gulhane MSP

While Scotland holds various tax raising powers, BPR and APR remain UK-wide tax policies administered from Westminster. This made the roundtable and our subsequent discussions an important opportunity to inform MSPs and their teams about the realities facing family firms.

Following this session, we joined four Members of the Scottish Parliament to explore key FBUK priorities. When we sat down with those Members, one thing became abundantly clear: politicians want to hear directly from family business owners. Hearing Ross share his lived experience had a powerful impact – so much so that MSPs immediately arranged a follow-up constituency visit to his business.

Ross McAlpine and Matt Jaffa meet Miles Briggs MSP

At FBUK, we will always champion our members in the corridors of power. But the most influential voice is yours – the voice of real family business experience. So, our call to action for members across Scotland, Wales, Northern Ireland, and England is simple:

Speak up and make sure your voice is heard.

How you can get involved:

  1. Join us for political meetings and roundtables (in-person and virtual),
  2. Take part in policymaking sessions with civil servants, such as our recent meeting with officials from the Treasury,
  3. If you’re visiting London let us know – we’ll contact your local MP and try our level best to arrange a meeting in Westminster,
  4. Tell us if you’d like support arranging a constituency visit – just as we facilitated a mayoral visit for a member this week.

Policy Summit

Ahead of that, join us at our inaugural policy summit: Building Britain for Generations, taking place in London on the 31st March which will provide a unique opportunity for FBUK Members to engage with policymakers, industry leaders, and key stakeholders on the pressing issues shaping family business thinking.

JP Morgan Private Bank becomes FBUK Corporate Partner

Posted on by Martin Greig

Family Business UK (FBUK) is delighted to announce a new Gold-level Corporate Partnership with JP Morgan Private Bank, which has more than 200 years’ experience supporting private clients and their families.

FBUK has established Corporate Partnerships with carefully selected and highly respected organisations that provide compelling professional services to family businesses. Gold-level Corporate Partnerships are the highest level available and demonstrates the commitment of JP Morgan Private Bank to supporting family businesses.

Leveraging the global resources of J.P. Morgan, the Private Bank supports clients with planning, investing, lending, banking, philanthropy, family office management, fiduciary services, special advisory services and more. JP Morgan Private Bank oversees more than $3.5 trillion in client assets globally.

Commenting on the new Corporate Partnership between Family Business UK and JP Morgan Private Bank, Maya Prabhu, Managing Director – Team Lead, J.P. Morgan Private Bank said:

“We are delighted to embark on a new partnership with FBUK, with a shared ethos of championing excellence and prosperity across the country – we look forward to helping family businesses on their journey to achieve their financial and family goals.”

Neil Davy, CEO FBUK added:

“Adding a private bank with the experience and prestige of JP Morgan to FBUK’s Corporate Partner Programme brings tremendous value and benefit to our Members as they navigate an increasingly unpredictable and volatile trading environment. 

“Our Corporate Partners are critical allies to our work at FBUK. With their expertise in areas ranging from legal and tax advisory, insurance and risk management, recruitment and executive search, wealth management, and banking, FBUK Members will have direct access to world-leading expertise and insights.

 “We are thrilled to welcome JP Morgan Private Bank to our network of the UK’s leading family businesses, and look forward to working with them to support our Members as they build Britain for generations to come.”

FBUK welcomes Lords report on IHT

Posted on by Martin Greig

FBUK Policy Director Matt Jaffa examines a key House of Lords report into inheritance tax reforms and finds that it echoes 15 months of warnings from Family Business UK

The House of Lords has published its report into the inheritance tax changes announced in the Autumn Budget 2024 – including changes to BPR and APR.

The  109‑page inquiry report: Inheritance tax measures: unused pension funds and agricultural and business property reliefs, and its conclusions echo many of the arguments FBUK has made over the last 15 months. Having given written and oral evidence to the inquiry, FBUK receives 12 name check references in the report.

In short: the Lords agree with what FBUK and our Members have said:

  • the policy is ill-considered,
  • lacked prior consultation
  • risks damaging the UK’s family business sector.

Commenting on the report, FBUK CEO Neil Davy said:

We welcome this report and urge the Government to immediately implement all its recommendations on BPR and APR. The damning criticism of the Government’s processes in formulating these policies highlight serious shortcomings which can only be properly addressed with a full consultation with family businesses and reversal of this damaging policy.

The fact the Lords acknowledge that these deficiencies result from the Government’s failure to properly consult with us and family businesses across the country before announcing the measures, shows precisely why and how the Government got this wrong.

Whilst we welcome the Government listening to arguments we have put forwards and the subsequent amendments it has made to these policies, they do not go far enough to protect thousands of jobs and hundreds of millions of pounds worth of investment delivered by British family businesses.

This is now the third high-profile committee in Parliament to reach a conclusion that this policy is deeply damaging to the family business sector which employs more than 15 million people and makes a significant contribution to the economic success of the country.

The Government must heed these warnings and reverse these policies, before they are implemented in April, to give Britain’s family businesses back their confidence to invest for the future and deliver the growth that remains this Government’s number one priority.

Some key takeaways from the report:

Unrealistic Deadlines

The report is clear: forcing estates to make their first Inheritance Tax payment within six months, including tax on unused pension funds, simply isn’t workable. The Committee recommends extending the deadline to 12 months.

The Committee found that Personal Representatives (PRs) and Pension Scheme Administrators (PSAs) lack the full information needed to calculate IHT accurately. Its message to Government is not to prioritise an April 2027 start date over getting the policy and the processes right.

BPR & APR: Government failed to assess the impact of the policy on family businesses

The Committee questions why the Government did not carry out a full impact assessment before announcing the policy change – a concern FBUK has raised repeatedly.

The Committee recommends cross departmental research (to include the Department for Business, Department for the Environment, Food and Rural Affairs and HMRC) to fully understand the consequences of the reforms.

The report calls for Government to measure the impact of the reforms over the next seven years. FBUK believe that seven years is too long a period of time, which for many family businesses with older owners, is not practical.

Impact of a death on company valuations.

In his oral evidence to the Committee, Steve Rigby, Chair of FBUK, warned of the devastating effect the sudden death of a key individual can have on the valuation of a business. The Committee has now taken this on board and is calling on the Government to examine this issue.

Valuations system not fit for purpose

FBUK highlighted that valuations can vary wildly between assessors, creating delays and financial risk for families trying to meet IHT deadlines.

The report urges the Government to assess levels of staffing and expertise within HMRC’s valuation teams before April 2026, given the expected surge in administrative workload.

This report is the third major Parliamentary committee, alongside the Environment Committee and the Welsh Affairs Committee, to question the Government’s approach to these policy changes.

As the Finance Bill makes its way through Parliament to pass the legislation, this report will give Members of Parliament extra ammunition to press the Government for further changes to the policy.

What happens next?

FBUK will be analysing the full detail of the report and briefing the Government in the coming days, but our position remains unchanged: we continue to call for a full reversal of the policy.

At the bare minimum, a comprehensive review is now essential to design a fairer, more workable system that protects jobs, growth and the long term resilience of the UK’s family business sector. And we will continue to put the voice of Members to Ministers and Parliamentarians as the Finance Bill continue its journey through the legislative process.

S&W Becomes Silver FBUK Partner

Posted on by Martin Greig

Family Business UK and the accountancy and advisory firm S&W have agreed a new silver-level Corporate Partnership.

Founded in 1881, S&W is a top 10 UK accountancy firm, supporting more than 23,000 clients from their 17 offices across the country.

Neil Davy, CEO FBUK said

“I am delighted to welcome S&W to Family Business UK adding their knowledge, expertise and counsel to our own, and supporting our Members in building Britain for generations.

“Our Corporate Partners are critical allies in our work. Together, we can better support our Members to navigate the challenges they face today and build strong, innovative family businesses for tomorrow.”

As a silver-level Partner of FBUK, S&W will help deliver thought leadership and meaningful content and guidance to the family business community.

Laura Hayward, Partner S&W added

“We are thrilled to join Family Businesses UK as a new Corporate Partner, joining a movement of businesses and supporters advocating for family businesses and their positive impact in the UK.

“S&W’s partners and professionals are devoted to supporting family businesses through every stage of their journey helping them navigate challenges, unlock potential and achieve the extraordinary.

“We look forward to championing these remarkable businesses that drive innovation, generate employment, and stimulate economic growth across the UK.”

FBUK Magazine Edition 3 Published

Posted on by Martin Greig

Hot off the press, the latest edition of the Family Business UK magazine has been published and is available to download digitally.

Coming at a pivotal moment for family businesses, with important policy changes creating an uncertain outlook, this edition explores some of the key issues you should consider when planning for the journey ahead.

Download the FBUK Magazine

In this edition you’ll find:

  • Steve Rigby – the Chair of FBUK on his ‘North Star’ for FBUK,
  • Views from Westminster including:
    • Gareth Thomas MP the Minister for Services, Small Businesses and Exports,
    • Andrew Griffith MP the Shadow Secretary of State for Business and Trade,
    • Daisy Cooper MP the Deputy Leader of the Liberal Democrats and the Party’s Treasury Spokesperson,
  • William Lees-Jones – Managing Director of JW Lees on campaigning against the changes to BPR,
  • Sarah Dean – Chair of Noble Foods on leading with purpose and the importance of staying true to your values,
  • FBUK Corporate Partners Farrer & Co, Clarion and PwC give their tips on what you need to do to plan for the changes to BPR and APR.
  • We mark 500 years of family business history with FBUK Members Neville Trust (150 years) and Morning Foods (350 years),
  • Caroline Platt shares her lessons from conquering daring adventure challenges and
  • Holly Thallon Steenson on her journey into the family business.

All this, and you can read about our latest research looking at the impacts of the changes to BPR and APR.

Get Involved

If you’ve got news to share, an issue you think we should be covering or perhaps you fancy writing an article yourself, reach out and get in touch with a member of the team.

Advertise in the FBUK Magazine

Would you like to advertise your business and services to some of the UK’s premier family business owners? You can find more information below about securing space in future editions of the magazine. And, if you’d like to talk to us about other advertising, sponsorship and partnership opportunities, we would love to hear from you. You can contact a member of the team here.

Download our media pack

A Message from the Chair Designate

Posted on by Abbie-Louise

A Message from the Chair Designate

Dear FBUK Members,

Please find below a message from Steve Rigby, Deputy Chairman, and Chair designate, of Family Business UK (FBUK) and CO-CEO of the Rigby Group PLC.

Click here to download and read the PDF message.

END.

FBUK & FBRF Issue Joint Statement

Posted on by Abbie-Louise

FBUK & FBRF Issue Joint Statement

A statement from Family Business UK & the Family Business Research Foundation, on the future structure of the organisations.

We are writing to inform you regarding the future structure of our organisations. Family Business UK (FBUK) and the Family Business Research Foundation (FBRF) have been reviewing how to improve both organisations capability to achieve our shared goal – to create the environment to allow family businesses in the UK to thrive.

Please read the joint statement from Sir James Wates, Chairman of Family Business UK, and Sir Michael Bibby, Chairman of the Family Business Research Foundation, below.

Click here to Download and read the statement.

End.