Rachel Reeves hammerblow as JCB threatens to quit Britain | UK | News
The heir to JCB’s vast manufacturing empire has warned Rachel Reeves’s Inheritance Tax policy could force the UK-based business to move to America. From April, only the first £2.5m of a business’s assets is eligible for tax relief after the owner’s death; the rest is taxed at 20%. But JCB chairman Lord Bamford’s son, Jo, says Britain risks losing one of its major success stories to the US due to the US’s more favourable tax rates. He said the family tax is a “real problem” and the firm, quite is headquartered in Staffordshire, could “quite easily become an American business”. He told City AM: “I love being in Britain. “I love being here. I love our factories. But I would say to a political party of any stripe, there’s only so much you can ultimately do.” Mr Bamford, who is on the board of the company his grandfather founded in 1945, said JCB could consider leaving Britain due to the inheritance tax levies faced by family businesses under Labour. The threshold had initially been set …
