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JCB Heir Warns of US Shift Over UK Inheritance Tax Reforms
Jo Bamford, heir to the JCB manufacturing empire, stated that the company could relocate its base to the United States due to Labour's inheritance tax changes. He described the policies as a risk to family-owned businesses. The reforms limit full relief on business assets to £2.5 million from April.
Apr 13, 2:54 PM·2m read1 source
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warned that JCB could shift its base to the United States in response to Labour’s inheritance tax reforms.
Jo Bamford is the heir to the JCB manufacturing empire and the son of JCB chairman Lord Bamford. He said JCB 'could quite easily become an American business'. Jo Bamford said Labour’s policies risk undermining family-owned businesses.
He stated 'The family tax is a real problem' and that the Labour party was 'hunting down' family enterprises through its approach to inheritance tax. JCB is one of Britain’s largest family-owned manufacturing firms, founded in 1945 and based in Staffordshire.
April, only the first £2.
5 million of business assets qualifies for full relief when passed on after death. 5 million is subject to a 20 per cent tax charge. 5 million following opposition. 5million to protect more small family businesses, while ensuring the largest make a fair contribution so we can deliver support for families and businesses, including cutting the cost of living'.
JCB operates 11 factories across the UK and employs more than 8,000 people.
Jo Bamford said 'I'm here because I'm British, and I'm here and I employ people in Britain because I like British people and I like being in my part of the community'. He added 'You want us, as a family, to invest here in Britain'. JCB has operations in India, China, and Brazil.
Jo Bamford said 'We have businesses everywhere around the world. We have them in India and China and Brazil'. He remarked 'I would say to a political party of any stripe, there's only so much you can ultimately do'.
Relocation Trends Alan Howard has moved abroad in recent years.
John Fredriksen has moved abroad in recent years. Lakshmi Mittal has moved abroad in recent years. The removal of non-domiciled tax status has been cited as a factor influencing decisions to relocate from the UK.
