Rachel Reeves has been skewered by James Dyson over her budget (Image: PA)

       Sir James Dyson has skewered Labour Chancellor Rachel Reeves’ Budget, warning it will be the “death of entrepreneurship”.

       Writing in the Times, the billionaire inventor and founder of the Dyson company, has accused the Chancellor of “spiteful” politics after she raised inheritance tax on farms, family businesses and multi-million pound estates, as well as raising taxes on school fees.

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       Seven steps to protect your finances following Budget tax hikes - Hargreaves Lansdown

       Comments

       Inheritance Tax changes leave family farmers ‘wondering if it's worth carrying on'

       34 Comments

       Nightmare on Downing Street: Rachel Reeves tipped to leave wealthy scrambling for the exit

       106 Comments

       Andrew Neil exposes 'small print detail' in Labour's 'stupid' Budget you might have missed

       268 Comments

       Farmers's 'catastrophic' warning on food prices as Rachel Reeves' tax move blasted

       37 Comments

       Martin Lewis issues warning over five things in Labour's Budget

       1 Comments

       Rachel Reeves shamelessly admits she was wrong to promise no Labour tax hikes

       262 Comments

       Labour blasted as farmers forced to sell 'hundreds of acres' over new inheritance tax raid

       347 Comments

       Savers could face ￡13.5billion tax bill by 2030 - but you can avoid it by doing this

       Comments

       'How could you?' BBC QT audience member rips into Labour minister over tax bombshell

       494 Comments

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       38 Comments

       Inheritance tax warning to pensioners after 2027 deadline issued

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       Ryanair axes flights from major UK airport after one 'idiotic decision'

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       'My family farm has been going for 100 years - now we're saddled with ￡1m tax bill'

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       Seven steps to protect your finances following Budget tax hikes - Hargreaves Lansdown

       Comments

       Inheritance Tax changes leave family farmers ‘wondering if it's worth carrying on'

       34 Comments

       Nightmare on Downing Street: Rachel Reeves tipped to leave wealthy scrambling for the exit

       106 Comments

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       268 Comments

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       37 Comments

       Martin Lewis issues warning over five things in Labour's Budget

       1 Comments

       Rachel Reeves shamelessly admits she was wrong to promise no Labour tax hikes

       262 Comments

       One of Britain’s leading businessmen, Mr Dyson wrote that Reeves’ changes were an “ignorant swipe at aspiration”.

       He writes: “Rachel Reeves is killing off established family businesses, and any incentive to start new ones, with her 20 per cent Family Death Tax, levied each time a family business passes a generation.

       “Every business expects to pay tax, but for Labour to kill off homegrown family businesses is a tragedy. In particular, I have huge empathy for the small businesses and start-ups that will suffer. Labour has shown its true colours with a spiteful budget.”

       Mr Dyson, 77, employs 3,500 people in the UK.

       Budget 2024: Farmer hits out at Chancellor on GB News

       In Labour’s first budget in 14 years, Reeves has tightened up inheritance tax relief on business property. A family company looking to hand assets of more than ￡1million down to younger generations would now be charged 20%, which is below the standard 40% rate.

       Meanwhile, farms worth more than ￡1million will now be subject to a 20% levy.

       The two changes could raise ￡520million by 2029-2030, the Office for Budget Responsibility calculates.

       Previously, farmland and associated buildings had benefitted from ‘agricultural property relief’.

       However, anyone inheriting working farmland and its buildings will have to pay 20% tax on valuations over ￡1 million from April 2026 following the Budget.

       With farmland alone worth about ￡10,000 an acre, any estate of over just 100 acres looks set to be liable. - although Reeves says only 27% of farms across the country will be affected.

       There are concerns smaller farms could be dragged in when buildings like farmhouses and barns are taken into account.

       Kim Gower, who owns Blandred Farm in Folkestone, Kent, is equally aghast and fears the new inheritance tax could force the family to sell off a fifth of their land.

       She said: “Agricultural land has been traditionally exempt from inheritance tax to avoid the necessity of selling it on the death of the owner to cover that bill.

       “It often takes several generations to build up a farm because land and buildings are so expensive.

       “On our family farm, it has taken 100 years to grow it from a small dairy farm to the larger arable farm we have today.

       “Even the smallest farms will be unlikely to fall under the ￡1 million threshold set by the Chancellor.

       “It has taken us the last 30 years to increase the farmland by a fifth. We also still have a mortgage on this land.

       “For us, it effectively means that we will have to sell a fifth of our land to pay the inheritance tax, wiping out three decades of work and investment.”

       Martin Twyman, 84, said he was 'deeply worried' about the future (Image: Kent Messenger / SWNS)

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       Another devastated farmer whose land has been passed down through generations told of how his family could face an inheritance tax bill of almost ￡2m.

       Martin Twyman, 84, said he was "deeply worried" about the future after Chancellor Rachel Reeves' new budget earlier this week.

       Mr Twyman, who owns HW Twyman Farm near Canterbury, Kent, inherited the business from his father Harry who started with a small market garden in the 1930s.

       The family have been working on the land and expanding the business since the late 1950s - including with daughter Tracy - to grow wheat, barley, apples and potatoes.

       Mr Twyman said: “I would love my family to continue the business that my father started - and for the next generation and their children.

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       Powered by

       Seven steps to protect your finances following Budget tax hikes - Hargreaves Lansdown

       Comments

       Inheritance Tax changes leave family farmers ‘wondering if it's worth carrying on'

       34 Comments

       Nightmare on Downing Street: Rachel Reeves tipped to leave wealthy scrambling for the exit

       106 Comments

       Andrew Neil exposes 'small print detail' in Labour's 'stupid' Budget you might have missed

       268 Comments

       Farmers's 'catastrophic' warning on food prices as Rachel Reeves' tax move blasted

       37 Comments

       Martin Lewis issues warning over five things in Labour's Budget

       1 Comments

       Rachel Reeves shamelessly admits she was wrong to promise no Labour tax hikes

       262 Comments

       Labour blasted as farmers forced to sell 'hundreds of acres' over new inheritance tax raid

       347 Comments

       Savers could face ￡13.5billion tax bill by 2030 - but you can avoid it by doing this

       Comments

       'How could you?' BBC QT audience member rips into Labour minister over tax bombshell

       494 Comments

       Families face a ￡9,700 tax bill over the next five years thanks to Rachel Reeves

       38 Comments

       Inheritance tax warning to pensioners after 2027 deadline issued

       Comments

       Shocking amount Reeves has made from rentals after clobbering landlords

       476 Comments

       Ryanair axes flights from major UK airport after one 'idiotic decision'

       373 Comments

       Rachel Reeves skewered when asked whether farmers should 'suck up' hated new tax

       124 Comments

       'My family farm has been going for 100 years - now we're saddled with ￡1m tax bill'

       37 Comments

       Finance expert warns pensioners face eyewatering 70% tax on pensions after Budget

       5 Comments

       Lee Anderson's blistering vow to Rachel Reeves over decision that 'needs to be reversed'

       458 Comments

       Labour's 'pensions death tax' will be 'disastrous' for Britain, experts warn

       147 Comments

       English Breakfast warning as cost of popular item could soar after new hated farmers tax

       19 Comments

       Seven steps to protect your finances following Budget tax hikes - Hargreaves Lansdown

       Comments

       Inheritance Tax changes leave family farmers ‘wondering if it's worth carrying on'

       34 Comments

       Nightmare on Downing Street: Rachel Reeves tipped to leave wealthy scrambling for the exit

       106 Comments

       Andrew Neil exposes 'small print detail' in Labour's 'stupid' Budget you might have missed

       268 Comments

       Farmers's 'catastrophic' warning on food prices as Rachel Reeves' tax move blasted

       37 Comments

       Martin Lewis issues warning over five things in Labour's Budget

       1 Comments

       Rachel Reeves shamelessly admits she was wrong to promise no Labour tax hikes

       262 Comments

       Labour blasted as farmers forced to sell 'hundreds of acres' over new inheritance tax raid

       347 Comments

       Savers could face ￡13.5billion tax bill by 2030 - but you can avoid it by doing this

       Comments

       'How could you?' BBC QT audience member rips into Labour minister over tax bombshell

       494 Comments

       Families face a ￡9,700 tax bill over the next five years thanks to Rachel Reeves

       38 Comments

       Inheritance tax warning to pensioners after 2027 deadline issued

       Comments

       Shocking amount Reeves has made from rentals after clobbering landlords

       476 Comments

       Ryanair axes flights from major UK airport after one 'idiotic decision'

       373 Comments

       Rachel Reeves skewered when asked whether farmers should 'suck up' hated new tax

       124 Comments

       'My family farm has been going for 100 years - now we're saddled with ￡1m tax bill'

       37 Comments

       Finance expert warns pensioners face eyewatering 70% tax on pensions after Budget

       5 Comments

       Lee Anderson's blistering vow to Rachel Reeves over decision that 'needs to be reversed'

       458 Comments

       Labour's 'pensions death tax' will be 'disastrous' for Britain, experts warn

       147 Comments

       English Breakfast warning as cost of popular item could soar after new hated farmers tax

       19 Comments

       Seven steps to protect your finances following Budget tax hikes - Hargreaves Lansdown

       Comments

       Inheritance Tax changes leave family farmers ‘wondering if it's worth carrying on'

       34 Comments

       Nightmare on Downing Street: Rachel Reeves tipped to leave wealthy scrambling for the exit

       106 Comments

       Andrew Neil exposes 'small print detail' in Labour's 'stupid' Budget you might have missed

       268 Comments

       Farmers's 'catastrophic' warning on food prices as Rachel Reeves' tax move blasted

       37 Comments

       Martin Lewis issues warning over five things in Labour's Budget

       1 Comments

       Rachel Reeves shamelessly admits she was wrong to promise no Labour tax hikes

       262 Comments

       “But the reality is my family could be left with a huge tax bill which would mean having to sell off lots of land - and then it would make it unviable.”

       “What we are talking about is growing our own food in the UK, which is surely a basic need, but now faces this new threat.”