James Evans MS has written to the Chancellor of the Exchequer to warn that reforms to Agricultural Property Relief (APR) and Business Property Relief (BPR) could devastate family businesses across Wales.
While much attention has focused on the impact of APR reforms on farms, James has warned that changes to BPR risk being overlooked, yet could affect thousands of family-owned firms across sectors. 93% of private businesses in Wales are family-owned, employing around 206,000 people. New analysis by Family Business UK shows Wales could lose £580 million in Gross Value Added and nearly 10,000 well-paid jobs if the changes go ahead.
James recently met with Family Business UK and has joined their calls for the reforms to be deferred until October 2026 to allow time for proper consultation with businesses and farmers. The Federation of Small Businesses has also raised concerns, warning the changes could force many to sell assets, or even entire firms, just to pay tax.
James Evans MS said:
“These reliefs are not loopholes, they are vital enablers that allow family businesses and farms to invest for the future. Curtailing them risks undermining investment, destabilising businesses, and costing jobs in communities like ours.“I am urging the Chancellor to think again. While agricultural property relief has rightly received scrutiny, the changes to business property relief have not been highlighted nearly enough, yet they could have a devastating impact on family businesses across Wales.
“Family businesses are the backbone of our local economy. They provide jobs, support communities and reinvest locally. The UK Government must listen to these concerns before it’s too late.”
