Owners of some of the UK’s historic houses and landed estates have warned that tax changes in Rachel Reeves’ Budget will “kill off” the farming and heritage businesses they run. In her first fiscal event last week, the chancellor increased the rate and cut the threshold of employers’ national insurance contributions.
James Hervey-Bathurst, who inherited Eastnor Castle in Herefordshire, near the Welsh border, from his mother in 1988, said his family would “be having to allocate cash to pay tax which would otherwise go into the business” in anticipation of inheritance tax. Hervey-Bathurst opens Eastnor, which was built in 1812, for weddings, filming and corporate hire. “What the government should recognise is that we pay a lot of tax as we go along,” such as NI and VAT, he added.
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