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Sir James Dyson has blasted the Chancellor Rachel Reeves over her inheritance tax changes saying the Labour government are “killing off family businesses.”
The billionaire inventor said the government is “eviscerating” family businesses amid one of the highest tax raids in last week’s Autumn Budget.
Sir James is a landowner who also own Dyson Farming which produces crops on 36,000 acres across the UK.
Reeves has reduced reliefs in the farming sector and business property from April 2026 in a tax raid to raise funds for the public sector.
Farmers have warned the inheritance tax raid will have “catastrophic” consequences for the industry and many in the agriculture sector feel they have been “shafted” by Labour.
Under the Chancellor’s changes assets over £1 million inheritance tax will apply at a rate of 20% and farmers and businesses are warning this new levy will have an impact of the farms being passed down to their children.
Read more related news:
Rachel Reeves has ‘shafted’ and ‘f****d all farmers’ with the brutal inheritance tax change, says Clarkson and Allsopp
Farmer warns Labour has misunderstood’ how the Budget change will impact farmers and ‘food security’
Sir James who is the founder of the Dyson vacuum cleaners and other technology wrote in The Times, “Make no mistake, the very fabric of our economy is being ripped apart.
“No business can survive Reeves’s 20% tax grab. It will be the death of entrepreneurship.”
Adding, “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.”
The Chancellor insists that “only a very small number of agricultural properties will be affected” by the Budget changes.
Last week the former Top Gear host Jeremy Clackson has blasted the Chancellor and accused her of “shafting” farmers with the inheritance tax change at the Budget.
The IHT change applies to family owned and run farms and from April 2026, £1 million of agricultural and business assets will not be taxed.
However, most farms are worth a fair few million, therefore the IHT will then apply for farmers of a 50% relief, that will be an effective rate of 20%.
Many farms will ultimately end up going bust by being forced to pay extortionate tax bills.
The Amazon Prime Clarkson Farm owner, Jeremy Clackson wrote on X, “Farmers. I know that you have been shafted today. But please don’t despair.
“Just look after yourselves for five short years and this shower will be gone,” meaning he is hoping Labour will be voted out.
Kirstie Allsopp who is the Location, Location, Location presenter blasted the Chancellor accusing her of having “f****d” farmers.
She said, “Rachel Reeves had f****d all farmers, she has destroyed their ability to pass farms on to their children, and broken the future of all our great estates, it is an appalling decision which shows the government has ZERO understanding of what matters to rural voters.
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