Afternoon summary
Lucy Powell, Labour’s deputy leader, has said the government cannot join a customs union with the EU because that would breach Labour’s election manifesto, in an implicit rebuke to Wes Streeting who has suggested the UK should be doing that. (See 3.23pm.)
For a full list of all the stories covered on the blog today, do scroll through the list of key event headlines near the top of the blog.
Family-run coach companies will also benefit from inheritance tax U-turn, says trade body
Although most of the attention has been on farms, today’s inheritance tax U-turn covers agricultural property relief and business property relief – which means people who want to pass on other types of family business to their children may also benefit.
Today the Confederation of Passenger Transport has issued a statement saying many coach operators may benefit. It says:
Eight out of ten coach operators in the UK are family businesses. Many of these businesses are asset intensive, comprising garages with substantial land for parking in addition to the vehicles themselves, which can cost more than £300,000 each.
A year ago, in a survey by the CPT, 71% of coach operators said they would be affected by changes to inheritance tax rules announced in the 2024 Budget, with 46% saying it could affect the viability of their companies.
Today’s decision to raise the threshold for business property relief from £1 million to £2.5 million will take a significant number of these operators out of inheritance tax liability, allowing owners to pass their family businesses onto the next generation.
