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  "path": "/money/rachel-reevess-inheritance-tax-jcb",
  "publishedAt": "2026-04-13T18:54:09.000Z",
  "site": "https://www.gbnews.com",
  "tags": [
    "Rachel Reeves accused of 'cashing in' on petrol and diesel prices as Labour faces 'reckoning'",
    "Rachel Reeves's tax rates put people off work as £100k threshold raids",
    "Petrol and diesel drivers slapped with 'war premium' as Rachel Reeves nets £170m from fuel prices",
    "The GB News Editorial Charter"
  ],
  "textContent": "\n\n\nJo Bamford, heir to the JCB manufacturing empire, has warned the company could shift its base to the United States in response to Labour’s inheritance tax reforms.\n\nThe son of JCB chairman Lord Bamford said Labour’s policies risk undermining family-owned businesses.\n\n###\n\n\n\n\n\"The family tax is a real problem,\" Mr Bamford said, adding JCB \"could quite easily become an American business\".\n\nHe said the party was \"hunting down\" family enterprises through its approach to inheritance tax.\n\n###\n\n\n\n\nTRENDING\n\nStories\n\nVideos\n\nYour Say\n\n###\n\n\n\n\nDespite expressing support for Britain, Mr Bamford cautioned there are limits to what businesses can absorb, The Telegraph reports.\n\n\"I would say to a political party of any stripe, there's only so much you can ultimately do,\" he said.\n\nJCB is one of Britain’s largest family-owned manufacturing firms, having been founded in 1945.\n\nThe Staffordshire-based company operates 11 factories across the UK and employs more than 8,000 people.\n\n###\n\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nMr Bamford said his commitment to Britain remains strong, pointing to his ties to the country and its workforce.\n\n\"I'm here because I'm British, and I'm here and I employ people in Britain because I like British people and I like being in my part of the community,\" he said.\n\nHe also highlighted the company’s global reach, noting its operations across multiple international markets.\n\n\"We have businesses everywhere around the world. We have them in India and China and Brazil,\" Mr Bamford said.\n\n### LATEST DEVELOPMENTS\n\n\n\n\n  * Rachel Reeves accused of 'cashing in' on petrol and diesel prices as Labour faces 'reckoning'\n  * Rachel Reeves's tax rates put people off work as £100k threshold raids\n  * Petrol and diesel drivers slapped with 'war premium' as Rachel Reeves nets £170m from fuel prices\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nThe comments come amid changes to inheritance tax rules affecting business assets.\n\nFrom April, only the first £2.5million of business assets qualifies for full relief when passed on after death.\n\nAny value above that threshold is subject to a 20 per cent tax charge.\n\nLabour had initially proposed a £1million limit before increasing it following opposition.\n\n###\n\n\n\n\n###\n\n\n\n\nBusiness owners have raised concerns the changes could force them to sell assets or reduce investment to meet tax liabilities.\n\n\"You want us, as a family, to invest here in Britain,\" Mr Bamford said.\n\nThe reforms come alongside a wider trend of wealthy individuals relocating from the UK.\n\nSeveral figures, including Alan Howard, John Fredriksen, and Lakshmi Mittal, have moved abroad in recent years.\n\n###\n\n\n\n\n###\n\n\n\n\nThe removal of non-domiciled tax status has also been cited as a factor influencing such decisions.\n\nSir Rocco Forte described the inheritance tax changes as \"one of the main causes for the exodus.\"\n\nThe Treasury defended the policy, stating: \"We've listened and raised the relief threshold to £2.5million to protect more small family businesses, while ensuring the largest make a fair contribution so we can deliver support for families and businesses, including cutting the cost of living.\"\n\n###\n\n\n\n\n**Our Standards: The GB News Editorial Charter**",
  "title": "Rachel Reeves's inheritance tax raids forcing major British firm abroad"
}