Tax changes threaten prominent Scottish family businesses

Scotland’s family businesses are held in esteem around the world thanks to a hard-won reputation for heritage, provenance and fine produce.

But household names like Walker’s, Tunnock’s and William Grant will be among those facing a serious threat to their independence after tax proposals were announced by the UK government.

Caps on business property relief mean passing on ownership to a new generation is going to become much more expensive — particularly for the most successful firms.

The agricultural sector has already protested about the plans Rachel Reeves, the chancellor, had outlined in her October budget.

• ‘Labour’s tax raid is the worst crisis I’ve seen in farming’

The business and agricultural property relief has a proposed cap at £1 million with an effective rate