JCB heir: Inheritance tax raid could force us out of Britain
The heir to the billion-pound JCB fortune has warned that the government’s inheritance tax crackdown on family firms could force his father’s sprawling business empire overseas.
Jo Bamford, whose billionaire father Anthony owns the digging equipment maker, said he could be forced to move abroad in order to safeguard the number of jobs at the family’s portfolio of companies and prevent businesses from being sold off.
“The family tax… is a real problem,” he told Morning Wire in an interview, adding: “It could quite easily become an American business. I love being in Britain. I love being here. I love our factories here. But I would say to a political party of any stripe, look, there’s only so much you can ultimately do.”
The government has ploughed ahead with plans to levy inheritance tax on family-owned companies for the first time in decades as part of a wider crackdown on wealth. The move, which was first announced at Labour’s maiden Budget in 2024 has triggered a wave of warnings from business owners that the death duty will force centuries-old businesses to be sold off or broken up in order to pay the tax bill.
Both farms and family-run firms had previously benefited from a longstanding carve-out from the unpopular levy in order to allow them to be passed down freely, but were brought into the tax’s orbit amid fears it was being abused as a loophole by the super-rich.
Under the changes, which came into force last week, all shareholdings in a family business worth more than £2.5m will be subject to a reduced inheritance tax rate of 20 per cent.
Family firm heavyweights warn of inheritance tax grab damage
Both James Dyson, the billionaire founder of engineering giant Dyson, and hotel magnate Sir Rocco Forte have warned that unless the raid is reversed, their offspring will likely have to offload parts of their businesses to foot the bill. Meanwhile drinks tycoon Steve Perez, who founded VK-maker Global Brands, warned his firm has cancelled investment on a new plant and hotel in order to reduce his family’s liability to the tax.
Bamford, whose family owns boutique food and drinks purveyor Daylesford and the eponymous luxury soap brand as well as JCB, told Morning Wire that he and his sister were born in the US in the 1970s after a government push to nationalise its business.
The manufacturing scion, whose father donated millions to the Conservative party and is now one of Nigel Farage’s most notable corporate backers, said: “When you’re hunting down family businesses or farms or any those two things, it is quite contentious, but you want people to hold on to these things long term.
“You want us, as a family, to invest here in Britain. You know, we have businesses everywhere around the world. We have them in India and China and Brazil. 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.”
Sereal entrepreneur Bamford retains a seat on the board of JCB but has forged a storied career in the clean energy arena, founding hydrogen fuel firm Ryze Power and heading up the board of green bus firm Wrightbus.