Entrepreneurs should not be “put off” building multi-generational businesses by inheritance tax on the transfer of business assets, Emma Reynolds, the chief secretary to the Treasury, has said.
Reynolds made the comments during a visit to Numatic International, the maker of the Henry vacuum cleaner, in Chard, Somerset. The company is one of 130 manufacturers opening their doors to the public today for National Manufacturing Day, an initiative organised by the trade body Make UK.
Numatic was founded in 1969 by Chris Duncan, 86, who remains chief executive and majority owner. It employs 1,100 people, has annual turnover of £260m and made pre-tax profits of £28m in 2024, according to its latest available accounts.
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