The heir to the billion-pound JCB fortune has issued a stark warning that the government's inheritance tax crackdown on family-owned businesses could compel his father's extensive business empire to relocate overseas. Jo Bamford, whose billionaire father Anthony owns the renowned digging equipment manufacturer, stated that moving abroad might become necessary to protect jobs across the family's portfolio of companies and prevent forced sales of businesses.
Inheritance Tax Raid Sparks Business Exodus Fears
In an interview with City AM, Bamford emphasized the severity of the situation, calling the family tax a "real problem." He expressed his deep affection for Britain, saying, "I love being in Britain. I love our factories here." However, he cautioned political parties, "There's only so much you can ultimately do," suggesting that the tax changes could push the business to become "an American business."
Government's Inheritance Tax Overhaul
The government has proceeded with plans to levy inheritance tax on family-owned companies for the first time in decades, as part of a broader effort to address wealth inequality. This move, initially announced in Labour's 2026 maiden Budget, has triggered widespread concern among business owners. They fear that the death duty could force centuries-old businesses to be sold off or dismantled to cover tax bills.
Previously, farms and family-run firms benefited from a longstanding exemption from inheritance tax, allowing them to be passed down freely. However, this carve-out was eliminated amid concerns that it was being exploited as a loophole by the super-rich. Under the new rules, which took effect last week, all shareholdings in a family business valued over £2.5 million are subject to a reduced inheritance tax rate of 20 percent.
Industry Heavyweights Voice Concerns
Prominent business leaders have echoed Bamford's warnings. James Dyson, founder of the engineering giant Dyson, and hotel magnate Sir Rocco Forte have both cautioned that unless the tax raid is reversed, their heirs may need to sell parts of their businesses to pay the tax. Additionally, drinks tycoon Steve Perez, founder of VK-maker Global Brands, revealed that his firm has canceled investments in a new plant and hotel to reduce his family's tax liability.
Bamford's Personal and Business Background
Jo Bamford, whose family owns boutique food and drinks purveyor Daylesford and the luxury soap brand Bamford, as well as JCB, shared that he and his sister were born in the US in the 1970s following a government push to nationalize businesses. His father, Anthony Bamford, has donated millions to the Conservative party and is now a notable corporate backer of Nigel Farage.
Bamford stressed the importance of supporting family businesses and farms for long-term stability, stating, "When you're hunting down family businesses or farms... it is quite contentious, but you want people to hold on to these things long term." He highlighted his commitment to British investment, noting, "We have businesses everywhere around the world... but I'm here because I'm British, and I employ people in Britain because I like British people and being part of the community."
Bamford's Career in Clean Energy
Beyond his role on the JCB board, Jo Bamford has built a distinguished career in the clean energy sector. He founded hydrogen fuel firm Ryze Power and chairs the board of green bus company Wrightbus, showcasing his dedication to sustainable innovation alongside his family's traditional business interests.
The inheritance tax changes have ignited a fierce debate about their potential impact on the UK's economic landscape, with business leaders warning of job losses and reduced investment if the policy is not reconsidered.
