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James Dyson Criticizes Tax Hike, Warning It Will Harm British Family Businesses

James Dyson, one of the UK’s leading entrepreneurs, has strongly criticized the Labour government’s new tax policies, accusing them of harming family businesses and costing the nation billions in tax revenues. In a letter to The Times on Monday, Dyson claimed that Chancellor of the Exchequer Rachel Reeves’ recent changes to inheritance tax will destroy family businesses, calling it an attack on the very foundation of British enterprise.

Dyson’s objections are specifically directed at Reeves’ decision, announced in the Autumn budget, to end the exemption of family businesses from inheritance tax starting in April next year. The measure, aimed at generating £500 million ($624 million) for government funds, will require family businesses and farmers with assets worth over £1 million to pay a 20% inheritance tax, half the 40% rate imposed on other estates.

However, Dyson argues that family businesses will effectively face the full 40% tax rate due to the mechanism used to fund the payment—dividends, which themselves are subject to additional taxation. He expressed frustration at the government’s apparent focus on British family businesses, claiming that private equity firms and publicly listed companies are not affected by these changes. Dyson posed a pointed question in his letter: “Why this vindictiveness only towards British families?”

As Reeves faces mounting challenges—including rising borrowing costs and sluggish economic growth—Dyson’s comments have added to the growing debate over Labour’s fiscal strategy. The party has justified the need for tax increases as a necessary step to stabilize public finances and support vital public services, but critics argue that these measures could have severe consequences for the backbone of the UK’s economy.

TikTok Returns To US App Stores 

TikTok is once again available for download in the Apple and Google app stores in the US, following a delay in the enforcement of its ban by former President Donald Trump. The ban’s postponement until April 5 gives the administration additional time to evaluate the situation.

Key Developments

The decision to restore TikTok access came after Google and Apple received reassurances from the Trump administration that they would not face legal consequences for reinstating the Chinese-owned app. According to Bloomberg, US Attorney General Pam Bondi sent a letter outlining these guarantees.

In an executive order signed on January 20, Trump instructed the attorney general not to take enforcement action for 75 days, providing time for his administration to determine how to proceed.

Uncertain Future For TikTok In The US

While TikTok is back on the US app stores, its long-term survival remains uncertain. If no deal is reached by early April to address national security concerns, the app may face another shutdown. ByteDance, the parent company, has insisted that TikTok is not for sale.

Legislation And Pressure On ByteDance

The Protecting Americans from Foreign Enemy-Controlled Apps Act, which passed with bipartisan support in Congress, mandates a nationwide ban on TikTok unless ByteDance sells its US operations. This law was signed by President Joe Biden in April of last year.

In late January, the app was briefly removed from US stores following the ban’s activation, impacting over 170 million American users. However, TikTok was restored soon after, following Trump’s intervention in his first hours as president. During that time, he signed an executive order allowing 75 days for a deal that would safeguard national security. Trump also suggested that the US could take a 50% stake in TikTok, a move he believed would keep the app “in good hands.”

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