Britain's Healey plans income tax on family business transfers, Telegraph says

Oct 18 (Reuters) - British finance minister John Healey is drawing up plans to charge income tax on transfers of family businesses to the next generation ahead of the October 28 budget, the Telegraph newspaper said on Sunday. 

Transfers of family businesses can now be structured so they attract capital gains tax, which is charged at a lower rate. 

“As has always been the case, decisions on tax are a matter for the Chancellor to set out at fiscal events, rather than routinely commenting on rumour, speculation or proposals,” a Treasury spokesperson said. 

(Reporting by Gargi Gupta in Bengaluru; Editing by Clarence Fernandez and Louise Heavens)