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This paper will examine Estate Duty(ED) and its impact on the structure of smaller British businesses. ED was one of the most controversial and wide-ranging taxes ever imposed in the UK. It was the first substantive tax on capital. It was partly responsible for the reconfiguration of British business in the 1940s- 1950s as businesses sought to avoid the Duty with measures which could result in the loss of a family firm to the 'corporate economy'. Examining this phenomenon adds a hitherto unexplored dimension to the arguments of business historians surrounding the structure of British business and its relative performance after World War II. [ABSTRACT FROM AUTHOR]