Proactive planning can reduce proposed inheritance changes for agricultural families
The Labour Government’s Autumn 2024 Budget introduced several significant changes to the current Inheritance Tax (IHT) rules.
From April 2026, a £1 million cap per person will be introduced to the combined value of assets qualifying for Agricultural Property Relief and Business Relief. Remaining qualifying assets above may only benefit from 50% relief, equating to an effective rate of tax of 20% (where previously these assets may have been entirely exempt from IHT).
These changes will significantly impact many farming families. We recommend agricultural families to take steps now to safeguard their assets for future generations.
Our Private Client team can help you:
- Understand the current IHT rules and the proposed changes
- Review your Wills and the current ownership structure of your assets to ensure that you have the most tax effective structure in place
- Understand your options for making lifetime gifts to reduce IHT
Contact our Private Client team on 01539 723757 to arrange a meeting with one of our specialist solicitors.