Inheritance Tax planning remains essential, with current thresholds including a £325,000 nil rate band and up to £175,000 residence allowance per person. Understanding key rules—such as the seven-year rule for gifts, annual exemptions, and spousal transfers—can help reduce liability. Careful lifetime gifting, combined with professional advice, can ensure your estate is managed efficiently and tax exposure minimised for your beneficiaries.

Agricultural Property Relief (APR) is key for farm succession planning. Proposed reforms will cap APR and Business Property Relief at £2.5m per person, transferable between spouses, effective April 2026 (subject to legislation). Farming families should review estate plans now to prepare for these changes.

Inheritance Tax: Changes to Agricultural Property Relief