Reducing the Inheritance Tax burden through estate planning

Changes in the Autumn 2024 budget will mean that pensions, for the first time, will be included along with homes, possessions and other assets subject to the 40% charge from 2027.

Relief on business and agricultural property will change from 2026.

The 100% tax relief for combines agricultural and business assets will remain, but only for the first £1m of assets. Beyond this threshold the rate of relief will reduce to 50%, producing an effective tax rate of 20%.

For family-owned unlisted companies the rate of business property relief will similarly fall to 50% from 2026.

We can help you with estate planning to reduce your tax exposure to these changes.

If you think you may be affected by these changes, please contact us today to discuss your circumstances and how we can help with estate and tax planning for you and your family.