Whichever client I meet with at the moment, the topic of conversation always ends up on inheritance tax changes and the uncertainty, stress, and confusion they are causing across the industry.

From 6 April 2026, the new measures will come into full force. The draft legislation confirms what was announced in the Budget: the first £1 million of qualifying assets will benefit from 100% Agricultural or Business Property Relief (APR/BPR), with any remaining qualifying assets attracting only 50% relief.

However, action doesn’t always mean drastic change—sometimes, it simply means understanding where you stand and planning accordingly.

1. Review Your Will and Partnership Agreements

Do you have a valid Will and partnership agreement in place? And more importantly, do they still meet the needs of your business in terms of succession and maximising available tax reliefs?

Many existing Wills direct assets to a spouse first, before passing to children. But under the new rules, any unused portion of the £1 million APR/BPR allowance is lost it is not transferable to a surviving spouse, unlike the nil-rate or residence nil-rate bands. This could significantly impact the effectiveness of your current arrangements.

2. Understand the Potential Impact

Assess what the new legislation means for your estate. This starts with obtaining up-to-date valuations—not just of land and property, but also of business assets such as machinery, stock, and livestock. Without a current valuation, it’s impossible to know what your exposure might be.

3. Work with Specialist Advisors

Take advice now from a trusted team, your solicitor, accountant, and land agent to explore restructuring options or gifting strategies that may help reduce the future tax burden.

Engaging a specialist tax adviser is critical. They can help you navigate not only inheritance tax, but also the capital gains tax implications that may arise from any changes.
Now is the time to take stock, review your position, and ensure your plans are fit for the future.