On 23rd December, the Government gave farmers an early Christmas present, announcing a significant change (U-turn?!) regarding the availability of Agricultural Property Relief (APR) and Business Property Relief (BPR).
Farmers have been protesting for months and following pressure from the farming community and MPs, the Government confirmed that the lifetime allowance will be increased to £2.5 million, with effect from 6th April 2026.
This means that married couples and civil partners will be able to pass on up to £5 million of qualifying agricultural and business assets with 100% relief from inheritance tax (IHT).
Farming clients may need to consider again how these changes will affect them, and what steps they should consider taking now. Our team is here to help.