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With over five decades’ experience serving a diverse range of clients in the South West, we possess an unbeatable depth of knowledge across a wide range of industry sectors.
Our specialist partners and teams can provide expert advice on everything from farming and agriculture, to military tax allowances. We’re here to help you make the most of your planning opportunities so that you can grow with confidence.
Following the Autumn Budget 2025 and a further announcement just before Christmas, there have been significant positive changes to inheritance tax (IHT).
After sustained lobbying by farming organisations including the NFU and CLA, the government announced on 23 December that the allowance for 100% Agricultural Property Relief (APR) and Business Property Relief (BPR) from April 2026 will be set at £2,500,000 per person - substantially increased from the £1,000,000 originally proposed in the Autumn Budget of 2024.
Additionally, the allowance is now transferable between spouses and civil partners. Combined with the increased cap, this means many couples with farming assets valued up to £5 million can still benefit from 100% inheritance tax relief, provided their matters are structured appropriately.
If you would like to discuss succession planning or how these changes may affect your estate, please contact your usual Simpkins Edwards adviser.