The proposed IHT reforms seem to attack the farmers they should protect and protect the people they should tax, writes Stuart Maggs (Howes Percival).
As the Chancellor came to the latter stages of her Autumn Budget 2024 speech she announced:
‘From April 2026 the first £1m of combined business and agricultural assets will continue to attract no inheritance tax at all but for assets over £1m inheritance tax will apply with 50% relief at an effective rate of 20%. This will ensure we continue to protect small family farms and three-quarters of claims will be unaffected by these changes.’
In addition she reduced relief on AIM shares to a flat 50% with no 100% portion available.
Checking back to my pre-Budget guesses a potential cap on Agricultural Property Relief (APR) and Business Property Relief (BPR) was on the list but I...
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The proposed IHT reforms seem to attack the farmers they should protect and protect the people they should tax, writes Stuart Maggs (Howes Percival).
As the Chancellor came to the latter stages of her Autumn Budget 2024 speech she announced:
‘From April 2026 the first £1m of combined business and agricultural assets will continue to attract no inheritance tax at all but for assets over £1m inheritance tax will apply with 50% relief at an effective rate of 20%. This will ensure we continue to protect small family farms and three-quarters of claims will be unaffected by these changes.’
In addition she reduced relief on AIM shares to a flat 50% with no 100% portion available.
Checking back to my pre-Budget guesses a potential cap on Agricultural Property Relief (APR) and Business Property Relief (BPR) was on the list but I...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
