A recent article by The Independent has spotlighted a concerning rise in Inheritance Tax (IHT) receipts, with HMRC collecting £780 million in a single month—marking the second-highest monthly figure on record.

When the Labour Government announced changes to Inheritance Tax reliefs in October 2024, they introduced significant reforms to Agricultural Relief (AR) and Business Relief (BR)

Ever since the Autumn Budget, Inheritance Tax has been hitting the news due to the government’s planned changes to Agricultural and Business Property Relief – with a backlash from the farming and business communities.

The recent BBC News report highlights a troubling situation where several elderly individuals had their bank accounts locked and cash withdrawn after granting power of attorney to a law firm partner. This situation underscores the importance of establishing trust, ensuring transparency, and adhering to strict ethical guidelines when managing the financial affairs of vulnerable individuals.

The immediate impact of the Chancellor’s Autumn Budget still continues to be felt, with the protests in London on Tuesday 19 November likely to be the first in the active campaigning against the measures. Many across the country, whether farmers or business-owners, are deeply concerned about the proposals to cap 100% relief for Agricultural Property Relief (‘APR’) and Business Property Relief (‘BPR’) together at £1 million per person.

After prolonged speculation, the Autumn Budget has indeed delivered some changes to the Inheritance Tax regime which will have a far-reaching impact on many estates. This insight is a more detailed breakdown of our previous post.

The changes to Business and Agricultural Reliefs from Inheritance Tax have certainly grabbed headlines with many farmers anxious about what this means for their family farms. Based on these headlines, it is easy to be swept along with the notion that the changes are all doom and gloom, but here at Tozers, we have taken a moment to pause and consider how the proposed changes might actually play out for our clients in practical terms. Read the latest insight from succession planning expert Naomi Hoare below.

Speculation has been rife about the changes the Chancellor might introduce in the Autumn Budget, and expectations were high for significant adjustments to Inheritance Tax for park owners. The key changes for holiday and residential park owners include the reduction of protection from Inheritance Tax provided by Business Relief and Agricultural Relief, the inclusion of inherited pensions and death benefits payable. Our Head of the Wealth Management Team, Gráinne Staunton provides a summary of the key changes you need to be aware of.

The Autumn Budget on 30th October 2024 outlined a number of key changes to how Inheritance Tax will be calculated including changes on Business Relief and Agricultural Relief, inherited pensions and changes to the non-dom tax regime. Read our summary of the latest changes below.

The government is expected to raise more revenue from Inheritance Tax in the upcoming Budget on 30 October 2024, according to BBC reports. Although the exact changes are still unclear, the prime minister and chancellor are reportedly considering various adjustments to the tax system. These changes could lead to more estates facing higher Inheritance Tax liabilities. 

In figures published on Friday, the Revenue confirmed that receipts from Inheritance Tax for the first quarter of this financial year came to a staggering £2.1 billion. This figure is £83 million higher than for the same quarter, April to June, last year and represents a huge increase for the Revenue’s coffers.

The Society of Trust and Estate Practitioners (STEP) has recently reported that, along with most other parliamentary committees, the probate service inquiry conducted by the House of Commons justice select committee was disbanded at the dissolution of Parliament on 30 May 2024.