Legal News | 7.11.24

The 2024 Budget and the future of farming

While the country digests Rachel Reeves’ recent budget announcement, many conversations are turning to how the changes affect our Great British farmers.

What is the current relief until 6 April 2026?

A relief on inheritance tax of up to 100% could be granted on land occupied for the purposes of agriculture, together with appropriate buildings and farmhouses used in conjunction with the land (subject to conditions).

What are the changes from 6 April 2026?

The full 100% relief from inheritance tax will be restricted to the first £1 million of combined agricultural and business property.  Above this amount, landowners will pay inheritance tax at a reduced rate of 20%, rather than the standard 40%.

How can we help?

At Wansbroughs, our Agriculture and Landed Estates team specialise in tax planning for clients who may be affected by these changes. We can assist in making sure your Wills and Partnership Agreements are all up to date, and provide tailored advice to ensure that your estate planning is as tax efficient as possible