The UK's Autumn Budget of 2024 proposed significant inheritance tax changes, including those affecting Agricultural Property Relief (APR), Business Property Relief (BPR) and pensions. These could have important implications for farmers, landowners, business owners, trusts, individuals with pensions, and those with domicile considerations.

While the exact details of the changes are still developing, now is the time to review your estate planning to ensure it is strong, resilient and adaptable.

Who will be affected?

The proposed inheritance tax changes are likely to impact:

  • Farmers and landowners: Updates to APR and BPR could reshape how agricultural and rural estates are taxed under inheritance tax rules.
  • Business owners: Changes to Business Property Relief may affect succession planning and inheritance tax liabilities for business assets.
  • Trusts: Potential reforms could increase trusts' liability to inheritance tax, impacting their long-term effectiveness.
  • Individuals with pensions: Proposed changes may influence how pensions are inherited and taxed under inheritance tax regulations.
  • Domicile considerations: Non-domiciled individuals and those with complex residency statuses may face unique challenges in managing inheritance tax obligations under the new proposals.

Below, our legal experts assess and explain the inheritance tax changes - and what they mean for you.

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Alan Barr

Partner

Mark Stewart

Head of Personal & Family and Partner

Emily Pike

Partner

Leigh Gould

Partner

Stewart Gibson

Senior Associate

Nadine Walton

Senior Associate

Kevin Winters

Associate