Private Client Tax Update

The controversy around the first Rachel Reeves Budget on 30 October, especially with farmers, reflects the huge changes planned; but the scope of the changes goes beyond farms, businesses and pensions, and includes all estates with a continued stealth tax squeeze on IHT until 2030. What do these changes mean for advising clients:

• The new cap on business and agricultural 100% relief, from April 2026:
  • The £1m allowances for individuals and trusts, and how they might work
  • How farmers get their much talked about “up to £3m tax free”
  • New opportunities for lifetime succession planning
• The planned inclusion of pensions in the IHT net from 2027:
  • What this means for practice, the role of executors and will drafting
  • How pensions will mean many estates losing RNRB
  • Tax planning needed to prepare for the huge changes?
• Income and Capital gains are squeezed for another 3 years to April 2028, so how can we help clients?

John Bunker, Solicitor, Chartered Tax Adviser and Lecturer