Inheritance Tax

In the UK's October 2024 Budget under Chancellor Rachel Reeves, the Labour government, led by Prime Minister Keir Starmer, announced reforms to inheritance tax (IHT) rules for agricultural properties. Previously, farms benefited from uncapped Agricultural Property Relief (APR), exempting them from IHT to preserve family-owned land. The changes, effective from April 2026, cap this relief at £1 million per farm (with a spousal exemption allowing up to £2 million per couple), imposing a 20% IHT rate on values above that threshold.

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