The Autumn 2024 Budget sent shockwaves through the business and farming communities with the unexpected announcement that Business Relief and Agricultural Relief from inheritance tax (IHT) will be drastically curtailed from April 2026.
Following the Autumn Budget on 30 October the Government have announced a huge restriction to the availability of the UK Inheritance Tax (“IHT”) Reliefs - Business Property Relief (“BPR”) and Agricultural Property Relief (“APR”).
The latest budget contained significant changes for the taxation of trusts and their settlors. The impact comes from the changes to the way in which non-UK domiciled individuals are taxed.
The UK Chancellor's Autumn Budget on 30 October 2024 has ushered in a new era of tax reform under the Labour Government. This budget, a watershed moment, introduces sweeping changes that will impact UK resident, both domiciled and non-domiciled, businesses, property ownership, and trust structures.
