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Rayner my parade! The importance of specialist advice.
Jemma Brimblecombe
Is your camel’s back broken yet? Or will this year’s Autumn Budget be the proverbial last straw?
Rachel Reeves’ Autumn Budget in 2024 not only brought in an immediate increase to capital gains tax (CGT) rates, but also announced a swathe of changes to the taxation of international individuals which mostly took effect on the 6th April this year.
The Budget proposals concerning inheritance tax on farms and farm businesses have understandably created a furore amongst farmers and landowners. Both sides should be considering whether a compromise could be agreed.
The Budget last month sent shockwaves through the UK’s farming and family business communities with the revelation that from 6 April 2026, 100% IHT relief through Business (Property) Relief (“BR”) and Agricultural Property Relief (“APR”) will be capped at £1m of assets (combined agricultural and business property) and over that amount, will be charged at an IHT rate of 50%. Currently there is no limit to the amount of either relief.
Please see below for our immediate thoughts on pertinent parts of the Budget affecting our client base but do let us know if you have any questions or there is anything you wish to discuss.
A growing number of couples live a DINK (“dual income, no kids”) lifestyle instead of the historically ‘traditional’ family structure that includes having children. There has also been a rise in the “single income, no kids” (SINK) lifestyle.
Jemma Brimblecombe
Charles Richardson
Oliver Oldman
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