AR & BR - Latest Changes with Giles Goodfellow KC

Introduction

Agricultural Relief (‘AR’) and Business Relief (‘BR’) are the two most valuable reliefs from Inheritance Tax (‘IHT’).

A detailed knowledge of what property or activity qualifies for relief and the circumstances in which relief can be limited or clawed back is vital to many estate planning decisions.

Due to their cost to the Exchequer, the often-technical conditions for such reliefs are already tightly policed by HMRC.

Early practical advice can often prevent unexpected tax charges, which could otherwise endanger the family ownership of the farm or the business.

This short webinar is suitable for private client solicitors, accountants, wealth management and independent financial advisers.

It will focus on the major reforms to those reliefs as announced in the October 2024 Budget Statement and as clarified by subsequent Consultation Papers.

What You Will Learn

This webinar will cover the following:

• The £1m cap on 100% AR and BR and the transitional relief
• The implications of the £1 million cap being renewable every year
• The £1m cap on qualifying property held by discretionary trusts with £1m refreshing every 10 years
• Transitional relief for lifetime chargeable transfers of AR/BR qualifying property into trust
• Methods of funding the IHT on qualifying AR/BR property considering the cap
• What businesses are excluded from BR and methods by which the overall character of composite businesses are to be assessed
• Practical methods of restructuring businesses to establish qualifying businesses
• What is an ‘excepted asset’ and its effect on the value qualifying for BR
• Financing the acquisition of property qualifying for AR and BR
• The impact of the clawback provisions on lifetime gifts of qualifying property

This pre-recorded webinar will be available to view from Tuesday 19th August 2025

Alternatively, you can gain access to this webinar and 1,800+ others via the MBL Webinar Subscription. Please email webinarsubscription@mblseminars.com for more details.