Caroline Miller
- Partner
- Private Client
As the dust begins to settle on last week’s Budget and the initial flurry of headlines subsides, we can breathe a sigh of relief that for now, we know the direction of travel on tax policy. As such, we expect to see confidence in decision-making relating to estate planning start to return, a gradual focus on adjusting succession strategies where needed and considering the practical implications of changes announced.
In this edition, we take a closer look at some key topical issues from both the Budget and other developments, that are likely to impact individuals and business owners, and what they mean for planning ahead.
In this issue…
- Budget 2025: Chancellor announces transferability of agricultural property relief (APR) and business property relief (BPR) — November’s Budget introduced a major shift for owners of qualifying agricultural and business assets, by including the announcement that the £1 million allowance is transferable between spouses and civil partners. With reforms taking effect from 6 April 2026, we explain what the changes mean for your estate and succession strategy and what action may be needed now.
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Budget 2025 and residential property: time to assess — from a new high-value council tax surcharge to increased income and dividend tax rates, landlords and homeowners face significant financial implications. Heritage estates may be hit hardest, while corporate ownership gains some relief. With implementation dates coming up, now is the time to plan ahead.
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Trust compliance update: new HMRC mandatory registration rules — new rules require all trusts that qualify as “financial institutions” or “trustee-documented trusts” to register with HMRC for international tax information exchange purposes by 31 December 2025, even if they have no persons associated with the trust who have international tax liabilities. Discover the key requirements, deadlines, and penalties in our latest article.
In the press
- Partner Emma Sear has been quoted in The Telegraph discussing the impact of the new council tax surcharge on high-value properties, highlighting that the changes are likely to affect London and the South East most, with potential repercussions for the wider housing market and property valuations. Read more here.
- Partner Matt Braithwaite was quoted in FarmingUK discussing the agricultural property and business property relief reforms and the Chancellor’s announcement to enable the £1m allowance to be transferable between spouses. The article also covers the Budget’s impact on family farms, highlighting concerns over the decision to leave core agricultural tax reliefs unchanged. Read more here.
This article is for general information purposes only and does not constitute legal advice or a comprehensive statement of the law. Specific legal advice should always be sought in relation to individual circumstances.
Meet the team: