Caroline Miller
- Partner
- Private Client
As we move further into the 2025/26 tax year, this edition focuses on the importance of forward planning — particularly in light of the government’s proposed inheritance tax reforms in respect of agricultural property relief (“APR”) and business property relief (“BPR”). From April 2026 a new £1 million cap on assets subject to 100% relief is expected to apply, with any value above that threshold attracting 50% relief only. At present, there is no limit on the amount of qualifying assets that can benefit from 100% relief. These changes could significantly impact succession planning for business owners and owners of agricultural estates, making early advice and structuring more important than ever.
This edition also highlights the recently released and long-awaited Law Commission report “Modernising Wills Law” and its accompanying draft legislation — marking what could become a turning point for Wills law in England and Wales. We consider how the proposed reforms could reshape how Wills are made, interpreted, and challenged in the digital age.
Alongside this, we share practical tax planning tips for 2025/26, helping clients make the most of available allowances and prepare for the evolving financial landscape. We also explore how to co-own land and property with confidence, offering guidance on legal structures and risk management for those stepping onto the property ladder alongside one or more joint owners. In recognition of Elder Abuse Awareness Day on 15 June 2025, we also examine the growing concern around predatory marriage and how families can safeguard vulnerable individuals.
Whether you are reviewing your estate plan, supporting a loved one, or simply staying informed, we hope this edition provides timely insights and reassurance.
In this issue…
- Modernising Wills law: are we ready for change? — with the Law Commission’s proposals to overhaul the Victorian Wills Act, the legal landscape around Wills and inheritance in England and Wales could be on the brink of transformation. From lowering the age to make a Will to embracing digital signatures, are we truly prepared for such sweeping change?
- Tax planning tips for 2025/26 — the early part of a new tax year is a good time to review your tax planning. This year, it is especially important due to significant tax changes announced by the government in the 2024 Autumn Budget which are due to come into force in April 2026. Make sure you are prepared to navigate these new financial landscapes.
- Predatory marriage: how to safeguard against it — predatory marriage refers to a situation where an individual — often elderly or otherwise vulnerable — is coerced or manipulated into marriage, typically by a much younger person such as a carer or companion, with the intent of gaining access to their estate. These cases can be deeply upsetting for loved ones and raise serious safeguarding concerns. As we approach Elder Abuse Awareness Day on 15 June, we reflect on why, in matters like these, prevention is not only preferable — but essential.
- Co-owning property with confidence — whether you are buying with a partner, friend, or family member, co-owning property can be an efficient way to step onto the property ladder. But it also comes with important legal and financial considerations. In our latest article, we explore how to approach joint ownership with clarity and confidence — covering key legal structures, risk management, and practical tips to help you make informed decisions from the outset.
- Art and inheritance tax: reforms and reliefs — the 2024 Autumn Budget announced major changes to inheritance tax relief for business property (“BPR”), potentially increasing IHT exposure for many business owners including artists and art dealers. From April 2026, the proposed new rules may trigger inheritance tax on unsold works and stock — but alternative reliefs like the conditional exemption for pre-eminent objects and the “acceptance in lieu” scheme remain available, for art collectors as well as artists and art dealers.
In the press
- Wedlake Bell sponsored the ThoughtLeaders4 Landed Estates and Farm Tax Conference on Tuesday 3 June. Our Head of Agriculture, Rural and Landed Estates, Simon Blackburn, co-chaired the conference, and Oliver Embley and Clarissa Levi joined a panel to discuss the topic: “Tax and Estate Planning to maximise APR/BPR Before and After the Changes”.
- Ann Stanyer was featured in the Law Gazette article: Assisted dying: ‘Safety’ v autonomy exploring the delicate balance between safeguarding vulnerable individuals and respecting their autonomy in end-of-life decisions — with Ann offering a compelling perspective on the implications of the proposed legislation.
Meet the team: