In Trust – November 2026

In this edition of In Trust, our specialists look beyond the initial reaction to explore the key issues for business owners, families, pension holders and property investors.

We also look at some of the wider developments shaping the private client world, bringing together our experts’ perspectives on the issues that matter.

In this issue…

• Founders’ Relief and BADR: what the Budget means for business owners considering an exit — capital gains tax changes to Business Asset Disposal Relief and the proposed Founders’ Relief could significantly affect business owners planning an exit. With reforms due from April 2027, early consideration of the tax position alongside valuation, timing and wider commercial objectives will be increasingly important.

• Pensions after the Budget: the details that matter when passing on wealth — could the inclusion of your pension in your estate for inheritance tax adversely affect the tax saving on charitable gifts in your Will? Our Budget update looks at that question alongside proposals to ease pre-grant tax payments and remove an income tax charge arising from delayed death benefits.

• Second homes, higher stakes: the changing landscape for buy to let properties — record rates and resilient demand may paint an encouraging picture for holiday lets, but there is more going on beneath the surface. Tax changes, council tax premiums, increased regulation and the unintended consequences of tenancy reform are making the economics of second-home ownership increasingly complex. For existing owners and prospective buyers alike, the numbers and the legal structure need careful scrutiny.

• Trust liabilities and IHT: do your arrangements need reviewing?— new rules introduced with effect from Budget-day may change whether certain liabilities can reduce the value of trust property for IHT purposes. We look at which trusts could be affected and why trustees and beneficiaries should review existing loans and liabilities now.

• When can family trust wealth be shared on divorce? The lessons from TP v TF — family trusts do not automatically place wealth beyond reach on divorce. TP v TF highlights how the courts assess practical access to trust assets, when inherited wealth can become matrimonial property, and why the purpose, documentation and treatment of family wealth can be just as important as its source.

In the press…

• Partner Nick Mendoza has been featured in City AM discussing the impact of the Budget 2026 tax changes on landlords and renters, including concerns that higher property taxes could reduce rental supply and place further pressure on rents. Read more here.

• Wedlake Bell has been recognised as a Tier I firm in the inaugural 2026 eprivateclient Top Residential Property Law Firms, recognising the strength of our Residential Property team and its work for UK and international clients. Read more here.

• Our new Immigration Partner Tim Hayes and Immigration Adviser Ashif Ali consider how the 2026 Budget could make the UK more accessible to global talent, including proposed changes affecting employers, sponsored workers and international graduates. 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:

1. 

   • Caroline Miller

   • Partner
   • Private Client

   Visit Caroline's profile

View the whole team