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HMRC recently looked at the influence of inheritance tax (IHT) reliefs and exemptions on estate planning, with a particular focus on agricultural and business assets. It found that for most people, the key objective is keeping assets in the family and avoiding having to break them up on death. Saving IHT was a secondary concern.

It has been rumoured for some time now that agricultural property relief (APR) and business property relief (BPR) will be restricted. Whilst it may or may not happen, now could be the ideal time to organise your affairs, knowing that the reliefs are still available and not restricted in value.

To ensure that you don’t lose the relief, your Will should ideally leave those assets to non-exempt beneficiaries, such as your children, grandchildren or a trust (rather than to your spouse). If you leave the assets to your spouse there is the risk that APR and BPR may no longer be available when they die, or the rates may have changed. You may also consider protecting the assets by putting them into trust.

If you would like to discuss any of these issues, please contact Debbie Dunlop on 01465 713118 or email debbie@mckinstry.co.uk to arrange an appointment.

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