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Summary of reforms to agricultural property relief and business property relief

GOV.UK
Summary
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80% Informative

The government announced reforms to agricultural property relief and business property relief from inheritance tax at Autumn Budget 2024 .

Relief of up to 100% is currently available on qualifying business and agricultural assets.

The reforms mean the majority of claims for these reliefs will be unaffected.

The government will publish a technical consultation in early 2025 to inform legislation to be included in a future Finance Bill .

There will be a combined 1 million allowance for trustees on the value of qualifying property to which 100% relief applies, on each ten-year anniversary charge and exit charge.

Settlors may have set up more than one trust comprising qualifying business property and/or agricultural property before 30 October 2024 .

The rates of relief will apply in the following way for transfers on or after 6 April 2026 .

Business property relief 2021 to 2022 .

Number of claims, number of claims and proportion of tax cost to Exchequer .

Median value of assets qualifying for relief is 1,730 to 1,570 per cent.

VR Score

91

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97

Neutral language

66

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formal

Language

English

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51

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not offensive

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not hateful

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long-living

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