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business property reliefGOV.UK
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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.
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