HMRC is implementing reforms to Inheritance Tax (IHT) policy, specifically restricting Agricultural Property Relief (APR) and Business Property Relief (BPR) to close tax avoidance loopholes used by wealthy investors to purchase agricultural land. The reforms raise concerns about disproportionate impacts on farmers and rural landowners, particularly in Wales, who structured their estates under previous rules and lack clarity on the specific financial implications and transition arrangements.
In response to: Inheritance Tax: anti-avoidance measures for non-long-term UK residents and trusts
This measure will bring unused pension funds and death benefits into scope of Inheritance Tax from 6 April 2027.
This measure reforms agricultural property relief and business property relief from Inheritance Tax.
This measure will bring unused pension funds and death benefits into scope of Inheritance Tax from 6 April 2027.
In response to: Changes to the geographical scope of agricultural property relief and woodlands relief fo…
This tax information and impact note affects individuals with direct descendants and personal representatives of deceased persons, with total assets above the Inheritance Tax threshold.
These draft regulations set out the legal framework required to support the introduction of a new online service for Inheritance Tax (IHT) in 2015 to 2016.