Not too late, or too early to put succession on the agenda

The government’s announcement, increasing the threshold for paying IHT from £1m to £2.5m was welcome news. However, that will still leave many farms and estates having to find funds for an IHT bill. The first step, says Andrew Price, Balfours Associate Partner, is to be realistic about the value of land, property and capital assets.

If over the £5m threshold set for a couple then it is not too late to progress transferring responsibility and assets to the next generation.

He explains: “It really is last call before the changes to IHT reliefs in April 2026. After the chancellor’s bombshell in November 2024, we have been assisting with plans and transfers to mitigate inheritance tax consequences. Every family situation is different, but it is never too early to start planning.”

Andrew concludes that there has never been a better time, whatever age or stage the family is: “A healthy review of ownership and assets with a broad view on succession can enable a family business to focus on what is important to them.”