Inheritance Tax 2024

There were no changes to the Inheritance tax nil rate and residence nil rate bands, which remain at, respectively, £325,000 and £175,000. However, the thresholds, which were due to remain at this level until 2028, will now be frozen until 2030. This is fiscal drag and will mean the thresholds aren't increased with inflation.

The Government are to reform Business Property Relief (BPR) and Agricultural Property Relief (APR). The existing 100% rates of relief will be capped at the first £1 million of combined agricultural and business property; thereafter, the rate of relief will be 50%.

A technical consultation is to be published in early 2025.

This will come as a blow to those looking to pass on their business or farms to their children.