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Further changes have been made to the reforms to Agricultural Property Relief (APR) and Business Property Relief (BPR) that are due to take effect from 6 April 2026.
Following significant feedback from the farming and business communities after the Budget 2024 announcements, the government has confirmed that the proposed £1 million cap for 100% APR and BPR will be increased to £2.5 million per estate. Any qualifying agricultural or business assets above this threshold will continue to benefit from relief, but only at a reduced rate of 50%.
This £2.5 million allowance will be transferable between spouses or civil partners. As a result, couples will be able to pass on up to £5 million of qualifying agricultural and business assets between them at 100% relief, in addition to existing inheritance tax nil-rate bands.
If you require an accurate informal valuation for tax planning or need a full farm red book valuation completed by one firm with the necessary experience and knowledge, please contact Professional Services on 01884 235701 or email [email protected].
