Will—legacy of business property on discretionary trust, residue to spouse absolutely, then to children absolutely


Published by a UUÂãÁÄÖ±²¥ Private Client expert
Precedents

Will—legacy of business property on discretionary trust, residue to spouse absolutely, then to children absolutely


Published by a UUÂãÁÄÖ±²¥ Private Client expert

Precedents
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FORTHCOMING CHANGE: Changes to business property relief (BPR) from IHT.

At Autumn Budget 2024 on 30 October 2024, changes to Business Property Relief were announced with the 100% rate of relief will be restricted from April 2026 so that it will no longer apply to the whole value of the qualifying business property but will instead only apply to the first £1m of value. The value of the business property in excess of £1m will only benefit from 50% BPR. Any property which qualifies for agricultural property relief (APR) will need to be brought into account in assessing whether the £1m threshold is exceeded.

For information on these changes, including draft legislation published with Autumn Budget 2024, see News Analysis: Autumn Budget 2024—Private Client analysis, Autumn Budget 2024 (paras 2.51 and 5.54) and OOTLAR (para 2.12).

FORTHCOMING CHANGE: Abolition of non-dom regime and introduction of residence-based IHT regime.

At Autumn Budget 2024 on 30 October 2024, the Labour government confirmed that it will proceed with plans of

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Legacy definition
What does Legacy mean?

The nuclear legacy is represented by: (a) the nuclear sites and facilities operated by UKAEA and bnfl which were developed between the 1940s and the 1960s, including the wastes, materials and spent fuels they produced; and (b) the magnox fleet of nuclear power stations designed and built in the 1960s and 1970s and operated on the Government’s behalf by BNFL, and the plant and facilities at Sellafield used for the reprocessing of Magnox fuel as well as all associated wastes and materials.

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