BUDGET 2025: Thoughts on farming inheritance tax update
BUDGET 2025: DISAPPOINTED BUT NOT SURPRISED
It is disappointing that the Chancellor has chosen to ignore calls for substantial reform to the Family Farm Tax, but probably not a surprise.
With a clear lack of understanding of the capital tied up in a viable farming business, the tax free £1 million threshold remains in place.
At least common sense has prevailed so that this level of relief is transferable between spouses if not used on the first death, bringing it in line with other Inheritance Tax Reliefs.
