We launched our agricultural law podcast, Talk Farm, with a special episode following the October 2024 Budget and the news that Agricultural Property Relief and Business Property Relief would be significantly diminished.

Seven months on, the government’s technical consultation into their proposed Inheritance Tax (“IHT”) has drawn to a close and there’s no U-turn in sight.

HCR Law submitted a response to the technical consultation into how trusts will be impacted by the developments and has spoken directly with HMRC about the proposed changes.

In this episode of Talk Farm, Partner and host James Frankland is joined once more by Lisa Millington, Partner and Head of our Agriculture Private Client team.

This time, their discussion focuses on looking forwards, examining how farming families can adapt post Budget.

Tune in to hear James and Lisa discuss:

• A recap of the proposals, as set out in the October Budget

• Is there any good news?

• When is the draft IHT legislation expected?

• Will lobbying efforts continue?

• How might you mitigate the impact of IHT changes?

• Does life insurance have a place now?

• What’s the ‘least worst’ scenario for my farming business?

HCR Law’s large team of agricultural lawyers includes several specialists dedicated to succession planning matters. If you have a query about how changes to inheritance tax will affect you and what you can do about it, please don’t hesitate to get in touch.

In increasingly turbulent times for agriculture and landed estates, Talk Farm sets out to identify the human impacts of legal and political developments, offering industry commentary and practical guidance that cuts through the noise.

The show is presented by Rory Hutchings and James Frankland, Partners in HCR Law’s Agriculture and Estates team. Learn more about our services for agricultural clients.