Planning your estate is challenging at the best of times. Knowing how to mitigate your liabilities while ensuring your loved ones are cared for takes proper planning and the right tools. The 2024 Autumn Budget Statement announcements could create significant and lasting challenges for rural businesses of all sizes. Under the Chancellor’s proposed changes, from April 2026, IHT reliefs available to farms and family businesses will be restricted.
Additionally, Business Property Relief (BPR) will be restricted to 50% for all shares designated as ‘not listed’ on a recognised stock exchange, such as Alternative Investment Market AIM, from April 2026. One such tool that is receiving attention is whole-of-life cover. In addition to being a standard life insurance product, it offers unique benefits that can help individuals protect their legacies while addressing IHT concerns.