I own a £45k share of a field: What tax is due if I give it to my son?

I own a £45k share of a field: What tax is due if I give it to my son?

I am 77 and can no longer look after the land - but I have been told I have to pay tax on my £40,000 gain, even if I give the plot to my son for free.

Preparing for the 2026 tax shift : succession planning insights for family businesses from legal expert - IFA Magazine

As sweeping changes to inheritance tax and business relief loom, succession planning has never been more critical. Stephanie Parish, Partner in Private Wealth at national law firm, Clarion, outlines how financial advisers can help family-owned businesses stay resilient, protect their legacy, and plan ahead before the 2026 deadline. The 2024 Autumn Budget has ushered in a new era of evolving tax rules, presenting significant challenges and consid…

What are the new inheritance tax changes for farming and land-owning families?

Inheritance Tax Changes for land owning and farming families – How getting your ducks in a row now will help later! In the 2024 autumn budget the government announced wide reaching inheritance tax reform affecting Agricultural Property relief (APR) and Business Property Relief (BPR). The proposed changes mean that from April 2026 inheritance tax relief for farmers and land owning families, with businesses and agricultural assets, would be capped…

Time is running out to respond to the open consultation on reforms to APR and BPR - Smailes Goldie

The Autumn Budget announced significant changes to reduce Agricultural Property Relief (APR) and Business Property Relief (BPR) under Inheritance Tax (IHT).  Effective from April 2026, the new rules abolish the unlimited 100 per cent tax relief on agricultural and business assets.  Instead, a new cap of £1 million on the 100 per cent will be introduced per individual, with any relief beyond the cap set at 50 per cent.   How does IHT work for pro…

Get your response heard before the open consultation on reforms to APR and BPR comes to an end

Some of the more notable changes outlined in the Autumn Budget were those centred on the reduction of Agricultural Property Relief (APR) and Business Property Relief (BPR) under Inheritance Tax (IHT).  As of April 2026, the new rules will remove the unlimited 100 per cent tax relief on business and agricultural assets.  In place of the old system, a new £1 million cap on the 100 per cent will be introduced per individual, with any relief exceedi…

Time is running out to respond to the open consultation on reforms to APR and BPR

The Autumn Budget announced significant changes to reduce Agricultural Property Relief (APR) and Business Property Relief (BPR) under Inheritance Tax (IHT). Effective from April 2026, the new rules abolish the unlimited 100 per cent tax relief on agricultural and business assets.  Instead, a new cap of £1 million on the 100 per cent will be introduced per individual, with any relief beyond the cap set at 50 per cent.   How does IHT work for prop…