Since the Autumn Budget in 2025, experts in Wills have noticed an increasing need for business owners to review their Wills.
Inheritance tax has been one of the most contentious and impactful issues to arise from the Chancellor’s new proposals, and one which has prompted many people to revisit their Wills.
Amendments, for example, to the Business Rates scheme have been perhaps gone overlooked due to some of the more controversial policies, such as those surrounding the tax changes affecting farmers. However, it is vital that business owners review their Wills in view of some recent changes. From April 6 this year, tax relief on business assets will be capped at £1m, a change from previous thresholds. Estate planning for entrepreneurs, therefore, is now viewed as more essential than ever.
Will writing solicitors in North Wales may also advise their business-owning customers to include in their Will a ‘trust of business interests on first death’ for those who own family firms. These additional instructions can take into account the £1m tax allowance that will be implemented from early April 2026, and allow for any increase in the value of the business. Any Wills not been amended before April 2026 could inadvertently end up costing business-owning spouses or families a lot of money in the event of a death.
Talk to us now here at Bennett Smith Solicitors and ask for an appointment with one of our experts to discuss estate planning, including your business assets.
