April 2026 has seen the introduction of some important changes to the UK inheritance tax regime.
Due to these changes, Will writing solicitors in North Wales may be urging their clients to review their Wills and to make any necessary adjustments. The range of amendments to inheritance tax will affect a wide group of people, so it is vital the individuals review their personal circumstances.
For example, those involved in the agriculture sector could be impacted by the cap on Agricultural and Business Property Relief. The cap applied will be two and half million pounds for each individual person, ultimately leading to a 20% taxable rate on anything over this amount. Those affected by this new rate are advised to review their assets and rewrite their Wills accordingly, since they can no longer rely on their plans based on older tax rates.
Another subsection of people affected by these changes are those who have invested in the Alternative Investment Market, or AIM. Previously, there was 100% relief on these types of shares, but new changes means that this will be reduced to 50%. No matter if someone has a large portfolio or if they are merely testing the market, it may be essential that they rewrite their Wills to reflect these updates.
At Bennett Smith Solicitors, we can help and advise you on updating your Will at any time, so contact us now and book an appointment with one of our experts.
