Inheritance tax is likely to be a key issue in estate planning during 2026.
The 2025 Autumn budget has far-reaching implications for those looking to make a Will this year and to plan their finances to address the inheritance tax matter. Solicitors in Bangor may be able to foresee the issues that this taxation could have an impact on many families in the future.
It is important to remember, however, that there are some tax thresholds that have remained the same and will be set at these levels well into the future. Both the Nil Rate Band and the Residence Nil Rate Band will stay the same until 2031. The thresholds for these will be £325,000 and £175,000 respectively.
Farmers and those who own a business may be affected by the changes to inheritance tax. Despite the amendments and then the updates to these announced by the government, farmers may still have to make arrangements to deal with the new £2.5 million threshold. Entrepreneurs may also need to amend their Wills to accommodate the tax changes to the likes of the Business Asset Disposal Relief scheme.
Solicitors in Llandudno might also advise their clients who have invested in the Alternative Investment Market that this may no longer have the impact on inheritance tax once anticipated, and a tax level of up to 20% could be applied to these shares.
Take a moment to contact us here at Bennett Smith Solicitors and book an appointment to discuss your Will and inheritance tax matters.
