The recent November 2025 budget has been identified as having an impact on estate planning. Potential testators who use Will writing solicitors in North Wales now have clarification on several issues that could impact how they decide to organise their assets.
For example, one of the most impactful issues was the matter of inheritance tax. The current thresholds have been frozen and will remain so until April 2031. This means that, over time, it is anticipated that more estates will become liable for this additional payment. The Business Property Relief and the Agricultural Property Relief schemes will be affected in as much as a cap will be applied to both, and this will increase the inheritance tax burden in many cases.
Another issue worth noting is that pensions that were previously unaffected will soon become part of the overall estate. From April 2027, any unused pensions will be added to the value of the testator’s assets. Charitable giving in Wills has always been considered a way to enhance tax planning, but now, Wills solicitors will be able to advise their clients that if they intend to leave a gift to a charity, exemptions may be cancelled if the arrangements are complex or apply to charities outside the United Kingdom. Simple gifting to charities in the UK will remain unaffected.
Take a moment to contact us now at Bennett Smith Solicitors, and request an appointment to discuss your Will with one of our experts.
