The most recent budget changes in 2025 have had a major impact on many sectors of business, none more so than farming and agriculture.
In April 2026, there will be some changes made to inheritance tax that will change the ways those who own the United Kingdom’s farms should make their Wills. Will writing solicitors in North Wales have urged their farming community customers to rewrite previously completed Wills.
It has been suggested that married couples and those who are cohabiting should review their Wills. Previous rules have been followed during Will making that state that each individual will have a £1m tax relief that has been determined by the agricultural property relief rulings, allowing 100% tax relief. Now, these people should ensure mirror Wills are updated and full tax reliefs are used before the changes take place. In 2026, it is expected that a tax rate of 20% will be applied.
The upcoming amendments should prompt farmers to consider transferring some of their assets while they are still alive. Legal specialists have also urged farmers to make a detailed list of their assets, along with clear information about whether these items are owned fully by the individual or are part of a partnership agreement or are the property of a company. Only the parts of the farm fully owned by the testator can be left in a Will.
Here at Bennett Smith Solicitors, we can support you with your Will-related questions, so contact us now to book an appointment.
