While we are still in shock from the changes announced at the Budget last year, it was not surprising that there was not much to report on the inheritance tax front.

Although there were some changes around excluded property trusts (to help lighten the blow of the changes to domicile rules), the key announcement was in relation to the £1 million lifetime limit for business relief / agricultural relief, in that this will now be able to be transferred between spouses and civil partners.

This potentially makes life a little more straight forward, without the need to engineer a disposal by the first spouse or civil partner that passes to make sure that they benefit from their allowance.

Otherwise, things were fairly quiet – no change to the ‘7 year rule’, to gifts out of income or the rebasing of assets for capital gains tax purposes, which many had worried about. That said, there is still a lot to understand in relation to the changes announced at the Budget last year, with many of them taking effect from 6 April 2026.

If you would like to discuss this in further detail, please get in touch with your usual contact or e-mail us at experts@tacs.co.uk.