Changes to Business Property Relief & Agricultural Property Relief – What It Means for You

The Chancellor’s Autumn Budget on 30 October 2024 brought significant changes to Business Property Relief (BPR) and Agricultural Property Relief (APR) – changes that will impact farmers and business owners across West Norfolk and beyond. As a partner at Hawkins Ryan LLP, I want to assure our clients and community that we are firmly committed to helping you navigate these new challenges and protect the legacy of family-run farms and businesses in our region.

What Has Changed?

The Budget has adjusted the thresholds and qualifying criteria for both BPR and APR, tightening some of the reliefs that have long helped businesses pass on assets with minimized inheritance tax burdens. Many business owners and farmers will now find themselves needing to reassess their tax exposure under these changes, especially if they’ve planned on BPR and APR as a cornerstone of their estate planning.

Why These Changes Matter

For generations, agricultural and family-run businesses have been the heartbeat of West Norfolk, fueling both the economy and community spirit. But these new restrictions could place additional pressures on these vital enterprises, making it harder for families to pass on their assets without facing significant tax implications.

Our Commitment to Protecting Your Legacy

At Hawkins Ryan LLP, we are deeply rooted in the values that underpin our local community. We understand the unique challenges that farmers and business owners face – and we’re here to help you protect what you’ve worked so hard to build. We will work with you to explore every available option to minimize your exposure to inheritance tax, including utilizing any remaining relief opportunities and implementing strategic succession plans.

How We Can Help

Our team is already diving into the details of the new legislation to stay ahead of every nuance, ensuring our clients are informed and prepared. We offer personalized estate planning services that prioritize your goals, whether you aim to pass your farm to the next generation, maintain control over your business, or safeguard your legacy. 

Hawkins Ryan LLP stands beside you. We’re committed to making sure family-run businesses and farms remain the backbone of West Norfolk for generations to come.

Andrew Stevenson

Partner