The UK Budget 2024 has introduced significant reforms to Agricultural Property Relief (APR) within the Inheritance Tax (IHT) framework, creating major implications for British farmers. APR has long been a vital tool for enabling family farms to pass to the next generation with reduced tax burdens. However, the upcoming changes mean that larger farming estates could face higher IHT liabilities, potentially threatening their financial sustainability. These reforms have already

There have been a lot of inheritance tax (IHT) changes in the recent Budget. High net worth families and businesses have had their...

Are you worried about your family’s financial future? Recent UK Autumn Budget changes have raised concerns for business owners, particularly regarding inheritance tax (IHT). As a business owner, safeguarding your legacy is crucial, and life insurance can be a powerful tool to mitigate IHT. Martin Lindsey, Head of Advice at FBU Partner Brooks Macdonald shares his thoughts. Key Changes In The Autumn Budget Inclusion Of Pensions In Inheritance Tax Calculations Significant cha

The 2024 UK Budget introduces a significant change to inheritance tax (IHT) rules that could reshape financial planning for family business owners. From April 2027, pensions will now be included under IHT assessments, posing new considerations for those aiming to pass on wealth efficiently. For many, pensions have been a key component of inheritance tax planning, but these changes mean it’s time to reassess how retirement savings factor into broader legacy and succession stra

Latest research from STEP highlights the vital need for family business owners to talk and plan to keep their legacy, relationships and...

For family businesses, the question of “what’s next?” can be as complex as it is personal. Many families are currently weighing whether to transition the business to the next generation or consider a partial or complete sale. With recent changes to Business Property Relief (BPR) and Agricultural Property Relief (APR), there’s a renewed need for thoughtful planning. Enter “patient capital,” a form of investment that offers family businesses the time, flexibility, and stability

The exit of your family office team is inevitable. The time to take action is now and preparing now will help ensure a transition that...

Family businesses across the UK are now at a more pressing crossroads, with recent changes to Business Property Relief (BPR) and Agricultural Property Relief (APR) announced in the UK Government’s Autumn Budget. These adjustments are pushing many families to reconsider their options—whether passing the business to the next generation remains viable or if a sale may ultimately serve the best interests of the family, their employees, and the communities they support. The questi

In today's volatile economic and political landscape, businesses face unprecedented challenges. Inflation, interest rates, supply chain...

Succession planning – could employee ownership be right for your family business? Five million. That’s how many family businesses there...

In recent years, the term 'silver tsunami' has gained traction among demographers, economists, and policymakers. It vividly describes the...

Family-owned businesses in Japan have thrived using their model of succession, adoption, and stewardship, their "do well, do good, do right" ethos, and their powerful concept of "beyond self."

One of the most common sentiments I hear from family business owners is, “I don’t know if my children are interested in coming into the business. I certainly don’t want to force them; they have to make their own minds up.” It’s an admirable approach—one that respects the autonomy and individual paths of the next generation. But, while the intention behind this sentiment is commendable, the reality is often more complex. The question we need to ask ourselves is this: Are the c

Family businesses are pivotal to the global economy, significantly contributing to employment, innovation, and community stability. As...

Family business succession planning is a critical yet often overlooked aspect of managing a family-owned business. With a vast majority...

Successful family business succession is a key topic of conversation in the boardrooms of family businesses the world over. It has...

In 2020, Alex Scott, stepped-down from his role as Chairman and CEO of Applerigg, a private, family-owned business built on the...

Succession planning is the linchpin for the longevity and continuity of family businesses, yet it remains a daunting challenge for many....

The issue of succession for a family business is bound up in a complex combination of commercial and personal issues. In business terms,...

In some senses, the legacy of any business is a slightly nebulous concept, but the thing which tends to set family businesses apart from other businesses is the degree to which people are personally as well as financially and professionally invested in them. This means that the way the business is set-up, managed and run on a day to day basis is much more likely to provide a reflection of the values of the family members who own that business, and it is the continuation and u