Nearly three quarters (73%) of family business owners are concerned about the impact of upcoming policy and tax changes on both their business and family plans, such as succession, according to research from Hymans Robertson Personal Wealth.

Recent announcements around Business Property Relief (BPR) and Agricultural Property Relief (APR) have provided some welcome clarity for family business owners.

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