top of page
Membership
Events
Family Business Insights
News

Subscribe to our newsletter

Over 50s 'Underprepared' For Major Inheritance Tax Changes

Updated: Aug 12

ree

A national survey commissioned by UK law firm Brodies LLP has revealed that UK residents aged 50 and over are underprepared for the upcoming changes to inheritance tax (IHT), with only 26% fully understanding how the new rules will impact their wealth transfer plans.


The representative YouGov survey of 2,001 adults highlights concerning gaps in estate planning and family communication, raising alarms about the risks of inadequate succession strategies in the wake of the new IHT rules.


Key Findings:


  • Lack of awareness – More than half (54%) of respondents are aware of upcoming IHT changes but do not fully understand their personal implications. A further 20% were completely unaware of the reforms;

  • Limited family discussions – 58% of respondents have never discussed inheritance plans with family or beneficiaries, potentially leaving loved ones unprepared;

  • Lack of formal planning – Less than half (41%) have a formal estate plan in place, and only 16% have sought professional advice on tax or succession planning;

  • Fairness concerns and disputes – 28% worry about ensuring fairness among heirs, while 23% fear family disputes or relationship breakdowns due to inheritance issues.


The upcoming IHT reforms—set to be introduced in phases beginning in 2025—will significantly impact business and agricultural assets, pensions, and domicile status. One of the most notable changes is the reduction of Agricultural and Business Property Relief, meaning only the first £1 million of qualifying assets will be exempt from inheritance tax. The remainder will now face an effective 20% tax rate—a shift that could heavily impact business owners and farmers.


“These reforms demand urgent action from individuals and families to review succession plans,” said Mark Stewart, partner at Brodies LLP.


“Too many people are unaware of the tax implications, and without early estate planning, they risk unnecessary financial loss and legal complications.”

The survey results show that while the majority (69%) believe it is important to discuss wealth and inheritance planning with family before death, the reality suggests these conversations are not happening.


The reluctance to seek advice is also evident—despite the complexity of new tax laws, only 16% have already consulted professionals, such as lawyers or wealth experts, and nearly half (47%) either prefer to manage it themselves or see no need for external expertise.


“Effective estate planning requires more than just good intentions,” continued Mark.


“We encourage families to speak openly about inheritance, seek professional guidance, and structure wealth transfer effectively to avoid future disputes and tax inefficiencies.”

Download and read the full report here


Check out their podcast on the report here

Most Read Articles
Food Industry At Risk If Biodiversity & Nature Crisis Is Ignored
Paul Andrews - Founder & CEO, Family Business United
New Forest Ice Cream Celebrates Top Food Safety Accreditation
Paul Andrews - Founder & CEO, Family Business United
40% Of Professionals Struggle To Reignite After Holidays
Linda Andrews - Editorial Assistant, Family Business United
Eighth Porsche Charging Lounge Opens In South Baden
Linda Andrews - Editorial Assistant, Family Business United
Porsche Leipzig Plant Wins Automotive Lean Production Award
Linda Andrews - Editorial Assistant, Family Business United
Celebrating National Family Business Day On September 18, 2025
Paul Andrews - Founder & CEO, Family Business United
Untitled design copy (8) copy (4) copy-Medium-Quality (1).jpg

Subscribe to our newsletter

SIGN UP AND JOIN NOW!

FBU continues to expand and has a growing membership base around the world. Recognised as THE family business champions we have also gained recognition in both of the Top 100 Global Family Business Influencers list compiled by Family Capital. We are also the VOICE of the family business community, celebrating their contribution throughout the UK and beyond.

MA_logo_Accelerators_black.png
axiom-logo.png
BM_LOGO_PRIMARY_BLACK_RGB (1).png
western-pension-solution-logo.png
TYWD Logo_Gold & Blue Centered.png
Forsters-new.png
Goodman-Jones-gold-white-v2.png
Birketts_Logo_Strapline_WHITE_on_purple.jpg
Rickard-Luckin.png
Turcan-Connell.png
Gorvins.png
Foot-Anstey_Logo_RGB.png
James-Cowper-Kreston-small.png
Wrigleys.png
MA_logo_Accelerators_black.png
axiom-logo.png
BM_LOGO_PRIMARY_BLACK_RGB (1).png
western-pension-solution-logo.png
TYWD Logo_Gold & Blue Centered.png
Forsters-new.png
Goodman-Jones-gold-white-v2.png
Birketts_Logo_Strapline_WHITE_on_purple.jpg
Rickard-Luckin.png
Turcan-Connell.png
Gorvins.png
Foot-Anstey_Logo_RGB.png
James-Cowper-Kreston-small.png
Wrigleys.png
MA_logo_Accelerators_black.png
axiom-logo.png
BM_LOGO_PRIMARY_BLACK_RGB (1).png
western-pension-solution-logo.png
TYWD Logo_Gold & Blue Centered.png
Forsters-new.png
Goodman-Jones-gold-white-v2.png
Birketts_Logo_Strapline_WHITE_on_purple.jpg
Rickard-Luckin.png
Turcan-Connell.png
Gorvins.png
Foot-Anstey_Logo_RGB.png
James-Cowper-Kreston-small.png
Wrigleys.png
Cleenol.png
John-Good.png
6 - Sound Leisure.png
mcalpine-logo.jpg
Potter-Space.png
9 - Bagnalls P&D Passion Logo_Colour.png
ridgeview.png
Malcolm Group Logo Black.png
Walkers-v2.png
JW-Lees-v2.png
Exclusive-Collection-logo-Matte-Black.png
Gap-Group-v2.png
9 - Caribbean Blinds - Logo - Black Background.png
1 - Furniture Village to use.png
Cleenol.png
John-Good.png
6 - Sound Leisure.png
mcalpine-logo.jpg
Potter-Space.png
9 - Bagnalls P&D Passion Logo_Colour.png
ridgeview.png
Malcolm Group Logo Black.png
Walkers-v2.png
JW-Lees-v2.png
Exclusive-Collection-logo-Matte-Black.png
Gap-Group-v2.png
9 - Caribbean Blinds - Logo - Black Background.png
1 - Furniture Village to use.png
Cleenol.png
John-Good.png
6 - Sound Leisure.png
mcalpine-logo.jpg
Potter-Space.png
9 - Bagnalls P&D Passion Logo_Colour.png
ridgeview.png
Malcolm Group Logo Black.png
Walkers-v2.png
JW-Lees-v2.png
Exclusive-Collection-logo-Matte-Black.png
Gap-Group-v2.png
9 - Caribbean Blinds - Logo - Black Background.png
1 - Furniture Village to use.png

Family Business United (‘FBU’) is an unparalleled rallying point and voice for the global family business community and an invaluable source of insight into the sector.  FBU is a resource for all, family businesses of all sizes and sectors, and their advisers, helping to raise the profile of the family business sector and to encourage greater awareness of the contribution that family firms make to the global economy through employment, income generation, wealth creation and charitable endeavours.

At FBU, everything we do is about the family business, creating the best resource available to help families in business get access to the resources and support they need to continue their family business journey, wherever it will take them.

bottom of page