Inheritance Tax Reforms

HMRC is implementing reforms to Inheritance Tax (IHT) policy, specifically restricting Agricultural Property Relief (APR) and Business Property Relief (BPR) to close tax avoidance loopholes used by wealthy investors to purchase agricultural land. The reforms raise concerns about disproportionate impacts on farmers and rural landowners, particularly in Wales, who structured their estates under previous rules and lack clarity on the specific financial implications and transition arrangements.