Smoke without fire? Budget 2025 predictions
Rachel Reeves' first Budget in October 2024 drew sharp intakes of breath, as we listened to the tax rises and changes, writes Robert Leggett, Corporate Tax Partner, Ensors (part of Azets).
The most notable changes were the increases in employer's NIC, increased CGT rates, and restrictions placed on Inheritance Tax, Business Property Relief and Agricultural Property Relief from April 2026.
These measures have affected family farms and will also impact other intergenerational trading businesses. The author hopes to see the reversal of these IHT measures, but fears it is unlikely.
The £1m limit on 100 per cent BPR/APR might be raised.
Author's summary: Budget 2025 predictions discussed.