Champion Round-Up | By Ged Cosgrove, group managing partner
It’s hard to believe, but it’s already been a year since the 2024 Budget changes to inheritance tax were announced.
With just six months to go before the new rules take effect, we’re fast approaching the point where action is essential.
While much of the coverage has focused on farming, the reality is that all family businesses will be affected.
From April 2026, the first £1m of qualifying assets (combined agricultural and business property) will still benefit from 100% relief. Beyond that, relief falls to 50%, leaving an effective 20% inheritance tax bill.
For many family businesses, that’s a real challenge. When wealth is tied up in stock, equipment, property, or simply day-to-day operations, finding the liquidity to cover such a bill could create significant strain on cash flow – and in some cases, could even threaten the future of the business itself.
And this isn’t just about finances. Succession, trusts, and ensuring fairness between family members add another layer of complexity, making these decisions as personal as they are financial.
The good news is you still have six months to prepare – and there’s plenty that can be done. From gifting or transferring assets to share class reorganisation, establishing trusts, or simply making sure you have access to liquidity to meet any future IHT bills, we’ll build a strategy that works for you. Crucially, everything can be in place ahead of April 2026.
At Champion, we’ve been supporting family businesses for more than 50 years. We know that behind every balance sheet lies a family’s legacy, livelihood, and future.
If you haven’t yet started planning for these changes, now is the time.
Get in touch with your local Champion office – let’s work through it together.
