11 August 2025

Last month (21 July) the Government published the draft Finance Bill 2025-26 indicating it will go ahead with the proposed changes to Business Property Relief (BPR) on Inheritance Tax (IHT) with effect from 6 April 2026.  

 
In summary these changes introduce a new £1 million cap for full relief, with any value above this threshold receiving only 50% relief. The rules differ for individuals and trusts, and the implications for estate planning are significant.   However, the Government is also consulting on the technical details of its changes and so British Marine, as part of the which UK Family Businesses led campaign, will continue to call for at least a one year delay till April April 2027 to allow for a full & proper consultation and to give businesses more time prepare.

In the meantime, following the bespoke British Marine member webinar last month on this topic, our tax experts PKF Francis Clark are running further advice sessions to which members are welcome to sign up to by clicking on the relevant links below:

•  2 September | Midday: Inheritance tax reliefs and succession planning overview
• 18 September | Midday: Inheritance tax and pension planning
• 25 September | Midday: Exploring your business exit options
• 29 September | 5pm: Rural succession planning

Should you require further information please contact PKF Francis Clark or contact British Marine's External Affairs Manager, Joanna Richardson jrichardson@britishmarine.co.uk