The real impact of the 2024 Autumn Budget IHT announcements.
The Rural Accountancy Group (RAG), of which Hazlewoods is a founding member, has launched a new report reflecting on the wider implications of increased inheritance tax (IHT) on farmers.
The report comes following Rachel Reeves’ Autumn Budget, which the Group says effectively introduced a 20% tax charge on businesses and agricultural property values of more than £1m.
The RAG, which comprises 10 accountancy firms representing around 10,000 farming and agricultural businesses across England and Scotland, hopes to demonstrate the real impact on many farm businesses who have planned their succession based on the current measures.
The report also presents alternative solutions the RAG claims will have less of an impact on genuine commercial farming while still raising tax and preventing tax avoidance.
Click the image below to read the full report, or if you have any questions on topics raised in the report, please contact one of our Farms and Estates Partners below.
