Talk Farm season 2, episode 4: Inheritance tax briefing – what’s next?

The latest episode of our Agriculture and Estates podcast, Talk Farm, sees Partner James Frankland speak to Lisa Millington, Head of Agricultural Private Client, about the fast-moving inheritance tax landscape for farmers and rural business owners.

They revisit the 2025 Autumn Budget, unpacking Rachel Reeves’ announcement that relief allowances will remain transferrable between spouses, and the pre-Christmas uplift in Agricultural and Business Property Relief from £1m to £2.5m. The increase creates up to £5m relief for married couples and opens new planning opportunities for younger farming families.

James and Lisa discuss:

• Why the uplift is welcome, but not a complete solution
• How the Farm Profitability Review may have shaped the reforms
• Which farming businesses stand to benefit most
• Real examples of how clients’ inheritance tax positions are changing
• Why the changes matter for wider rural businesses, not just farms.

They outline practical steps farmers can take before the rules come into force in April, from reviewing business structures to considering trusts, and what to expect from HMRC as implementation unfolds.

Talk Farm highlights the challenges and opportunities shaping rural life in the UK. Each episode offers expert commentary and guidance for those navigating the issues facing agriculture and landed estates today.

Listen wherever you get your podcasts, including Spotify and Apple Podcasts.