The Chancellor presented her Spring Statement to Parliament on 26th March 2025. This dealt with welfare cuts, Government spending and growth forecasts, but there were no tax changes announced.
Please note however, a consultation document was released on 27th February 2025 regarding the Agricultural Property Relief (APR) and Business Property Relief (BPR) changes announced at the previous budget and their application in relation to Trusts. This makes it clear the Government intends to proceed with the reforms previously announced, which entail a combined £1million allowance for 100% relief for APR and BPR assets, with relief for any amounts in excess of the allowance being restricted to 50%.
The Autumn Budget which is normally in October or November may well see further substantial tax changes announced. The actual date of the budget will be announced nearer the time and we will update our website when this is known.
Please note: The above resource is provided for general information only. No responsibility can be accepted by Ward and Co Accountants for any use made of the information presented, whether acting or refraining from action as a result of the material published. No action should be taken without consulting a professional adviser.
