As a business owner, you’re constantly juggling the demands of growth, profitability, and longevity. This year’s Budget 2024 announcement in the UK has brought particular attention to Business Property Relief (BPR), a valuable Inheritance Tax (IHT) relief for business owners that allows qualifying assets to be passed on to beneficiaries tax-free. In light of these updates, now is a crucial time to focus on how best to protect the legacy you’ve worked so hard to build. Here’s why partnering with our dedicated Wealth Protection team could be your smartest investment this year.

Understanding Business Property Relief (BPR)

Business Property Relief (BPR) is a relief that can reduce or even eliminate inheritance tax on qualifying business assets transferred after death. This relief, which dates back to the 1970s, aims to support family-owned and small businesses by ensuring that the transfer of business assets remains viable from one generation to the next.

Under current rules, if your business qualifies, it can benefit from 100% relief from inheritance tax. However, changes announced in the Budget 2024 have signalled that BPR is at risk. While BPR remains in place for now, we brace ourselves for the proposed changed to take effect from April 2026 which will see the introduction of a £1m threshold for combined business and agricultural assets enjoying the 100% relief. The value of business assets in excess of this threshold will only attract a 50% relief and so subject to IHT at a rate of 20%. 

As such, forward planning is more essential than ever.

The Role of a Wealth Protection Team in Today’s Landscape

A Wealth Protection team comprises skilled solicitors, tax advisors, and financial planners who specialise in safeguarding family wealth and business assets against potential tax liabilities and economic shifts. With the updates from Budget 2024, a Wealth Protection team can offer invaluable support through:

• Personalised BPR Guidance: They can assess if your business qualifies for BPR under the current rules, anticipate how potential changes might impact your future eligibility and provide guidance on restructuring, identifying alternative reliefs, or implementing family trusts that shield your business from unexpected tax changes.
• Strategic Inheritance Tax Planning: Beyond BPR, your Wealth Protection team can evaluate other reliefs and exemptions that may apply, ensuring that your estate benefits from the full range of available inheritance tax relief options.
• Estate Structuring and Succession Planning: A Wealth Protection team can develop a bespoke succession plan to help ensure that your business remains in family hands or within trusted circles, even if further reforms affect BPR.
• Asset Protection and Family Governance: By employing tools such as trusts and shareholder agreements, a Wealth Protection team can help secure your assets against unforeseen events. This might involve the creation of family investment companies (FICs) or other structures that not only offer tax efficiency but also provide a strong foundation for intergenerational wealth transfer
• Navigate Complex Tax Compliance: With ongoing fiscal shifts, the tax landscape is becoming increasingly complex. Wealth Protection teams have in-depth knowledge of the latest regulatory changes and can ensure that your business complies with all tax obligations while taking full advantage of available reliefs.

How Our Wealth Protection Team Can Help You Secure the Future

Our Wealth Protection team offers a comprehensive, collaborative and personalised approach to help you secure the future of your business and estate. We specialise in understanding your goals, your family’s needs, and the evolving fiscal environment to develop robust strategies that protect your wealth. 

Some of the services our Wealth Protection team offers include:

• Business structuring advice tailored to maximise reliefs while safeguarding your assets
• Succession planning, including wills and trust creation
• Tax-efficient strategies for transferring assets, minimising the tax burden on your beneficiaries
• Family governance support to ensure family alignment and prevent disputes that could jeopardise business stability

Take Action to Protect Your Legacy

Changes to inheritance tax reliefs are never simple and can be overwhelming, especially for business owners who already face countless operational responsibilities. With the support of an experienced Wealth Protection team, you can proactively prepare for April 2026. 

Let us help you turn uncertainty into opportunity. Reach out to our Wealth Protection team today and together, we’ll craft a wealth protection strategy that preserves the legacy you’ve built for generations to come.

Contact Us Today

To discuss how we can help you protect your wealth and secure your financial future, get in touch with our Wealth Protection team today.  Contact us via phone at 01803 213251, email at info@wollens.co.uk, or complete the enquiry form to arrange your consultation.

You can also complete an online enquiry form. One of the Wollens team will contact you as soon as they are available.