Smoke without fire? Budget 2025 predictions
Rachel Reeves' first Budget in October 2024 drew sharp intakes of breath due to the tax rises and changes, writes Robert Leggett, Corporate Tax Partner, Ensors (part of Azets).
The most notable changes include increases in employer's NIC, CGT rates, and restrictions on Inheritance Tax, Business Property Relief, and Agricultural Property Relief from April 2026.
These measures have significantly affected family farms and will also have a big impact on other intergenerational trading businesses.
I would love to see the reversal of these IHT measures, but I fear that is unlikely, although there have been some suggestions that the £1m limit on 100 per cent BPR/APR might be raised.
Author's summary: Budget 2025 predictions discussed.
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