Inheritance Tax changes 2026: tax planning for farmers, family farms and business owners

Episode overview

Are you prepared for the inheritance tax changes that took effect from April 2026? This episode focuses on the new rules affecting family farms and privately owned businesses. We explain what has changed, who could be impacted, and the practical planning strategies available to help families preserve their assets and create a smooth succession plan for the next generation.

Episode summary

The 2026 inheritance tax changes have introduced significant considerations for farmers, family farms, and business owners. In this episode, Ryan Lincoln joins host James Shipp to explain the new rules, who may be affected, and the implications for succession and estate planning.

The discussion explores the impact of the inheritance tax changes on family owned assets, including farms and privately owned businesses, and highlights the importance of reviewing existing plans. Listeners will gain practical insights into the planning strategies still available to help preserve wealth, support business continuity and ensure a smooth transition to the next generation.

This episode is essential listening for those interested in inheritance tax planning, family farm succession, business succession planning, estate planning, agricultural property relief, and tax planning for business owners and farming families.

Key takeaways

• Understand the inheritance tax changes introduced from April 2026.

• Learn how family farms and business owners could be affected.

• Review succession plans in light of the new rules.

• Explore strategies to help protect family and business assets.

• Take proactive steps to support a smooth transfer of wealth to the next generation.

Chapters

00:00 – Introduction: recap on the family farm tax changes
00:56 – Timeline of the reforms and the new allowances
03:50 – Why farms are held onto and the market value uplift on death
06:54 – Planning options for estates above the allowance threshold
08:15 – Why trusts and lifetime gifts are now more complex
09:32 – Impact on trading businesses beyond agriculture
11:19 – How to value a farming business accurately
13:45 – Valuing non-farming trading businesses
16:38 – Why regular business valuations matter for tax planning
18:15 – Ongoing advisory, wills and review steps
20:01 – Summary and concluding thoughts

Guest bio

Ryan Lincoln is a Partner at Lovewell Blake and a Chartered Accountant who specialises in advising family farms, agricultural businesses and rural enterprises on tax, succession and business planning matters.