Autumn Budget Changes to Business Relief

The 2024 Autumn Budget announced changes to the IHT relief available for assets qualifying for Business Relief (BR) and Agricultural Relief (AR). The qualifying conditions themselves have not changed but the amount of relief will be capped. The first £1 million of qualifying assets will be exempt from IHT and the excess will attract 50% relief (in effect producing a 20% tax rate). The £1m will be shared across assets qualifying for BR and AR on pro-rata basis. Another change is that listed shares treated as unlisted shares, e.g.