Russell-Cooke reacts to Autumn Budget: Inheritance tax relief, pensions, and income pressures—IFA Magazine
Partner Angharad Lynn and legal director Edward Harper-Masters have commented on the Government’s 2025 Autumn Budget in IFA Magazine, highlighting its mixed effects on inheritance tax relief, pensions and income pressures for business owners, farmers, landlords and savers. They note that while the Budget addressed some long-standing issues with business and agricultural property relief, other anticipated reforms were limited, leaving many individuals facing higher tax burdens on savings, dividends and rental income.
Many of the most highly anticipated changes did not end up happening, with the pensions cash free lump sum remaining and no changes to the taxation of LLPs, no entry or exit charges for those coming to or leaving the UK, and no changes to the NRB or RNRB… Landlords, who are still reeling from the changes coming in under the Renters Rights Act will now see their rental income taxed at higher rates than employment income – at up to 47%.
This was a welcome correction to one of the obvious problems with the proposed reforms to BPR and APR. It is unfortunate that it has taken so long be addressed, despite the strong protestations of the business and farming communities when the details of the reforms were first announced… In short, the damage is already done.
The full reaction is available online from IFA Magazine here.
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