×The basic £325,000 limit stays, and the inherited main property relief also. ×Agricultural/Business property relief will be restricted to assets up to £1m. from April 2026. Thereafter Estates will bear a 20%, not 40%, IHT rate. Which sounds a ‘good ‘deal’ until you think it through - many many farms have a capital value over the new limit whilst achieving 1% annual profit based on capital. So maybe your tatty farm estate comes to £4m value, of which £2m is taxable =£400k of tax to pay over 10 years. So your meagre profit of £40k pa for working 7 days per week rain or shine would be totally consumed by the tax to pay. As Rachel would say “can’t see where the problem is”. ×Farmers are out of their trees because they say this will affect unfairly impact them. The jury’s out though as some people think maybe 10,000 farms will pay IHT in future, but other people say maybe 200 ! ×Remember that a typical farm is some land PLUS the house Farmer Giles and his rosy-cheeked wife live in. So the actual allowances are £325k@0% x 2 people + leaving home to next generation £175k = 825,000 at 0% + £1m Agricultural property relief too = £1.825m tax-free. Although they have to be careful not to go over £2m Estate value, and start losing reliefs too. However the loophole of accumulated Pension Funds being excluded from Estates is abolished from April 2027. Small other changes will increase the tax take.