HMRC Seeks Feedback on Farmers’ Inheritance Tax Proposals

The UK tax authority Thursday called for feedback on proposed changes to inheritance tax for business and agricultural property owners.

His Majesty’s Revenue and Customs suggested transitional provisions to ensure any business or property transfers made before Oct. 30, 2024, won’t be affected by the new inheritance tax regime, which will kick in from April next year.

Agricultural or business property valued above £1 million ($1.3 million) passed on from one generation to the next would face a 20% tax, according to the UK’s Autumn budget. Currently, business and farm owners benefit from a 100% tax ...