Course Details

Before the October 2024 Budget, all you had to do to protect a business from Inheritance Tax was make sure it was a qualifying business (or agricultural property) at the relevant time. Combining that with the CGT uplift on death meant most businesses could be passed on to the next generation free of tax. But all that has changed with a new £1m cap on full business and agricultural property relief coming into force in April 2026. So, now’s the time to get planning. 

 

In this session Carl Bayley covers the following topics: 

 

  • The £1m business and agricultural property relief allowance: how it will operate 
  • Interaction with the nil rate band, the spouse exemption, and other key reliefs 
  • Planning for married couples: why this allowance is different and what can be done to maximise the relief available 
  • Lifetime transfers: what are the benefits, what are the costs 
  • Using trusts to increase business or agricultural property relief 
  • All types of business structure will be covered (sole traders, partnerships, and companies), including farms 

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CPD Course Speaker

BSc FCA, Author and Presenter

Carl Bayley

Carl Bayley is the author of a series of ‘Plain English’ tax guides designed specifically for the layperson and the non-specialist (available from www.taxcafe.co.uk). His particular speciality is his ability to take the weird, complex world of taxation and set it out in the kind of clear, straightforward language taxpayers themselves can understand. Carl takes the same approach when speaking on taxation, a role he frequently undertakes with great enthusiasm, including his highly acclaimed annual ‘Budget Breakfast’. He has spoken on taxation on radio and television, including the BBC’s ‘It’s Your Money’ programme and BBC Radio 2’s Jeremy Vine Show.

Carl is a past chairman of the Tax Faculty of the ICAEW and former member of the institute’s governing Council and Board. Aside from his tax books, Carl is an avid creative writer and is looking forward to the publication of his first novel, Trinity of Souls, in January 2024. When he isn’t working, he takes on the equally taxing challenges of hill walking and horse riding: his Munro tally is now 106 and, while he remains a novice rider, his progress is cantering along nicely.

Carl lives in the Scottish Borders, where he enjoys spending time with his partner Linda. He has three children, and his first grandchild arrived in April 2021