A summary of the Spring Statement 2025 and the main changes that come into effect from April 2025 and beyond. The changes were announced well ahead of the Spring Budget.
Spring Statement Summary 2025
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IHT
IHT
Inheritance Tax and your pension, for business owners
Craig Simpson, Tax Partner at Bates Weston, considers the impact the Government’s proposed changes in the treatment of pensions for Inheritance Tax purposes will mean for business owners, and what can be done to prepare for them.
Gifts out of surplus income
In some circumstances it is possible to make a gift out of surplus income which is immediately exempt from Inheritance Tax (IHT), meaning the usual 7 year survival of the donor is not needed to exempt the gift.
Inheritance Tax on your pension
Unused pension schemes will attract Inheritance Tax on death from 6 April 2027. Craig Simpson, Tax Partner at Bates Weston looks at the changes and the impact on the tax burden on your estate and beneficiaries.
Inheritance Tax and Business Property Relief
How will the changes to Business Property Relief affect your Inheritance Tax bill? If you hold shares in your trading company or an interest in a partnership or sole trader, from 6 April 2026 you are likely to pay 20% inheritance tax on the value of your holding or interest above £1m. Why? Because of the changes to Business Property Relief announced in the Autumn Budget.
Autumn Budget Report
Read our Autumn Budget Report here. The Budget measures aimed to raise over £40bn in taxes, by far the lions share coming from an increase in Employer’s National Insurance Contributions (ERNIC).
Autumn Budget Headlines
Here are the headlines from the Chancellor’s Autumn Budget. We have focussed particularly on the business tax measures announced in the Budget.
business rates
Inheritance Tax, Business Property Relief and the Autumn Budget
Craig Simpson, Tax Partner at Bates Weston looks at Inheritance Tax, in particular Business Property Relief and considers what plans Rachel Reeves might have in store for the Autumn Budget.
Pre Autumn Budget Action
Craig Simpson, Tax Partner at Bates Weston considers the Chancellor’s likely plans at the Budget and what pre Budget action taxpayers may be able to take.
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