Succession, inheritance and other personal tax planning strategies to consider before April 2026
Succession, inheritance and other personal tax planning strategies to consider before April 2026
Updated for the changes announced in the Autumn 2024 Budget and subsequent consultations that have been published, our 2025/26 tax planning guide summarises the key tax ideas that you, your family and business can benefit from using current tax incentives in UK legislation.
Family business succession
We can guide you through the options when it comes to passing on assets or your business to the next generation, whether through gifting, profit withdrawal or a sale. If business succession planning is on your mind, learn more about the upcoming changes to business relief for IHT, trusts and family investment companies. The IHT increase changes will take effect from April 2026, so it is important you consider immediately how the changes impact your plans. It is important to regularly review and update your Will for changes in the law as well as your personal circumstances. Making gifts in your lifetime can be an effective way to limit your family’s future exposure to IHT.
Relocation
If you are thinking of coming to or leaving the UK, taking advice in advance is essential to navigate the complexities of the statutory residence test and future taxes overseas. BDO can provide joined up tax advice working with colleagues/offices across the globe.
Property tax planning
We suggest ways to help make your property portfolio tax-efficient to preserve family wealth in the context of property ownership. The Guide contains ideas on selling or swapping your main residence, helping your child onto the property ladder and limiting inheritance tax on property.
Pension tax planning
Planning for retirement can be complex and stressful - we can guide you through the ever-changing pension tax rules, including the planned inheritance tax exposure from April 2027, to make sure your pension is being used effectively.
How we can help
Not all of the areas will be relevant to you, your family or your business, however, where an idea is of interest, please contact us for a discussion on how this can form part of your tax-efficient plans for this tax year and the future.