FORTHCOMING CHANGE: In the Budget on 30 October 2024 (Autumn Budget 2024), the Chancellor of the Exchequer announced that the current 100% rate of relief from Inheritance tax, which applies to the value of certain types of property, will be limited to the first £1 million of that value and the remainder will receive relief at only 50%. If the taxpayer, or the estate of the taxpayer, also owns property which is eligible for agricultural property relief, the value of that property will be included in the assessment of whether the £1 million threshold is exceeded. A further change in Autumn Budget 2024 was the reduction in the rate of business property relief on quoted shares which are not listed on a recognised stock exchange from 100% to 50%. These changes will take effect for deaths on or after 6 April 2026 and for lifetime gifts on or after 30 October 2024. The rate of relief for quoted shares designated as “not listed” on the markets of recognised stock exchanges will be reduced