Welcome to the March edition of In Trust.

The Chancellor’s recent UK Spring Statement reaffirmed her commitment to the government’s economic strategy and, crucially for private clients, did not contain any further adjustments to the reforms originally outlined in the 2024 and 2025 Autumn Budgets which are due to take effect from 6 April 2026. These include the significant changes to agricultural and business property relief, as well as the increases to the basic and higher dividend tax rates. The direction of travel is therefore unchanged — and advance planning continues to matter as these reforms, as well as those scheduled for implementation next year, draw closer.

In this edition, we focus on the practical implications of the year ahead, exploring the tax and regulatory changes affecting private clients and business owners, alongside insights on property, philanthropy and business exits.

We hope you enjoy this edition of In Trust and, if a topic raises a question, please do get in touch with your usual Wedlake Bell adviser.

5 April new tax year reminders

  • Making Tax Digital comes into force this tax year. If you are affected, now is the time to speak to your accountant — or to us — to ensure you are prepared and compliant.
  • ISA allowances remain £20,000 for now, but from April 2027 cash ISA deposits will be capped at £12,000 for individuals under the age of 65. Therefore, consider making full use of your cash ISA allowance before 5 April and again after 5 April to maximise tax free cash savings while the rules remain favourable.
  • Business Property Relief (BPR) and Agricultural Property Relief (APR) continue to play a crucial role in estate planning. If you hold qualifying business or agricultural assets, it is important to review and update your Will to ensure these assets pass as intended and reliefs are fully protected.

In this issue…

  • Inheritance tax on pensions is changing: how to prepare before 2027 — from 6 April 2027, most unused pension pots will fall within the scope of inheritance tax, potentially at 40%, rather than sitting outside the estate as they typically do today. Key practical questions remain about how the pension‑IHT changes will operate day‑to‑day. With significant practical and administrative challenges ahead, we explore what these changes mean for estate planning and how to position pensions within a wider succession strategy whilst taking account of the new rules.
  • The accidental landlord: inheriting a tenanted property and obtaining vacant possession - key changes from 1 May 2026 — from 1 May 2026, new rental reforms will significantly affect executors dealing with inherited tenanted property. We look at the rise of the “accidental landlord”, the end of Section 21 evictions, and what this means for securing vacant possession when selling an estate asset.
  • Are non-dom tax reforms inhibiting philanthropy? — with donors reassessing where they live, invest and give, the UK’s cultural sector is feeling the impact. We explore how tax reform, heightened scrutiny and global competition are reshaping support for museums and galleries — and what can be done to keep philanthropy thriving.
  • Selling your business: 5 steps to optimise your exit strategy — we outline the key steps every owner should take to boost value, reduce risk and ensure a smooth sale process. From early planning and operational readiness to presenting a well structured, buyer ready business, our analysis highlights the practical actions that make a real difference when you decide it’s time to move on.