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ARTICLE · 28 DECEMBER 2009

PBR Summary - We All Breathe Again – But For How Long?

Smith & Williamson
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The Chancellor announced his Pre-Budget Report (PBR) on 9 December. Focusing on the positives, farmers and landowners can breathe easily again; for a while, at least.

United KingdomStrategy
Susan Shaw
Susan Shaw

The PBR did not affect farmers and landowners in the way some thought it might.

The Chancellor announced his Pre-Budget Report (PBR) on 9 December. Focusing on the positives, farmers and landowners can breathe easily again; for a while, at least.

A wealth tax was rumoured, and although the inheritance tax (IHT) nil rate band for 2010/2011 now remains at the current level of £325,000, this is a minor irritation compared to the worry that IHT could be increased to 50% on £1m+ estates. More importantly, no changes to agricultural property relief or business property relief were made, and the capital gains tax (CGT) rate remains at 18%.

However, it would be dangerous to relax too much, and the key message must be to start planning now for the tax year ahead.

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