Chancellor Rachel Reeves with a sweeping stroke has slashed the long-standing favourable inheritance tax reliefs (IHT) for farming in the recent Budget, limiting 100% agricultural property relief (APR) and business property relief (BPR) to the first £1m of value.

Above that threshold, there will be 50% relief on qualifying assets, giving an effective IHT rate of 20%. At the time of writing, it appears that the full impact of the decision on small businesses has not been realised, with much of the focus placed on farmers.