The UK government has announced a series of important tax and financial updates that will directly impact business owners, farmers, and self-employed individuals in 2026.
From a major increase in inheritance tax relief to a surge in tax-related scams — here’s what you need to know now.
Inheritance Tax Relief Increased to £2.5 Million
In a significant move, the government has confirmed that thresholds for Agricultural Property Relief (APR) and Business Property Relief (BPR) will increase from £1 million to £2.5 million per individual.
For married couples and civil partners, this effectively allows up to £5 million in qualifying agricultural or business assets to be passed on tax-free.
The change, expected to take effect from 6 April, is designed to protect family-owned farms and businesses while maintaining limits on relief for larger estates.
According to government statements, the decision follows ongoing concerns from the farming and business communities, aiming to strike a balance between economic support and tax fairness.
Spring Statement Scheduled for 3 March 2026
The Chancellor, Rachel Reeves, will deliver the Spring Statement on 3 March 2026.
Unlike the Autumn Budget, this will not introduce major fiscal policy changes. Instead, it will provide an updated economic outlook prepared by the Office for Budget Responsibility.
For businesses, this update will offer insight into:
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the direction of the UK economy
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inflation and public finances
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potential signals ahead of the next Budget
The government has reiterated its commitment to delivering one major fiscal event per year, aiming to provide greater stability and predictability for businesses and households.
HMRC Warns of Rising Tax Scams
At the same time, HMRC has issued a warning following a sharp increase in scam activity
Since February 2025:
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over 4,800 self assessment scams have been reported
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more than 135,000 HMRC-related scams have been recorded
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including 29,000 fake tax refund claims
Scammers are using increasingly convincing tactics — including urgent messages, fake penalties, and refund offers — to pressure individuals into sharing personal or financial information.
With the self assessment deadline set for 31 January 2026, taxpayers are being urged to stay alert.
HMRC advises:
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never click on suspicious links
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avoid sharing personal details via email or SMS
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verify all communications through official channels such as GOV.UK
What This Means for You
These updates are more than just policy changes — they have real implications for financial planning and business strategy:
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Business owners and farmers can benefit from significantly higher inheritance tax relief thresholds
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Families with valuable assets now have greater flexibility in estate planning
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All taxpayers face increased exposure to sophisticated scams during peak filing periods
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Upcoming economic signals in March may influence future tax and investment decisions
Final Thought
While the increase in inheritance tax relief offers clear advantages, the rise in scam activity is a reminder that financial awareness is more important than ever.
Staying informed — and acting early — will be key to protecting both your assets and your business in 2026.
Need Expert Guidance?
If you want to understand how these changes affect your business, tax position, or long-term strategy — now is the time to act.