The Institute will be responding to the following consultations over the coming weeks and wants to hear your views: Electronic invoicing: promoting e-invoicing across UK businesses and the public sector and Reforms to Inheritance Tax agricultural property relief and business property relief: application in relation to trusts. Email tax@charteredaccountants.ie to participate.
Electronic invoicing
The purpose of this consultation is to gather views on standardising electronic invoicing (e-invoicing) and how to increase adoption of e-invoicing across UK businesses and the public sector. The consultation explores how different e-invoicing approaches may align with businesses and aims to support the development of a UK approach. The consultation will run to 7 May 2025. Please share your views with us by Friday 18 April 2025.
Should you wish to respond individually, responses are being accepted by submitting a form or by email to einvoicingconsultation@hmrc.gov.uk.
April 2026 changes to Inheritance Tax (IHT) reliefs - agricultural property relief (APR) and business property relief (BPR)
As many readers will be aware, at Autumn Budget 2024 the Government announced controversial reforms to two key IHT reliefs, APR and BPR, which will commence from April 2026. Among the changes include the following amendments:
- a new £1 million allowance will apply to the combined value of property that qualifies for 100 percent BPR or APR or both - after the £1 million allowance has been exhausted, relief will apply at a lower rate of 50 percent to the combined value of qualifying agricultural and business property, and
- the rate of BPR will be reduced from 100 percent to 50 percent in all circumstances for shares admitted to trading on a recognised stock exchange which are not ‘listed’.
HMRC has now launched a limited technical consultation on this issue. Note that the purpose of this consultation is not for stakeholders to provide feedback on the overall policy change but is instead limited to examining aspects of the application of the £1 million allowance for property settled into trust qualifying for 100 percent APR or BPR. As this is a technical consultation, it is running for a shorter period of time to Wednesday 23 April 2025.
The Institute is aware of the damaging impact that these reforms will have on businesses and farms in Northern Ireland and in November 2024 flagged these concerns to the Government. We would encourage members to take the opportunity to respond to this limited technical consultation and express their wider views on this damaging policy change. You can respond by using the online form or by email to aprbpr.consult@hmrc.gov.uk.
The Institute again encourages you to share your views on these policy changes as we will again be writing to the Government to highlight the particular damage these changes will cause in Northern Ireland. Please email tax@charteredaccountants.ie by Friday 11 April 2025 with your views.
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