Inheritance Tax BPR and APR £1m Zero Rate Band

The changes to APR and BPR announced in the Oct 24 budget come into effect on 6 April 2026.

However the impact of the changes on gifts made prior to 6 April 2026 need to be considered.

Where a person dies before 6 April 2026 the old rules apply.

Where a person dies after 5 April 2026 the new rules apply to the estate and transfers from 30 October 2024. Gifts prior to 30 October 2024 are taxed under the old rules.

The position relating to gifts made between 31 October 2024 and 5 April 2026 for a person dieing after 5 April 2026 is more complicated.